{"id":1319,"date":"2019-06-12T03:19:12","date_gmt":"2019-06-12T03:19:12","guid":{"rendered":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/?p=1319"},"modified":"2019-06-20T00:25:21","modified_gmt":"2019-06-20T00:25:21","slug":"develop-key-accounts-to-increase-revenue","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/develop-key-accounts-to-increase-revenue\/","title":{"rendered":"Develop Key Accounts to Increase Revenue"},"content":{"rendered":"<p>Developing Key Accounts is a skill that needs to be honed to be <a href=\"https:\/\/c1mdevsite.com\/360consultingdfw.com\/five-characteristics-that-make-a-great-salesperson\/\" target=\"_blank\" rel=\"noopener noreferrer\">successful in sales<\/a>.<\/p>\n<p>Ready to <strong>increase your profits and revenues by 30% or more<\/strong>?\u00a0 It\u2019s time to focus on developing your Key Accounts.<\/p>\n<p>Developing Key Accounts is the process of <strong>building long-term relationships with your company&#8217;s most valuable accounts<\/strong>. These clients contribute, often, a significant amount of your businesses revenue and can be critical to your growth and sustained sales. Many times, we find there are new business opportunities within Key Accounts that are <strong>more likely to close compared to acquiring a new client<\/strong>, at least short-term. They also spend up to 33% more than new customers.<\/p>\n<p>&nbsp;<\/p>\n<p>Here is a five-step path to get you started on developing Key Accounts to increase revenue:<\/p>\n<h2><strong>1. Determine Your Definition of Key Accounts<\/strong><\/h2>\n<p>Key Accounts will receive a great deal of your company\u2019s time, energy and resources. Therefore, you should create an explicit and strict definition of key accounts to make sure that you <a href=\"https:\/\/c1mdevsite.com\/360consultingdfw.com\/are-you-selling-to-your-target-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">choose the right ones<\/a>. The more detailed and specific the criteria, the better.<\/p>\n<p>According to <a href=\"https:\/\/salesbenchmarkindex.com\/insights\/key-account-management-selection-criteria-why-it-is-important\/%20(SBI)\" target=\"_blank\" rel=\"noopener noreferrer\">SBI<\/a>, the best approach is to <strong>choose between 3 &amp; 5 of the following criteria<\/strong> to base your definition on:<\/p>\n<ul>\n<li>Revenue potential (avoid weighing this too heavily)<\/li>\n<li>Centralized purchasing<\/li>\n<li>Product fit<\/li>\n<li>Solvency<\/li>\n<li>Growth potential<\/li>\n<li>Existing relationships<\/li>\n<li>Possible Channel Management partner<\/li>\n<li>Cultural fit<\/li>\n<li>Geographical alignment<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>2. Understand Each Company<\/strong><\/h2>\n<p>Develop an intimate, sophisticated understanding of the account&#8217;s strategy, market position, finances, products, and organizational structure. Use this information to make business cases that show how price changes, customization, and add-ons <strong>will <\/strong>increase value.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>3. Perform Regularly Scheduled Business Reviews <\/strong><\/h2>\n<ul>\n<li>Develop a standardized business review template for each Key Account that not only captures your KPI\u2019s, but more importantly theirs.<\/li>\n<li>Use the business review as the impetus to solve problems and to determine new opportunities.<\/li>\n<li>Stay up-to-date on the business\u2019s goals, financial health, and current initiatives.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>4. Know the Key Players<\/strong><\/h2>\n<p>In B2B sales, you are selling to a group of decision-makers who hold different positions in the company. Each have different levels of influence on the purchase. Hence <strong>to keep up with these individuals,<\/strong> you can build a Key Account Organization Chart.<\/p>\n<p>On this chart you&#8217;ll be able to:<\/p>\n<ul>\n<li>keep track of those with whom you&#8217;ve had communication<\/li>\n<li>know where they stand within the order of things<\/li>\n<li>determine the key players involved in the decision of doing business with your company<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>5. Listen with Intent and Be Prepared to Collaborate<\/strong><\/h2>\n<p>Trust is one of the most important components of building ongoing relationships with Key Accounts. The <strong>B2B relationship has changed from that of vendor-buyer to partnership<\/strong>. As such, you are no longer selling to a buyer. Rather, <strong>you are a buyer\u2019s partner who is invested in helping their business succeed.<\/strong> The great news is that the more your buyer succeeds, the more your product or service is going to succeed at that business.<\/p>\n<p>&nbsp;<\/p>\n<p>As you move forward, continue to cultivate your key account relationships but also keep an eye on non-key accounts. A customer who is about to experience significant growth may qualify as a strategic account. <strong>Earn their loyalty by treating them as a Key Account before another company has the chance<\/strong>.<\/p>\n<p>Key Account Management is an important component that can raise your company\u2019s sales by 30% or more. When you discover the potential these relationships hold, you&#8217;ll see these customers through a brand new lens.<\/p>\n<p><strong>Are you ready to develop your sales strategy but aren\u2019t confident about where to start?<\/strong> Contact our experts at 360 Consulting today for a <a href=\"https:\/\/c1mdevsite.com\/360consultingdfw.com\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">free consultation<\/a>!<\/p>\n<p><a href=\"https:\/\/pixabay.com\/photos\/deal-business-agreement-finance-4131445\/\" target=\"_blank\" rel=\"noopener noreferrer\">Image Attribution<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developing Key Accounts is a skill that needs to be honed to be successful in sales. Ready to increase your profits and revenues by 30% or more?\u00a0 It\u2019s time to focus on developing your Key Accounts. Developing Key Accounts is the process of building long-term relationships with&#8230;<\/p>\n","protected":false},"author":5,"featured_media":1320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_links_to":"","_links_to_target":""},"categories":[28],"tags":[135,134,136],"_links":{"self":[{"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/posts\/1319"}],"collection":[{"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/comments?post=1319"}],"version-history":[{"count":5,"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/posts\/1319\/revisions"}],"predecessor-version":[{"id":1326,"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/posts\/1319\/revisions\/1326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/media\/1320"}],"wp:attachment":[{"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/media?parent=1319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/categories?post=1319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/c1mdevsite.com\/360consultingdfw.com\/wp-json\/wp\/v2\/tags?post=1319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}