Account management in any business can play a very strategic role in creating a win-win alliance with its most key customers. For any business, acquiring new clients is crucial, but equally crucial is retaining them. Businesses that grow strategically have a very strong Account Management team in place, which focuses on fostering relationships with clients that grow exponentially over time. Here are some tips to retain your key clients:
Build a powerful client retention team: When it comes to really effective account management, it becomes imperative to develop a world class team of Key Account Managers (KAMs), who nurture relationships with clients, listen to them, acknowledge and go to work for them. At times, acknowledgement of a simple feature request in the product or service can help you win brownie points.
Identify cross selling opportunities: A business comes with multiple offerings to resolve clients pain points. An Account Manager’s role becomes essential in identifying those pain points, and up sell the company’s services to them. This does not happen overnight, as it takes sufficient time to build that trust with the existing services. Hence, whenever the customer falls back on an Account Manager, to get an issue resolved or escalated, it is a golden opportunity to fight for the customer, retain and grow that account.
Collective sense of responsibility: It’s important to remember that it’s not only the Account Manager’s role to retain a key account, but it becomes every team members’ responsibility to work and support the KAMs to keep the relationship going.
Periodic performance evaluation: In the early stages of a client’s acquisition, it is a very good practice to get a SWOT analysis done, to identify which areas need to be attended to in the short term. Allocation of appropriate resources to manage these areas is extremely important.
Get referrals: It’s only a matter of time, when your key accounts start singing praises for you, provided you are doing everything right for them. When success stories are shared, similar accounts do get in touch for creating similar strategic partnerships for the long run. So keep doing the good work!
What are your best practices for account management? Share them with us through the comments section below