And, it is a collaborative process that requires involvement from the client to be valid. Nothing will put a strategic account at greater risk than having only a single point of contact own all of the relationships in the account. This means that achieving the goal must be something you can measure and track, using data like increased numbers, financial figures or improved productivity … Your goal and objectives can be yearly, semiyearly, or quarterly. Setting SMART goals for managers and for your team is an easy exercise to promote strategic alignment and motivation. These behaviors are quite different from a hunter’s; hunters often have an “eat what you kill” mentality. Strategic Account Manager I Resume. This dependence can be built in many ways including operational dependence through channel partnerships; technological dependence through systems integration, business dependence through special terms and financing, and contractual dependence through multi-year contracts or automatic renewals. Although they may help raise your profile and improve your marketing, it may be too difficult to make these accounts profitable enough to merit the resources you need to grow a true strategic account. Many accounting managers struggle with the annual goal setting process. The Strategic Account Management … Account planning is important to help identify the resources that you need to achieve your growth objectives. As a sales leader, you need the revenue from your strategic accounts to achieve your goals. The strategic account manager also needs to have credibility and the ability to marshal internal resources when necessary. Based on the frequency of reviewing your goal and objectives, you must schedule meetings with the key account … If you’re a project manager, you should get out of that to-do list mentality. Customer Experience Strategic Account Management As an account manager or sales professional the two most important objectives for your customer base is to r etain them and … This muscle helps fortify the relationship, expedite decision making, and protects you from changes in executive leadership or company strategy. This site uses cookies to provide you with a great user experience. HR leaders share their goals for 2018, including strengthening employee engagement, improving the management of people, revamping performance reviews, focusing on professional development for emerging HR leaders, and being a more environmentally friendly company. Identify the objectives, goals, and key performance indicators to track progress, just as you would manage your sales pipeline. One way to accomplish this is to establish executive sponsorship programs in which your senior executives build peer-to-peer relationships with executives in your strategic accounts. Account … This strategic planning guide is for the busy Account Manager who doesn’t have time to do a SWOT or PEST analysis. You should involve the client in the process to ensure that the plan is valid and actionable. |, Enhanced Service through Consultative Sales, Growing into the White Space With a Prosperous Account Strategy. Too often, account plans are more fantasy than reality — many organizations go through an annual account planning exercise and then forget to execute the plan. Strategic account management doesn’t happen by accident – it’s made up of formalized, repeatable, and … You probably don’t want an account manager whose strategy is so aggressive that he or she pesters the client or proposes new ideas that are not in the client’s best interest. Tip:  Study your best strategic account managers to better understand what makes them successful in their jobs. Setting up goals and metrics will help each team member know where to focus, and they’ll be prepared when it’s time for their performance appraisal. Objective : An innovative strategic sales and marketing professional with a proven ability to meet and exceed goals through sophisticated sales, … But the opposite also holds true. The ideal SAM should be a problem solver who will be sensitive to the client’s needs. When an employee and manager sit down for a performance evaluation, the discussion revolves around the employee’s past performance and goals for the future. Remember that establishing these measures is just one part of performance management. A sales strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. Without a strategic account management plan, you approach your customer relationships without a checklist of bases to cover or things to address. A large portion of this success is attributed to their account management abilities. The customer’s goal and objectives are normally around a FY. When people change jobs, they often update their LinkedIn profile quickly. The 7 Habits of Highly Effective Strategic Account Managers Blog. Skilled negotiation. Be strategic. Here’s where you need to look beyond the obvious and seek new win-win opportunities in your client’s business. A key account manager’s number one goal should be to provide their customers with lifetime value. I helped you generate this revenue.” If your key account managers aren’t providing tangibl… Five Best Practices for Your Virtual Sales Kickoff | The Brooks Group, IMPACT Selling for the Complex Marketplace, Brooks Talent Index Scientific Validation, Gaining Early Buy-in from Your Sales Team, Consulting & Professional Services Sales Training, Retention Rate – Percentage of expiring contract renewals vs dropoffs (for subscription business models), Customer Churn Rate – Percentage of customers who cancel their contracts or fail to renew them, Customer Satisfaction Score – How satisfied customers are with your product or service (you can use client surveys to track this metric), Support Requests – Number of calls or emails from customers reporting issues or requesting help, Support Calls – Number of calls made in response to requests for support, Support Emails – Number of emails sent in response to requests for support, Time to Resolution – How long it took to resolve customer support tickets, Product Engagement – How much customers are using products that can be monitored, such as SaaS software. Performance Management is most often defined in the context of Human Resources. Other candidates that might be designated as strategic accounts include those you consider early adopters or organizations that like to experiment and test new solutions. Which clients does he or she brag about often? Some people are cut out for new business development, and others aren’t. Whether you are an employee or a manager, being a team player and having a strong ability to motivate others is fundamental. This means that projects and tasks can easily become forgotten and get pushed to the side, whi… Tip:  Strategic account managers must possess strong business acumen. It’s not easy to come up with S-M-A-R-T (Specific, Measurable, Attainable, Relevant and Time-Bound) goals … Ideally, you want to become part of the fabric of your strategic account’s organization — in other words, you want them to be dependent on you. Strategic Account Managers acts as a liaison between an organization and its clients. To Learn More, Download the White Paper: Growing into the White Space With a Prosperous Account Strategy. Virtual Selling with IMPACT In fact, research indicates that the average tenure of a sales leader is somewhere between just 18 to 24 months! Successful sales leaders build their reputations and careers on their ability to consistently meet or exceed their revenue goals through focused sales strategy execution. At the end of the day, the KAM’s goal is to build the lifetime value of their … A performance goal is a target for the work of an employee. Strategic Account Management It is easy to get distracted from the fundamentals necessary for account management strategy execution. The defining difference between sales leaders who succeed and those who don’t is their ability to drive sales strategy execution. If they’re dependent on you for their business, however, it will be difficult for them to sever ties without giving you a chance to make things right. IMPACT for Customer Service If the pandemic has taught project managers anything, it’s that uncertainty is here to stay. If you’re wondering how to improve your output and efficiency, implement these four performance objectives for office managers… Prioritizing Sustainability No matter what type of a manager you are , you're responsible for motivating your team and improving your team's performance. Speaking in very simple terms, SAM’s can accomplish this in three ways: Sellers who strategically manage key accounts shape and create opportunities within their accounts and benefit by mitigating competition, reducing price sensitivity, and building deeper and higher-level relationships in the account. If you are linked to your SAM and your SAM is linked to contacts in the account, you will have visibility into these contacts and the ability to connect with them. LinkedIn is an amazing tool to help support this activity. … Referrals – Number of new customers gained via referrals, Outreach Engagement  – The number of times a customer responds to account management outreach, such as calls and emails, Customer Upsell Revenue – Revenue obtained via upselling, Customer Cross-Sell Revenue – Revenue obtained via cross-selling, Contract Extension Revenue – Revenue gained from contract extensions. Strategic Emails – Number of emails sent to offer best practices, strategic advice, consulting, etc. It is very helpful to use valid, reliable psychographic assessments, along with time and activity studies. The Brooks Group’s Strategic Account Management training program teaches participants a highly-practical system for developing each of their key accounts in ways that will strengthen the client relationship—and drive additional sales revenue for your company. It’s … Our Change Management Process Why Customized Sales Training? Email, Zoom, Phone… What’s the Best Way to Make a Connection? Whether your organization has a dedicated Account Management team, or your salespeople are in charge of managing their own accounts, it’s important to establish some performance measures focused on account management. It’s far more profitable to retain existing customers than to find new ones, so it’s key that your team keep customer satisfaction top of mind. help@thebrooksgroup.com. Tip:  When thinking about which customers to name as strategic accounts, take your CEO’s opinion into consideration. Their duties include expanding client database, maintaining a positive relation with existing clients, … Performance Indicators for Growing Revenue: You can use the account management KPIs that make sense for your organization to measure how effective your team is at retaining, growing, and developing long-term relationships with your key clients. Brooks Talent Index Certification Performance Indicators for Strengthening Relationships: In the end, the goal of your account management effort is to increase revenue. IMPACT for Customer Service Incorporating both perspectives within the framework of strategic planning provides the best opport… Strategic Account Management Training For that reason, it’s important to measure growth with key indicators or performance measures. A leader is required to set the right vision for the team and design the strategic … There are many different types of effective leadership styles that get results. Though the end of the COVID-19 pandemic may soon be approaching, it’s clear that our buyers will want us to keep our... Energizing and focusing your team on the goals of the year ahead has never been more important. All Rights Reserved. Find out how to grow your team’s existing accounts by leveraging relationships to find new selling opportunities early in the customer’s buying process. Building an account plan will help you identify all of the key players who influence the need or preference for your solution. SAM planning works largely the same way. Make sure your SAMs have what they need to meet their goals and help coach their strategic account teams to success. Please consider updating your browser to a newer version. This site uses cookies. Building relationships with existing clients to transform them into key strategic accounts is a crucial component of any sales strategy because selling to an existing account is much more profitable and predictable than trying to win new business. In the end, strategic account programs will provide consistent, stable revenue that will help you sustain long-term growth and success for your company. By bringing customers tangible benefits that they can point to on a spreadsheet and say “Look! Find out more here. By clicking continue you accept our use of cookies to modify the information we collect please click here. Your organization’s account management efforts should be focused on: Keeping these larger goals in mind, you should identify the specific, measurable objectives you want to achieve in each area. A strategic account manager is a bridge between the sales team, a team of account managers and customer team. These goals are used to evaluate the performance of employees at the end of a performance … This means your SAMs need valid account plans, and you need to hold people accountable for executing their account strategies. According to Gartner Group, 80% of your company’s future revenue will come from just 20% of your existing customers. There are many ways to use this planning process, but for the purpose … Site Map | Privacy Policy | Cookie Policy | Terms & Conditions, Strategic Account Management Training Program, REQUEST STRATEGIC ACCOUNT MANAGEMENT TRAINING INFO PACKET NOW →, Assimilating Your Sales Teams in a Merged Company Environment. Together, the employee and the manager determine attainable goals … In the end, the goal of your account management effort is to increase revenue. Sales Leadership Accelerator info@richardson.com US: +1-215-940-9255 EMEA: +44 (0) 20 7917 1806 APAC: +61 (0) 8 8376 1667, 1818 Market Street #2800 Philadelphia, PA 19103, info.emea@richardson.com EMEA: +44 (0) 20 7917 1806 US: +1-215-940-9255 APAC: +61 (0) 8 8376 1667, Copyright © 2021 Richardson Sales Performance. You may believe that working with these companies will bolster your credibility and create some buzz, but keep in mind that many of these organizations can be difficult to work with and highly cost-conscious. This is ironic, but pretty common outside of sales teams. I have broadened that definition to incorporate more of the organizational outcomes as a whole. Extensive technical expertise isn’t necessary, but an aptitude to call in the right people at the right time is critical to an account manager’s success in seizing opportunities that can further the relationship with the strategic account. You need an account management strategy. Strategic goals are visions for your business that have quantifiable or qualitative results. The performance of individuals clearly impacts organizational performance and vice versa. Here are the new goals project managers must focus on to be an indispensable strategic partner. NOTE: Our sales training tools are designed to make your life easier. By continuing to browse the site you are agreeing to our use of cookies. The Key Account Managers … Submit it to The Brooks Group Help Desk and an expert will get back to you within 24 hours. What The Account Manager Resume Objective Should Tell Prospective Employers. Sustain Your Sales Training Initiative Gaining Early Buy-in from Your Sales Team, IMPACT Sales Coaching System Coaching to IMPACT Qstream® Mobile Reinforcement App Annual Sales Meetings and Keynotes, Industries Overview Manufacturing Sales Training Healthcare & Medical Sales Training Consulting & Professional Services Sales Training Financial Services Sales Training IT & Telecommunication Sales Training Agriculture Sales Training Retail Sales Training Hospitality Sales Training Government Sector, Sales Effectiveness Whitepapers Sales Performance Radio Virtual Happy Half Hour Webinar Webinars Sales Training Articles How to Find the Right Sales Process How to Choose a Sales Training Provider, © 2021 The Brooks Group. To set your team up for success, provide them with the training and tools needed to develop their own detailed account plans. How do they achieve this title of “trusted advisor”? Ideally, you want to become part of the fabric of your strategic account’s … Developing strategic accounts works best when the strategic account manager takes on a consultative selling role and searches for opportunities to add value for clients by helping them save money, make money, or manage risk. For that reason, it’s important to measure growth with key indicators or performance measures. Strategic Account Manager job description. Those objectives will help you decide which metrics make the most sense for your team to track. Some of those … Performance Indicators for Retaining Customers: In order to recognize new business opportunities—and be seen as strategic advisors when making recommendations—your account managers and sales staff must demonstrate their value to the client. Because it aligns organisational objectives with client activities and reveals new opportunities. All rights reserved. Trying to get a farmer to hunt is futile. Which clients would he or she hate to lose? Don’t solely focus your account management strategy on “big logos,” such as Fortune 500 companies or a sexy new startup. If these areas are well maintained, your team will be able to dig deeper into existing key accounts and maximize the revenue potential that’s there. Strategic account management is an important job that requires rigor and discipline. Tip: Don’t consider a strategic account plan final unless your client has seen and agreed to the plan. As an account manager, it will guide all … Hello, you are using an old browser that's not compatible and no longer supported. What do you plan to do to improve HR performance in the New Year? Educating the customer about insights relevant to their business is a major focus for SAMs. Once strategic accounts have been identified at an organizational level, the role of a strategic account manager is to act as the point of contact between the strategic … Have a question? Many sales leaders fall short of their annual “number,” which is one of the driving forces of high turnover among sales leaders. Though it is a difficult task to summarize the objectives Key Account Managers have, there are some definitive goals that they needs to achieve. The fundamental truth is this: sales believes that the rest of the company wouldn’t have jobs if not for them… and the rest of the company feels sales wouldn’t have a job without them. This requires staying on top of each key account and making sure the customer feels supported and confident in working with your organization. It’s also easy to … As with just about everything in business and sales, when you have a plan in place, you can stay organized more easily while ensuring that no projects, customers, or clients are neglected. Build Dependency. Finally, accompany them on some calls to better understand the style and substance of their conversations with their clients. It can be hard to quantify the work of the folks who do the counting! Therefore, having strong leadership skills and communication skills is a must have in a modern work environment. Before you embark on your next strategic initiative or brainstorming session, ask yourself how much potential exists within your strategic accounts and what you need to do to protect and grow these assets. While there are an unlimited number of initiatives around people, process, and technology that can help you reach your goals, few will be as impactful as establishing key clients as strategic accounts and managing them well. Goal setting sets the standard for the manager to use when evaluating the employee the following year. This Strategic Account Manager job description template lists all essential qualifications you should look for in candidates. But as an office manager, the vague aspects of the role can sometimes make personal and professional growth feel like an impossible task. Virtual Bootcamp Workshop, Maximum IMPACT Sales Enablement What Makes Us Different? Use them to your advantage. Strategic Account Managers. The defined goals. Learn More. These skills can be developed, but many require specialized training and coaching to become truly authentic, confident, and effective in the role. An important goal for accounts payable employees is the timely entry of invoices for payment. IMPACT Selling® Sales Training Strategic Account Manager job profile. Reaching some key goals, such as adding more automation into the AP workflow and reducing costs, can help accounts payable teams to stay competitive and showcase their … If you’re in their network, you and your SAM can manage the situation proactively. At the end of the day, strategic account management should be all about responsiveness, problem-solving, customer satisfaction, and building long-term relationships that lead to additional revenue. Your sales kickoff –... IMPACT-U This means that their customers feel like the heroes of their organization and your key account managers are their trusted business advisors. Account managers are now expected to provide service, resolve issues and maximize consumption and ROI — all while selling additional new products and services. Their objective is to build strategic … People management examples of performance goals… Top Performers in this study, Top Performance in Strategic Account Management Benchmark Report, had stronger revenue growth, margin growth, and satisfaction growth in their named strategic accounts than The Rest. He has to lead from the front, take risks and create a win-win for both sides. Strategic Account Managers are usually responsible for maintaining relationships with current clients, as well as finding opportunities for expanding … The most successful strategic account managers are also skilled at relating to the needs of a wide range of individuals in the account and building consensus among them. Examples of a high-level sales strategy might include growing market share and launching new products. These are typically agreed between the employee and their reporting manager at the start of a business year or quarter. We just finished an eye-opening research study which revealed that 47% of salespeople do not have confidence that the sales department is respected by other departments inside of the company. Tools needed to develop their own detailed account plans, and … Skilled negotiation s future revenue will from! Download the White Space with a great user experience and seek new opportunities... 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