5 Powerful Tips for Successful Account Management

Tips for successful account management

Here are five straightforward ways to develop an effective account management strategy in your organization.

1. Cultivate customer relationships in your account management strategy.

A successful account management strategy focuses on building relationships with your most important customers. Relationship-building means investing time and effort into each client. Instead of looking at what you can gain from their account, consider how you can contribute to their success.

Ensure there’s a seamless customer onboarding strategy in place. This way, your clients start off on the right foot with your company. Let the client know they have a liaison to contact if any issues arise. Set them up with a dedicated account manager they’re comfortable with to address their concerns. This way, you can quickly resolve any problems before they turn into major issues.

2. Become a consultant as you manage customer accounts.

During the sales process, you established yourself as a consultant and guide for the client. After the sale, you don’t want your client to see you as just another sales team member. As an account manager, you should act as a trusted advisor — always looking for solutions that will benefit the client.

Looking for a way to establish yourself as a consultant with your client’s best interests at heart? Then recommend solutions even if they’re not directly related to your business’s products or services. For example, you could let your client know about an upcoming industry trade show you think they could benefit from. Or, you can share information about an ancillary service that could improve their operations. Finding ways for your clients to thrive establishes your status as a trusted advisor they can count on.

3. Schedule regular meetings and check-ins.

You can cultivate customer relationships by regularly checking in with your clients and scheduling one-on-one meetings. Have a schedule for each meeting, follow-up appointment and check-in. By regularly getting in touch with your customers, you’ll know if they’re having problems and need extra support.

Haley Stafford, media communications manager at Brielle Cotterman Media, says she tries to meet clients face-to-face whenever possible. “Some clients preferred monthly meetings, while others preferred quarterly,” Stafford noted. “I also provide small gifts when I visit a client as a small token of appreciation. Finding commonalities with a client makes for a smooth and easy connection.”

4. Show clients you care as you manage their accounts.

The best way to build customer loyalty and solid, long-term accounts is to let your clients know you care about them and their business. To show you care about their success, look past commissions and understand that your job is to help.

Helping your clients means trying to upsell or cross-sell only if you have additional products and services that align with their business goals and objectives. Never try to upsell a client until you’ve done the groundwork and built trust.

What works for one client may not work for another, so personalizing your approach is crucial. Look for ways to anticipate what your clients will need in the future and prepare to address their needs before they happen.

5. Monitor your performance on each account.

Continuously monitor your performance to ensure you’re delivering optimal results for each client. Review the progress made toward both short- and long-term goals for each account. This practice also helps identify which clients bring the most value to your organization.

Importance of an account management strategy

An account management strategy involves managing and growing your company’s relationships with its most valuable and essential clients. Business-to-business (B2B) organizations typically prioritize an account management strategy.

“Having a strategy set in place ensures that you meet your clients’ goals,” Stafford explained. “Account management is a balancing act. Some need more nurturing than others.”

A successful account management strategy benefits your business and clients in the following ways:

• Strengthens bonds between your business and its customers
• Reduces customer churn
• Builds customer loyalty
• Grows the company’s revenue by developing new products and services to serve your clients
• Focuses sales resources on the most valuable clients
• Increases your business growth potential as it nurtures large clients
• Boosts customer satisfaction as their needs are met
• Increases a business’s odds of getting referrals from current clients

Account management strategy best practices

Effective account management is a multifaceted process. What works for one client may not work for another, so personalization and flexibility are key. Here are some essential account management strategy best practices:

• Identify your most important clients. The first step in building an account management strategy is to develop a system for identifying your most important clients with the highest customer lifetime value. Start by evaluating which accounts bring in the most revenue. If losing a client would dent your sales figures, prioritize that account. You might also want to elevate clients with high future income potential to VIP status.
• Choose an account manager. Once you know which clients are most essential to your company, you must choose who manages their accounts. The account manager you select will significantly affect whether clients keep using your business. This individual must have a strategy that appeals to the specific client. For example, some clients may be put off by aggressive sales tactics that come off as badgering. Their account manager should have the soft skills to communicate effectively, assess the client’s current and future needs, and suggest relevant products and services. It’s also essential to avoid shuffling accounts. Account managers should build a rapport with each prioritized client as they communicate over time.
• Find ways to add value for your client. Ensure your account managers are always on the lookout for solutions that will bring more value to their top clients. The goal isn’t just to make another sale. The account management strategy should include constantly seeking ways to help each client meet their business goals.
• Evaluate account managers’ performance. Measure each account manager’s performance to ensure they’re doing all they can. Track their win rates, pricing and contract values. Additionally, contact their customers to ensure their needs are being met.
• Use CRM software to help manage customer relationships. CRM software is an excellent way to help businesses build and manage solid client relationships. Finding the right CRM software lets you automate specific tasks, such as sending out regular reports and managing the client lifecycle. Check out our reviews of the best CRM software to evaluate which solution would best fit your needs.