Do you ever wonder if your key accounts are growing as much as they could be?
My clients are often shocked to discover how much money they are leaving on the table in their key accounts.
- An account that you can’t afford to lose
- An account that is highly profitable
- An account that is very prestigious
When business leaders start looking closely at key accounts, they discover 2 things:
- Opportunities that they are not capitalizing on
- Vulnerabilities that put them at risk of losing these accounts
Once you clearly see the opportunities and understand the risks, you can train your team to start recognizing them and train them to build strategies to capitalize on the opportunities and minimize the risks.
There are 4 things your team needs to focus on to find opportunities, grow your key accounts and minimize the risk of losing them. I call them the 4 Ps of account management.
The 4 Ps of Account Management:
- People – Building relationships that will drive account growth.
- Prospecting –Finding future opportunities to help your clients reach their goals.
- Planning – Planning the activities and timelines to grow relationships and uncover needs.
- Participation – Involving your team members and positioning them to build relationships. Account management is a team sport.
Mastering the 4 Ps will minimize surprises and deliver year-over-year increases in sales.