5 Steps to Expanding Your Key Account Relationships

Facing Your Key Account Challenges

Have you ever felt like you were in a trap whenever you were told that you have to expand the key accounts that you've been assigned? You had your quarterly meeting and your Sales Manager issued you 50 brand new accounts in a totally new industry.

The thing is that you have to start from scratch and build new relationships with the key decision makers from that company. All you have is the account profile with the contact information, which has empty fields you have to populate on your own and hopefully close those accounts with a new solution your company has introduced. Have you ever been in that situation? I'm sure the first time this happened you had more than a few challenges.

In this article we are going to touch on those items and more. At the end, the hope is that you come out of it a lot more strategic and make some progress in your day to day activities. Here we go.

Let Me Give You The Good News And The Bad News

The most obvious thing has to be addressed first. The bad news is that becoming stuck in a rut is simple and that stagnation is actually a genuine thing. The bright side, though, is that incremental improvements may pay big dividends.

An astonishing 25% increase in income may be achieved with just a 10% increase in relationship-building activities, according to a research conducted by the Sales Management Association. Little changes may have a big impact!

Step 1 is You Need to Identify Your Target Audience

Step back and truely investigate the accounts you have been given. Look them up on the internet to get a better feel for who the decision makers are and what possibly might make them tick.

If there is a way to network kwith them you need to figure that out. Maybe you can reach out to networks you already have to get a sense of the things the decision maker likes and dislikes.

Both in a casual and business setting. Within your investigation you should try to figure out the following:

What type of problems their company is facing? (This should be the primary question you are asking yourself anyway)
If they do have problems they are facing (as most companies do). Then, how serious is their issue or issues. How badly does it hurt. What do they stand to loose?
Is your product or service really an actual solution to their problems? And if it is, can you deliver on it such that your customer service is A class?

Learning more about your key accounts and decision makers is an activity you must get good at and get good at both quickly and efficiently if you want to "Hunt with the Big Dogs and Pee in the Tall Grass".

The best salespeople are all incredibly efficient at knowing everything about their accounts to the very last detail.

Photo by Mikhail Nilov

Step 2 is Data and Analytics Make You Razorblade Sharp

Why would you want to be hit and miss going after these accounts when so much is riding on them. This is your bread and butter, where your commissions come from, not to mention what your appraisal is assessed on, which sometimes could mean whether you continue as an employee of the firm or not.

Therefore, to get the most out of your tenure at the firm and do it in a way where you are praised for your endeavours, you must use data and analytics to make smart account planning decisions. You don't want to be the person that spends the time and energy pursuing an account that bears no fruit.

So, look for the accounts that are most likely to convert and prioritize them in the order of opportunity size (this is the dollar value of the possible revenue you can generate if you close a deal / contract).

Step 3 is To Naturally Approach the Decision Makers Of The Accounts

I can't stress this enough. Be natural! Be authentic about how to approach connecting with the prospect and what you have in your "suitcase of goodies". Clearly this means that you should be selling to a prospect you have done enough homework on to know beforehand whether the probability is high enough for you to be offering your solution to them in the first place.

So many time salespeople sell things they don't believe in and trust me it carries over in the smallest of communications with the prospect. You'll be surprised how much more natural you will approach the prospect when you believe in your solution and have done your homework.

Step 4 is Ensure You Collaborate with Your Internal Team

Most companies would have a sales process. Or at least should have. I can't tell you how many companies I've come across that don't have a proper sales process "nailed down". But for those that do, if you are in an organization like that, please, collaborate with the departments that are involved. This should be obvious, I know. But I still have to say it.

Whether it’s the accounts department, billing department, purchasing, warehouse, procurement, pre-sales, engineering department etc, depending on the industry and niche you are in it might be a combination of all the above.

Whatever the process, it will include more than just your sales department. So, it’s worth your while to learn the sales process of your firm and be intimate with it.

Step 5 Is To Embrace Experimentation and Innovation

Now experimenting with new technology, new CRM systems, new business intelligence systems, new logistical systems etc I am sure may not fall under your purview of authority.

Maybe its your manager or your manager's manager that has the authority to effect these new capabilities into your ecosystem, but when you do have the autonomy to take measured chances that can help improve your efficiency, whether it's with advertising, marketing, branding, communicating, investigating and most of all selling, you have to try them at some point rather than do nothing. Standing still is not an option if you're not achieving better results.

You have to try something new to get new results. Just make sure they are measured experiments worth the risk.

Mediocrity Is The Enemy Of Superiority

Building a stronger web of connections with influential accounts is no picnic, but the payoff will be well worth the effort. Achieving greatness is within your reach when you stick to these basic five principles.

Know your audience, use data and analytics to your advantage, tailor your approach to them, work together as a team, and be open to new ideas and experiments.

Eric G. Charles

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