Having strong relationships with your client base is vital for business - and positive account management is a big part of this. If you’re looking to improve your client relationships and find new opportunities to help your business grow then this is going to be a vital part of the process. This is our guide to managing major accounts and implementing key strategies that will support positive ongoing relationships.
What is account management?
It’s essentially the service and support that is provided to major account clients to nurture and develop that relationship. Account managers will be the first touchpoint for clients and one of the best ways to ensure that customers remain customers - and go on to deepen their relationship with a brand. Account management is an important extension of sales and marketing functions and is a great way to add value for customers, to ensure that they remain committed to the brand’s products and services, and that they feel like their business is valued.
Why does account management matter?
Customer retention is a key part of growth for any business today and managing major accounts is vital to this. It can be critical in a number of ways including:
● Securing ongoing revenue commitments.
● Uncovering and optimising new opportunities for the business.
● Establishing client expectations and improving customer satisfaction.
● Improving performance metrics and using insights to determine planning and strategy going forward.
● Bringing in business through referrals and word of mouth.
What are the key skills for managing major accounts?
This is a role that requires a blend of skills, including strong communication skills, building and maintaining relationships, keeping clients up to date, dealing with complaints or issues, providing training and generating accurate reports on the status of accounts already in play, as well as new business.
What’s the best approach to managing major accounts?
● Robust communication. It’s essential to maintain regular communication if the relationship really matters. This will not only help to manage customer expectations but also to increase satisfaction levels. The simplest way to do this is to regularly schedule communication and ensure that the client has all the information that they need for a seamless experience.
● Develop the relationship. Most major accounts will have an account manager who is the first port of call. However, developing the relationship will mean ensuring that there isn’t just one person who interacts with the client but a team. This can be especially vital when people move on to new roles in other companies - the last thing a business needs is for clients to move with them.
● Create a roadmap to success. Consistent communication and ensuring that everyone is on the same page when it comes to a particular major account are simple to do when there is a roadmap in place. This should set out the journey and success of the client, identifying what has gone well and where there is room for improvement.
Managing major accounts is crucial for business growth and these are the foundations for getting it right. Find out more by booking onto Managing Major Accounts training course.