Customers have become more sophisticated; they want tailor-made or bespoke solutions, the cost of serving customers is increasing with the relationship becoming complicated and technology enabling new ways of working together. It is hard to balance effort for the return. Many businesses do not bother to assess at all and find too little return for effort has a detriment effect on the profitability.
The problem is that you do not know:
- Who are your strategic most valued customers?
- How to research and develop these important strategic customers.
- The ways of accessing and securing sales from the ’vital few’.
- How to develop and grow the strategic partnership relationship.
Dr. Joseph M. Juran's ‘vital few and trivial many ‘research work observed the principle of 80/20. In that, 20% of a set is responsible for 80% of a related result; this became known as Pareto's Principle or the 80/20 Rule.
Strategic Account Management is a company-wide focus on building strong and mutually beneficial relationships with the businesses most important customers and partners. Strategic Account Sales Evolution is a process of finding, maintaining and growing the 20% to gain 80% accelerated business growth.
Knowledge is critical when it comes to identifying which groups of customers you should be targeting. Market research helps you understand more about your customers concerns, their buying habits and units, their end-users and the wants and needs of different groups of potential customers. You need to identify the customers that are most likely to buy into your unique offer.
Many have applied the 80/20 rule to working ‘smart’ rather than ‘hard’, investing 80% of your time and energy on the 20% of activity that is important.
Strategic Account Sales Evolution process applies the 80/20 rule to finding the 20% of customers that bring 80% of rewards to the business. These customers may be new or existing customers nevertheless they are your most valued customers that deserve a focused strategy of engagement.
Strategic Account Sales Evolution process creates customer loyalty, stimulates growth, enhances profitability, and lead to innovative service delivery and massive business growth.
The Strategic Account Sales Evolution Process will help you discover how to:
- Define and qualify your 20% of customers.
- Research your customer environment.
- Understand your customer motivating factors, wants and needs.
- Develop wide connections to grow new or existing strategic accounts.
- Build supported relationships.
- Nurture feedback to maintain and grow your strategic accounts.
Having advised one of my clients in some of these strategies the results are outstanding with an increased growth in business in excess of £6 million in only 12 months. Once you have completed this process, you can multiply the results again and again. Your potential just got bigger!