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Infographic: 10 Steps for Growing Your Key Accounts

Retaining current customers costs 6-7x less than acquiring news ones,1 and improving customer retention rates by a mere 5% can increase profit per customer by 25%-95%.2 So it makes sense that top companies focus on building relationships, increasing loyalty, and selling more to current customers as a growth strategy.

Based on our extensive research in strategic account management, we've identified 10 steps you can take to replicate their successes:

  1. Get leadership buy-in
  2. Implement a strategic account management process
  3. Know your company’s full suite of products and services
  4. Develop a strategy and action plan to grow key accounts
  5. Select the right accounts
  6. Use an account management tool
  7. Build a solid account team
  8. Communicate value
  9. Maintain and build the relationship
  10. Get account management training

After taking a look at the infographic, evaluate your own account growth strategy. Chances are there are a few places you can improve. That's where we come in.

With RAIN Group's strategic account management training, your team will gain the skills needed to systematically review, grow, and protect your most profitable accounts. Whether in-person or online, we have a training program that can be customized to fit the needs of your organization. Contact us to learn more.

1 Christopher W. Hart, James L. Heskett and W. Earl Sasser, Jr, "The Profitable Art of Service Recovery," Harvard Business Review 68, no. 4 (1990), http://hbr.org/1990/07/the-profitable-art-of-service-recovery.

2 Frederick F. Reichheld and Thomas Teal, The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value (Boston: Harvard Business Review Press, 2001).

Additional Reading
5 Ways to Create New Business in Your Accounts

What is it that strategic account managers must do to grow their accounts? Surely, most would agree SAMs should be proactively driving strategic sales opportunities rather than simply waiting and reacting to buyer queries. That is to say: to make new sales, SAMs should be prospecting inside their accounts. Yet, in most organizations, this doesn't happen.

[New Research] Benchmark Report on Top Performance in Strategic Account Management

When we studied strategic account management in 2012, 59% of sales leaders believed there was greater than 25% revenue growth potential in their existing accounts.

In a separate, more recent research initiative, we found that the #1 priority for sales leaders in the year ahead is to increase business with existing accounts. We also discovered that Top Performers are nearly 2x more likely to be effective at maximizing sales to their existing accounts.

The Holy Grail of Strategic Account Management

For our Top Performance in Strategic Account Management Benchmark Report, we studied two specific processes for driving value with accounts.