SiriusDecisions defines account-based models, or account management, as representations of a strategic approach that align resources against a set of defined accounts and goals in a way that is relevant and valuable to those accounts and to sales/partners. But account-based selling requires an organizational commitment that goes far beyond sales.
In a recent webinar, Mark Levinson, VP Global Revenue Operations at Bazaarvoice, and Mark Kopcha, CEO of Revegy, came together to discuss the necessity of account-based models to achieve customer-centricity. We’ve outlined the top 5 account management best practices to get your team moving in the right direction.
A successful strategy begins with effective collaboration and transparency:
- Account-based marketing ready to engage and support the initiative
- Executive sponsorship and engagement of supplier and partners lined up
- A clearly defined organizational structure, rules of engagement, and governance mechanisms
- Overall agreement on goals, process metrics, reporting mechanism, and sales management cadence
- Feedback mechanism-input into the business planning process and product roadmap
Key Account Selection
Well-defined selection criteria that combine qualitative analysis with sales judgment and insight aid in the development of lasting relationships with strategic customers that will contribute to the growth of an organization. Examining multiple factors like an account’s current value, future potential, and strategic fit enables companies to execute focused plans based on building a long-term partnership with a client.
Global Account Management
Technology-enabled global relationship management is critical to long-term sales success. Growing revenues in global accounts present a unique set of challenges. To successfully grow your global account revenue, you must be able to collaborate across regions and geographies. To improve your GRM program, you should rely on visualization, organizational alignment, coordination and collaboration, and metrics designed to leverage customer intelligence. You cannot take the one-size-fits-all, CRM approach to managing global accounts – GRM technology must be specifically designed to manage the scale and complexity of globally dispersed accounts.
Strategic Account Management
Taking advantage of account planning to grow strategic accounts is crucial to sales success, performance, and growth, allowing you to invest sales resources in the most effective ways. A strategically developed plan should contain these elements:
- Standard account planning template (e.g. methodology) in all regions
- Participation by the full account team, functional support areas (e.g. service and support, marketing, sales engineering, product specialists), and partners in the account plan development process
- Account plans and activities integrated into an SFA platform
- Quarterly account reviews included in the management plan
Businesses should rely on internal infrastructure for all aspects of operations to drive collaboration amongst large teams that support the account. Without an intuitive, consistent way to consume and communicate customer intelligence, companies continue to miss out on the opportunity to deliver value at every stage of the lifecycle. Driving consistency and having a centralized, single view of the customer is key to sales success.
To learn more about Account Management and Planning, check out our recent webinar with Joe Monastiero, VP Global Sales at Revegy.