Managing your clientele is important if you want to increase your business profits. Your clients are your ultimate source of revenue, hence, you have to nurture them especially the ones who provide the most revenue. Such clients are known as key accounts and they must be nurtured for increased profit and business growth. Proper management of a key account is dependent on the efforts committed towards the supervision of your field sales force to ensure that top accounts are well attended. The goal should be to foster a good relationship with key accounts.
Key account identification and targeted strategies to manage them is essential for your business as they are capable of yielding bulk profits. A profitable business relationship should be formed in a bid to get them to stay for the long term. You can use apps like the CloudApper SalesQ to monitor your field force for managing key accounts efficiently.
Top Key Account Management Skills
Several long-term benefits are attached to key account management. Sales reps must be made to understand why top priority is assigned to key accounts. Here are some skills that are necessary for the management of key accounts:
Key Account Identification
Key accounts are relatively easy to identify due to the sales volume they generate in all the items sold by the company. Sales reps are to be commissioned to dedicate extra efforts to understand how best to relate to the top buyers based on their requirements. The company becomes capable of generating more revenue. SalesQ can help to automatically measure and identify the key accounts by ranking them. It displays the top customer of the business.
Knowing Your Customer
To better manage a key account, you need to know your customers what they want and why they buy your products. You also need to determine their financial status, industry, and business policies. These pieces of information can help you to develop new products or improve existing products and services that you can advertise to key accounts through your best sales reps. It is also important for your sales rep to know the customers.
Leading Sales Teams
Management of sales reps is also an important step towards the proper key account management. A well-managed team can be efficient in client follow-ups and ultimately, client retention, likewise cross-selling and up-selling as a result. Setting targets for sales reps and monitoring their achievements can be effective in this regard. SalesQ can help to achieve this by tracking target achievement and providing notifications when tasks are completed.
Communication is essential in our daily activities but it is even more important in key account management as adequate information about the customers must be provided to sales reps. Strategic communication ensures that key account managers are aligned to the goal of the company to retain and secure more prospects that they have been assigned to. The teams will better understand what they need to prioritize in a bid to generate more revenue from key accounts.
Key account managers should be able to dive deep and research into the available sales metrics to know what strategies work and those that have failed. They can easily make forecasts and predict project sales. Apps like SalesQ provide a viable interactive platform that can help to recognize potential trends that can be used to guide sales reps to generate more sales.
Leveraging skills that help deal with top clients can help a business manage key accounts successfully. An efficient sales team is equally as important as recognizing what the top clients want and how their needs can be met in the best way possible. You can use a field sales monitoring app like SalesQ to align sales reps in a bid to achieve better key account management and better profitability. Sign up now to enjoy a 14-day trial.