Account Management is generally practised with existing clients (as opposed to Business Development which focusses on new clients). Account Managers are still responsible for selling to these clients but it is generally considered upselling or cross selling. It is generally focussed more on the later stages of the sales cycle, Opportunity and Close. An Account Manager is responsible for:
Being the main point of contact for all matters regarding the account, both internally and externally;
Building and maintaining a strong relationship with the client, both existing contacts and making new contacts;
Negotiating contracts and developing new opportunities to maximise revenue from the client;
Understanding the client’s developing needs and aligning solutions to meet them;
Planning the growth of the account, tracking and reporting progress against the plan.
Account Management is key to business success because of the trust that is developed between the account manager and the client. The ultimate objective is for the account manager to be a trusted advisor to the client. However, this will take time. It is also true that it is easier to sell to an existing client than a new client so by focussing effort on existing clients, companies will generally earn more revenue.
Some of the skills required for account management include:
Hoolock Consulting works with a variety of companies to provide account management services to them. This involves maintaining client contact, acting as the first line of support, developing ideas for growing the business with the account or simply helping to understand a particular group of companies and their general needs, from which our client can then develop plans to grow those accounts. We also help clients preparing for difficult negotiations either as a consultant or through specific training.
One of the most important things for any business is managing and maintaining a good relationship with your customers. Existing customers are more likely to buy from you than new customers it takes a lot less effort to sell to these existing customers than to new ones.
Sales management is a crucial role in any organisation. It is the sales manager's role to get the best out of the team through building the right strategy, hiring the right team members, training and developing them and delivering the expectations of management..
Negotiation is the process of movement to reach an agreement that is fair to both sides. We believe that this should be the easiest part of the sales cycle as both sides want a deal. Indeed, the golden rule of negotiating is that people will not negotiate with you unless they believe that you can help them or hurt them.