Account List Management is easy, but many don’t see it as a priority.
I suggest you take a few minutes to “spring clean” your account list. You will find many “Aha’s” when looking at it closely. Here’s a simple outline of how to clean up your list.
10 Ways to Clean Up Your Account List Management
1. Compile a Comprehensive List: Gather all client information from the past 12 months and eliminate any duplicates to create a clean master list.
2. Determine Key Accounts: Identify the top 25% of clients by expenditure to set a "KEY" account threshold.
3. Differentiate Key and Secondary Accounts: Accounts above the threshold are considered "KEY," while those below are labeled "SECONDARY." (example: you have 500 total accounts. 25% = 125. Count down your list to account number 125. This is your Key account threshold. Anything above is “KEY” everything below is “Secondary”)
4. Apply Company-wide: Ensure consistency in account designations across all salespersons.
5. Assign Individual Lists: Distribute personalized account lists to each salesperson based on their past billing performance.
6. Set Targets: Work with salespeople to establish a manageable number of "TARGET" accounts and a list of potential leads. (Targets are accounts that have the potential to spend at the KEY account level)
7. Manage Overflow: Create a list of accounts that do not fit into individual lists and are ready for reassignment.
8. Designate Responsibility: Appoint a specific person to oversee system maintenance and updates and ensure regular reviews with Account Executives.
9. Utilize CRM Tools: Leverage CRM functionalities to prioritize focus on KEY and TARGET accounts.
10. Regular Review and Revision: Repeat the process every 6 to 12 months to adapt to changing business dynamics.
“Concentration is the key to economic results.”
-Peter Drucker
This methodical approach, coupled with Drucker's wisdom on concentration, promises to streamline operations and enhance sales performance by sharpening focus on high-value accounts. It's a great foundation for optimizing your sales strategy.
This simple process will have a significant impact on your team.
*Editors Note: This blog has been updated since its original post date.
