Effective Account Management

Congratulations! You successfully sold one or more of your company's products or services to a business unit, department, or division of a large organization. Now your manager has tasked you with "account management". If you are not already familiar with account management, you are probably asking yourself the following questions:

• What is "Account Management"?
• What skills and talents are required to excel in Account Management?
• What activities must be performed to maximize Account Management ROI?

Providing answers to these questions is the focus of this article.

What is Account Management?

Account management is actually a synonym for account penetration. Just because you have sold one product or service to one business entity within an organization doesn't mean your job is done. Think of all the additional opportunities that may exist in the account! For example:

• Does your company offer additional products or services that might be a "fit" for this customer?
• How many other business units, departments, divisions, and subsidiaries are potential prospects for your company's offering(s)?

Required Skills and Talents

A critical talent for successful account management is the ability to build relationships, as relationship selling is a very effective way to increase account penetration. Another critical skill/talent is organization. If you are going to manage large accounts effectively, you need to be willing and able to keep meticulous records.

What kinds of records do you need to keep? Picture a large, three-dimensional spreadsheet in your mind. In the left-hand column is a list of every product and service that you could possibly sell to a customer. Across the top of the spreadsheet are all of the business units, departments, divisions, and other business entities that make up your account's entire organization. Behind each business entity is every contact you know within that business entity.

Armed with this mental picture, ask yourself the following questions:

• Which business entities are you doing business with?
• Which business entities are you not doing business with?
• Where are the various business entities located?
• Which products and services does each business entity already purchase from you?
• Which products and services are they not purchasing from you?
• Who do you know in each business entity?
• Which of these contacts have you already asked for referrals and testimonials?
• What referrals and testimonials have they given you?

Required Activities

Hopefully your organization has some type of CRM (Client Relationship Management) software application to help you keep track of your answers to these questions. If you don't have access to a corporate CRM system, here are some other options:

• You can purchase a software package like ACT! Or GoldMine
• You can subscribe to an online service like salesforce.com
• You can track information using a spreadsheet, database, or e-mail program

Next, plan your tactics for increasing account penetration by considering the following questions:

• What process will you use to regularly expose each of your contacts in the account to your company's entire portfolio of products and services?
• Who can provide testimonials that will help you win business in other business units, departments, or divisions in the account?
• Who can refer you to new contacts in other business units, departments, or divisions in the account?

Why is it necessary to repetitively expose your contacts to your company's entire portfolio of products and services? Because they forget! I can tell you from personal experience that there is nothing more frustrating than finding out a customer has placed a large order with another salesperson...and the only reason they didn't give you the order was because they didn't know or remember that you could fill it!

Is There More to Account Management?

There can be, but activities focused on increasing account penetration make up the critical core. Account management does become more complex if a team of people is managing a regional, national, or global account, but most of the complexity pertains to coordinating the activities of the team members.

Don't make account management more complex than it needs to be! The basic goal is to maximize account penetration. Look for opportunities to sell every product and service in your portfolio to every business entity (business unit, department, division, etc.) in the account. Make maximum use of referrals and testimonials to help you initiate new relationships. Regularly remind all of your contacts of the full breadth of your portfolio of products and services. Be organized and keep meticulous records. If you do these things, you should be amply rewarded for your efforts!

Copyright 2005 -- Alan Rigg

Sales performance expert Alan Rigg is the author of How to Beat the 80/20 Rule in Selling: Why Most Salespeople Don't Perform and What to Do About It. To learn more about his book and sign up for more FREE sales and sales management tips, visit http://www.8020performance.com.

---

Failed Salespeople Share Similar Traits

We are each responsible for our own success - or... Read More

In Sales - Heres News You Can Use

Here's an idea on how to make reading the daily... Read More

Being Politically Correct When Selling Can Cost You Sales

In our culture it is basically un-American for a prospective... Read More

Three Ways To Get A Prospect To Say Yes To Your Offer

Here are three proven ways that will increase your sales:1.... Read More

Jump Start Your Sales In 10 Quick Steps

1. Combine a product and service together in a package... Read More

The Five Most Common Mistakes Salespeople Make

Over the decades that I've been involved in sales, I've... Read More

How to Build Rapport in 7 Seconds!

I had my first official sales training by a man... Read More

Equal Chance of Winning The Sale? Bah!

Are you going to win this deal? With just less... Read More

7 Safety Tips Every Realtor and Door-to-Door Sales Professional Need to Practice

These are the top 7 safety tips that criminals don't... Read More

How To Master The Art And Science Of Super Salesmanship In 3½ Minutes Flat!

Dear Friend,You #1 weapon in advertising will always be...Superior Salesmanship.I... Read More

Are You Doing What It Takes To Win More Sales

What does it take to be a WINNER during these... Read More

Like It or Not... You?re in SALES!

Mention the word sales or salesman and two out of... Read More

Effective Account Management

Congratulations! You successfully sold one or more of your company's... Read More

Sales Trap - We Love to Talk, But Need to Listen

My research has clearly shown that, when it comes to... Read More

10 Killer Ways To Multiply Your Sales

Would you like to multiply your web site sales? Or... Read More

Customers Do Not Know How To Ask Good Questions ? That Is Your Job

Customers will ask you a question and you'll proceed to... Read More

Closing the Sale - It Doesnt Have To Be Uncomfortable

"The Close" is sales jargon for the bit where you... Read More

How Pareto?s Principle Impacts Your Sales Success

Pareto's Principle {the 80/20 rule) is vividly illustrated in the... Read More

One Simple Persuasion Secret That Will Blow The Roof Off Your Sales

The next time you're shopping for clothes in a department... Read More

As They Approcah the Finish Line... The Winner Is?

Recently, right before I was about to deliver a motivational... Read More

7 Phrases You Cant Say in Sales

7 Phrases You Can't Say in Sales (Because They Will... Read More

How to Sell to the Devils Advocate

There is a car commercial running were a husband is... Read More

Sales and the Law of Attraction

I'm about to challenge your belief system, or at least... Read More

Why Salespeople Fail

Since 1990 I have focused on the three primary barriers... Read More

Ideal Clients - Who are They and Where Do You Find Them?

Ideal clients are the ones who are perfect for you.... Read More

Get Leverage & Increase Your Sales Results Immediately!

Have you ever started something and not completed it? Or... Read More

The Pipeline: Curious, Desperate, Inspired?

You do have a "Pipeline" don't you? You know, the... Read More

Simple Technique for Isolating Objections

To isolate any objection quickly you can use this effective... Read More

In Sales The Biggest Rolodex Wins

How many names do you have in your business Rolodex?... Read More

The Top 10 Powerful Tools for Growing Sales Through Creating Connection

Your mission as a business owner is to develop a... Read More

Increase Your Sales Without Spending Another Cent

Many home business owners lament they don't have enough cash... Read More

Assumptions ? The Hidden Sales Killer

Assumptions can kill a sale. In my sales training workshops,... Read More

Successful Sales Strategies: Winning the Close Ones

The "Three Cs" in building customer relationships are a key... Read More