Account management

*60% of sales leaders believe they should be generating at least 25% more revenue from their existing accounts. This isn’t a surprising ask when you consider that **retaining current customers is 6 to 7 times less costly than acquiring new ones and ***repeat customers spend an average of 67% more.

However, many account managers aren’t fully maximising potential revenue from their current customers, often putting the bulk of their account manager efforts into account retention, to the detriment of account growth. In the current climate, competition for revenue share has intensified, buyers expect excellent service as standard, so what they really value from their B2B partnerships is strong guidance and collaboration from their sales people; this is how the right actions and behaviours from existing account managers can aid retention against a hungry competitor offering a shiny new solution and drive the growth that both businesses depend on.

****Gartner has shown that an account manager who has the necessary skills and tools to deliver customer improvement, will be 48% more likely to grow their accounts and 32% less likely to lose that account to a competitor.

Successful account managers are equipped to have effective account planning conversations with their clients, supporting them with relevant knowledge and insights, strategically advising them based on their personal objectives and supporting them with the right tools to achieve their goals.