We all have that one “account manager” of a friend. This is the person constantly scheduling plans for the group, spontaneously checking in on everyone’s mothers, and somehow knows exactly what’s going on in your life even if you don’t.
You trust them completely. Wholeheartedly. They’ve proven time and time again to be capable and reliable. In this way, strong personal relationships are a source of inspiration for sales relationships - which is why companies invest in people called account managers to tend to their largest customers.
Key accounts generate substantial profits for a company through extended periods of repeat business. Yet, many account strategies fall short of delivering desired revenue outcomes, leading to a frustrating cycle of churn and program rebuilding.
In theory, setting clear, measurable objectives and tracking performance across multiple accounts sounds like an ideal solution. But how does one exactly measure the success and ROI of relationship building? Without this understanding, it’s hard to make greater investments in account management or guide account managers to yield positive returns.
Strong account management directly impacts the top line, and it's time to stop pretending otherwise. For SaaS powerhouse Salesforce, about 73% of additional license sales come from existing customers.
Knowing how to maintain successful relationships with key accounts isn’t just a post-close afterthought — it’s an imperative. The better account managers understand their buyers and their unique situations, the greater the opportunity to grow revenue through upselling and cross-selling. Sounds simple enough, but let’s think through how to put this into practice.
When it comes to key account management, hard selling is a hard NO. In fact, needlessly pitching products and services is detrimental to relationship selling. Account managers must begin by openly building trust, which takes place through understanding customer needs, exhibiting industry and competitive knowledge, and demonstrating a commitment to the relationship.
In sales, trust is built on character and competence. The former is based on being a generally likeable person, someone the customer knows has their best interests at heart. Alignment in values is a huge component of character. If sincerity and reliability are important to the customer, then they have to be important to the account manager, as well. The latter, competence, is what assures the customer that they made the right decision. Whether it’s a detailed analysis of the competition or fantastic service offerings, as an account manager, the expectation should always be to exceed expectations.
Pro tip: Focus on maintaining a customer orientation. Prioritize their goals and their success, and your quotas will follow.
From the very first call, account managers must establish clear, open, and regular communication. Beyond the needful implementations and updates, it’s important to maintain meaningful contact with key customers. Go out of the way to share news about industry events or thoughts of personal relevance. Everyone has different preferences, so it can be helpful to gauge communication styles early on to be able to tailor them accordingly.
Active listening is crucial to improving communication skills. Take the time to step back and really hear what the customer has to say. More often than not, they will subvert some previous assumption or preconception, enabling you to approach from a place of deeper, more thoughtful understanding.
Pro tip: Schedule regular check-ins with key contacts, irrespective of renewals, to understand challenges as they arise and offer proactive solutions.
Nurturing relationships lends itself to another concept: loyalty. What does loyalty look like in sales? Sometimes, it’s the extent to which a customer is contractually obliged to repurchase. But as an account manager, you have the ability to take it a step further. By going on the journey with the customer and framing the relationship as a “win-win”, you can empower customers to become advocates for you and your company.
A customer spokesperson is incredibly impactful. Not only are they a long-term relationship, but they have the ability to give back to the company and further foster a positive reputation. This is why it’s important to remember that their success is your success.
Pro tip: Involve customer advocates in strategic decision-making and ask them to identify opportunities for improvement to strengthen company offerings.
To unlock sustainable sales growth, key account managers must harness the fundamentals of relationship selling and fortify their efforts with applied AI.
Investing in a dynamic tool like Kaboom AI can help account managers understand their relationships on a granular level. There’s no excuse not to exceed customer expectations when you have curated account intelligence right at your fingertips.
To quote Douglas Adams, "So once you do know what the question actually is, you'll know what the answer means." (The Hitchhiker's Guide to the Galaxy)
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