In sales, there are only two kinds of customers: the ones you know other salespeople are trying to steal... and those you don’t know other salespeople are trying to steal!
You should treat all accounts as if someone else is trying to win them over and take your lead. So, what are some steps you can take toward Key Account retention?
Build strong relationships with everyone who impacts the decision-making process within the Key Account.
Constantly ask, “Who else is impacted by the decisions you’re making now?” Then get to know those stakeholders and influencers. This ensures you have multiple points of contact and a deeper understanding of the account's needs and dynamics.
Regularly update the desired business results of your Key Accounts to keep them spending, growing, and happy. This ongoing engagement helps prevent competitors from securing business from these high-priority customers.
By staying proactive, you demonstrate your commitment and value, making it harder for competitors to make inroads.
Discuss results early in a campaign to look for opportunities to highlight successes. It’s important to point out what you want the client to notice, ensuring they see your value.
Early detection of any challenges allows you to pivot to other solutions before it’s too late. This proactive approach shows your attentiveness and ability to deliver results.
Conduct quarterly business conversations with Key Accounts to gain new assignments and share competitive intel when appropriate.
These regular check-ins help you stay aligned with the client's evolving needs and demonstrate your ongoing commitment to their success.
Provide recaps of your solutions to reinforce the value you are delivering. Regularly summarizing your contributions helps remind the client of your impact and keeps your value top of mind.
Ask for referrals each time a client compliments you, your company, or your solution. Referrals not only help you grow your business but also reinforce the client's positive perception of your services.
The reason it’s a Key Account is that their budget is significant. Your Key Account is someone else’s Target Account. Guaranteed!
Always treat your Key Accounts with the utmost importance, and never assume they are secure. Constantly work to reinforce your value and stay ahead of competitors.
When you make time to implement these strategies, you can effectively retain and grow your Key Accounts.
By developing depth of contact, providing ongoing updates, conducting campaign recaps, holding quarterly business conversations, offering client recaps, asking for referrals, and never taking a Key Account for granted, you can ensure your Key Accounts remain loyal and continue to drive significant revenue for your business.
Editor's Note: This blog has been updated since its original publish date.