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6 Tips to Sell More to Existing Accounts

blog author
Written by Mike Schultz
President, RAIN Group

One of the biggest untapped opportunities to increasing sales and profit is growing your existing accounts. Consider:

  • Retaining current customers is 6 to 7 times less costly than acquiring new ones (Source: Bain & Company)
  • Repeat customers, on average, spend 67% more (Source: Bain & Company)
  • 60% of companies believe they should be generating 25% or more revenue from strategic accounts (Source: RAIN Group)

The question is not if you should be selling more to your accounts, it's how should you do it.

6 Tips for Growing Your Strategic Accounts

Growing Accounts in Action

A client of ours is Woodard & Curran, an 800-person, integrated engineering, science, and operations company. As the firm grew and expanded the diversity of its offerings, they faced the challenge of maximizing value for clients across their full set of capabilities.

They saw a great opportunity to grow accounts, but knew they needed a specific and focused effort to make that opportunity a reality. After implementing RAIN Group's strategic account management process, they saw significant growth in named strategic accounts. In the named accounts where the method was applied, the 4-year compound annual growth rate was a whopping 110% (compared to 7% across all accounts).

In a single account alone, sales grew from a quarter of a million dollars to $3.5 million as a direct result of implementing the strategic account plan.

This is just one example of a company embracing an account growth plan and implementing it well. The fact is that you can do it too, and following these 6 tips will help to get you started.

 

57 Questions to Help You Build Your Key Account Growth Plan

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Topics: Strategic Account Management