To effectively manage your strategic accounts, you must grasp some fundamental aspects of your customer’s business.
Here’s what you should focus on:
THEIR VALUES AND DECISION-MAKING CULTURE
Corporate culture is an organization's bedrock. It encompasses the company's goals, strategies, structure, and approaches to labor, customers, investors, and the broader community. Understanding this culture is crucial because it influences every decision. Are they risk-averse or risk-takers? Do they prioritize innovation or stability? Knowing this will help you tailor your approach.
THEIR GOALS (2-5 YEARS)
Every organization has long-term goals they aim to achieve in the next two to five years. These goals provide a clear direction for their strategic planning. Whether expanding into new markets, increasing market share, or driving innovation, understanding these goals helps you align your solutions with their vision.
OBJECTIVES (SHORT TERM)
Short-term objectives are the stepping stones to achieving long-term goals. Typically, several high-level objectives contribute to reaching an overall goal when accomplished. Knowing these objectives lets you pinpoint how your solutions can help them hit these milestones.
ISSUES
Every organization faces issues that can either block or aid them in achieving their objectives and goals. Identifying these challenges is essential. Are they struggling with market competition, regulatory changes, or internal inefficiencies? Conversely, what strengths do they have that you can leverage? Understanding these factors allows you to position your solutions effectively.
KEY INITIATIVES AND TOP PRIORITIES
Key initiatives are high-level responses to address critical business issues. They are the organization's top priorities. By identifying these initiatives, you can see where your solutions might fit. This alignment is where opportunities exist.
HOW YOU CAN IMPACT THOSE WITH YOUR SOLUTION
Opportunities arise whenever there is an overlap between the customer’s strategic initiatives and your solutions. This is where you can make a real impact. Identify insights, ideas, solutions, and services you offer to help customers meet their goals and address their business issues.
When there’s no overlap, it’s likely to become a simple price war, and the “opportunity” might end with no decision or a “no budget” response for the year. That’s not necessarily a problem as long as you know it upfront, and it doesn’t come as a surprise at the end.
A STORY TO ILLUSTRATE:
Let’s bring this to life with a story. I worked with a company trying to break into a major account. They knew the customer was focused on innovation and had a long-term goal of becoming a market leader in sustainable products. The sales team mapped the customer's values, goals, objectives, issues, and key initiatives.
They identified that the customer’s top initiative was reducing their carbon footprint, which aligned perfectly with our company's sustainable solutions. The team didn’t just push their products; they presented a comprehensive plan showing how their solutions could help customers achieve their sustainability goals and drive innovation.
The result? The customer saw them not just as a supplier but as a strategic partner. They secured a long-term contract that provided immediate revenue and positioned them for future opportunities.
CONCLUSION
Understanding these fundamentals about your strategic account isn’t just good practice; it’s essential. It enables you to align your solutions with your customer’s needs and become a valued partner rather than just another vendor. So, dive deep into their values, goals, objectives, issues, and key initiatives. Find where your solutions can make a difference. And if there’s no fit, recognize it early and move on.
That’s how you do account management right.
This approach ensures you’re always in tune with your strategic accounts and can create value beyond the transactional level.
Now, get out there and start making a difference!
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