Sellers who understand and practice strategic account management tend to be top performers. According to insights from RAIN Group:

• Those who excel at this practice are 3.1 times more likely to increase revenue by 20% or more in existing accounts than others.
• Top performers are 2.5x more likely to have effective processes for building and executing strategic account plans.

It’s clear that putting effort into growing existing accounts can drive success. 

What is strategic account management?

Strategic account management involves identifying and nurturing strong, long-​term relationships with key clients, focusing on creating value for both sides. It's about understanding their needs, aligning solutions and fostering partnerships that drive mutual success.

And, most importantly, it requires a systematic approach to be successful. This is evidenced by RAIN Group’s findings that top performers are significantly more likely to have a strong process.

“It’s an undertaking that requires careful planning,” writes Christine Dzou, writing for Gong.

How to build your process

The first step is to identify key accounts. And this can be more difficult than it seems. Dzou points out that sellers often believe these accounts are those spending the most. But this isn’t true. 

The true key accounts are those with the potential to grow. In fact, research supports this: 

“Organizations that focus on customer spend when selecting key accounts are 51% less likely to see increased revenue.”

Dzou recommends that sellers instead prioritize a few criteria to measure current clients against, such as:

• Product fit
• Revenue potential
• Growth potential
• Financial health
• Potential partnership

Then, she suggests assigning each account a score for each prioritized category. Those with the highest scores should be part of your strategic account management plan. 

Build profiles and identify gaps

Once you have identified your plan’s accounts, build a profile for each. Dzou suggests asking yourself these questions to get started: 

• What are their target markets?
• What products or services do they offer? 
• Who are their main competitors?
• Who are the key decision-makers? 
• What are their short- and long-​term goals?

Then, perform a SWOT analysis to create a comprehensive snapshot of each account. For guidance, take a look at these tips for conducting quality research. 

Next, examine the gaps between your key accounts' current state and their desired outcomes. By identifying these gaps, you can develop a plan to close them and drive success.

Create your plan

It’s now time to build your strategic account management plan. This roadmap will further efforts with each client to maximize your engagements. According to Dzou, each plan should include the following: 

• Account overview. Compile the basics, like the account’s mission, revenue goals and opportunities for cross-​selling or upselling.
• Key decision-​makers. Find the right people in the account who can make decisions and support your efforts.
• Tailored recommendations. Look at the account’s needs and suggest ways to help them grow, like partnerships or custom training.
• Resource needs. Decide how much time and resources to dedicate to the account and who will manage it.
• Potential challenges. Note any challenges that might come up while growing the account so you can address them later.

Reach out

Once you’ve built a detailed plan and roadmap, reach out to those key clients you’ve identified. It’s important you do this with just as much thought. You have built a trusted relationship, so don’t be afraid to help it evolve.

As RAIN Group’s Mike Schultz notes, this outreach should be simple, personalized and genuine. He suggests using whatever communication method they prefer, and highlighting the following in your message:

“Intrigue them with the possibility of creating value that’s really worthwhile to them, with a straightforward approach that invites collaboration.”

If they have questions, don’t be afraid to share your thoughts and ideas. Just keep the conversation casual and not salesy. 

Strategic account management is crucial for growing your business and achieving long-​term success. By focusing on the right accounts and building strong relationships, you can drive meaningful growth for you and your clients.

Photo by Giu Vicente on Unsplash