LOYALTY FROM KEY ACCOUNTS
Most companies generate a disproportionate
percentage of their revenue from a select group of large customers,
otherwise known as the 80-20 rule - 80% of your revenue comes from
20% of your customers.
Accounts are critical to a business because they represent the biggest
share of current revenue, the likely source of revenue growth through
big deals, the typical early adopters of new products, and the best
references. In addition, the very nature of their size makes them
an active target for your competitors. Mishandling any one of these
major customers can cause a major disruption in your revenue stream.
Leading sales companies develop key account
programs to ensure that these customers receive special attention.
When done properly, these key account programs create real business
intimacy that benefits both the buyer and the seller. Important
characteristics of key account programs include:
- Customizing a strategy for each customer
based on their uniqueness.
- Establishing an account plan that identifies
sources of revenue, obstacles to success, and action plans to
exceed your goals.
- Developing a relationship plan involving
multiple layers of management from both companies.
- Ensuring that the salespeople assigned
to these accounts have the skill, the business maturity and the
political savvy to deal with complex issues and relationships.
- Mapping a coverage and resource strategy
appropriate for the size and reach of the client.
- Developing unique sales and marketing
programs aimed at driving big deals.
- Understanding how these major customers
make purchasing decisions.
- Building a strategy to keep competition
out of these accounts.
Crossland Partners has been selling to and
managing key accounts for over 30 years. We have developed key account
programs, and we can help you build or refine yours. A
successful Key Account program will build tremendous customer loyalty
and ensure that your biggest clients continue to be your