As a business, you want to ensure that your customers purchase only from you for all the products that they require and which you produce. It is effective in repelling off your competitors from winning over your clients. When a client is open to transacting with your competitors, you become at risk of losing that account.
Account management requires special skills to identify and connect with influential clients within your organisation. Such clients require proper handling in ensuring that their needs are always met. There are several organisations in the UK that offer account management training programs to company employees. Upon purchasing a training package, the organisation will prepare a workshop where your employees will be trained in effective account management.
Successful account management takes into consideration the effects of competitors on their accounts. A business must be proactive in ensuring that they do not surrender any business to their competitors. That means that they ought to always be ahead of their competitors in sealing deals with their influential customers. Losing an account to a competitor sets you up for attacks. Other competitors may respond by going after the remaining clients, which may result in the downfall of your business.
Retaining and expanding existing accounts
The main goal of account management is to retain and expand existing accounts. You can only expand the accounts if you first retain your clients. It works hand in hand with managing your competitors. Upon retaining the accounts, the next challenge is in convincing your clients to conduct all related transactions with your company. For example, a logistics company should aim at being the sole provider of logistical services to its clients. They should work to convince the client that they can offer more than the 40% coverage that they are currently on.
Account management should be preceded by setting both short-term and long-term objectives. A company should then take the necessary steps in ensuring that it achieves its objectives within the set timelines.