Effective Strategic Account Management Should Drive More Revenue Than New Business
It’s common for sales organizations to develop specific strategic account management plans for key customers year after year to sustain or drive increased revenue performance.
However, the availability of options, decreasing customer loyalty, higher expectations, and constant competitive threats are making forecasted business from your best customers anything but a certainty.
Your best accounts deserve and require consistent value creation, and that means a deep understanding of your customer’s evolving needs and a mindset focused on helping them prosper.
Richardson’s second edition Account Management Training Program called Prosperous Account Strategy trains your team to add value for their key accounts and drive revenue for your organization.
Close deals faster by focusing on existing accounts with unserved needs. Leverage your relationships to find selling opportunities early in the customer’s buying process.
Check out our video and find out why your next sale is closer than you think.
Richardson’s Prosperous Account Strategy Program
Richardson’s Prosperous Account Strategy program offers a customer-centric approach to identifying priority accounts, capturing and analyzing critical information, and developing a strategy to expand and grow existing customer relationships.
The focus is on training your team to create value and find the white space in their accounts so that both the sales professional and the customer prosper.
Success in growing key accounts requires excellence in account strategy, planning, and execution.
You will find that Richardson’s approach:
- Helps sales professionals identify the appropriate information needed to make the best decisions to maximize customer relationships
- Provides a tool for capturing and using that information in an organized way to help sales professionals make decisions that have the greatest impact on achieving their revenue objectives
- Provides a way to analyze that information for the purposes of creating goals, objectives, strategies, and an action plan that, when executed, helps sales professionals achieve their overall goal with a relationship.
Grow Key Accounts Using Momentum Methodology
Richardson’s Momentum Methodology is a dynamic set of practices for developing and executing a strategic plan to win and grow business.
When applied in account development, the methodology is used for assessing a customer relationship, developing a strategy, and taking internal and external actions to proactively build and expand customer relationships.
As the business environment has become more complex and difficult for customers, these changes have been reflected in the customer’s Buying Journey becoming more dynamic and extended. Trusted Advisors can play a key role in helping customers navigate or simplify that complexity. An effective methodology for developing a strategic account plan provides a set of practices and tools that helps sellers build trusted advisor relationships that create value and trigger new needs for customers to expand business with you.
Richardson’s SVP & Chief Product Officer, Christopher Tine, explains the customer-centric approach used in the Prosperous Account Strategy Training Program.
Organize & Execute With The Strategic Account Planning Tool
The Strategic Account Planner tool is a dynamic, interactive account management tool consisting of several elements designed to guide your team through the Assess and Strategize stages of the Momentum Methodology.
How your team looks at information, thinks critically about their customer relationships, and develops quality plans will help improve their probability of achieving your organizational objectives.
Combining account management training with a structured approach and set of supporting tools helps to ensure that your sales professionals don’t miss or forget anything.
Business Outcomes of the Prosperous Account Strategy Training Program
- Close faster — Opportunities with existing customers often close faster, generating revenue quicker than developing a new customer opportunity. Many obstacles in the purchasing process have already been overcome, and this can result in a quicker close.
- Reduce acquisition costs — Expanding existing relationships is cost effective. Attracting new customers may be rewarding, but it can be expensive and involve a lot of hard work. The good news is that the costs associated with repeat business are generally significantly lower.
- Retain priority relationships — Sales professionals have worked hard to win business, our strategic account management training program helps them maintain the business and protect it from competitive threats.
- Focus on the best accounts — By assessing relationships against clear criteria, sales professionals and account managers can spend their time and effort on accounts that are most likely to generate results.
- Apply a customer-centric, disciplined approach to account planning that will accelerate your team’s ability to expand customer relationships and become Trusted Advisors to key relationships by:
- Analyzing key information about the customer, industry, stakeholders, and competitive landscape
- Identifying, generating, and creating opportunities by aligning with the customer’s goals, objectives, issues, and initiatives
- Creating a strong, executable plan
- Create a common, repeatable methodology and language with your teams
- Utilize an account planning tool to apply the methodology to a real account
- Develop an Action Plan to protect and expand the relationship
- Gain insight into personal strengths and opportunities in account planning
- Gain feedback, insight, and ideas to strengthen your Action Plan
The Prosperous Account Strategy training program is intended for any level sales professional or account manager who needs to engage in planning and execution to grow their key accounts.
Richardson’s Prosperous Account Strategy program is a blended offering that includes:
- Richardson’s Accelerate™ Digital Learning Platform for:
- Online assessment
- Pre-workshop learning
- Post-workshop sustainment activities
- Measurement tools and reporting
- Mobile mastery tool, QuickCheck, to drive knowledge retention
- One-day, facilitator-led workshop with a focus on live accounts
- Train-the-trainer option