Strategic Account Management - Strong 2008 Finish - Effective Positioning for 2009

Time Flys - look out here comes 2009!

Before we know it will be 2009; new revenue/profit targets and we still need to close out a successful 2008 - so what do we / can we do "NOW"?

Our success all revolves around "Inspection and Collaboration" - now is the time to execute the following "5 Point Strategic Account Management (SAM) Quality Healthcheck" :

1. Execute strategic account internal business reviews; inspecting and collaborating on action plans and goal achievement - identify 2008 gaps
2. Select an immediate (by close of 2008) revenue win for each strategic account
3. Engage and leverage your senior management team in the "Quality Healthcheck" process - have them assume a key follow-up action role with account team leader
4. Identify "top priority" initiatives (revenue opportunities) and reach out to key influencers in those accounts and request a 2008 Year-End relationship review/update
5. Establish and communicate your 2009 SAM plan to your "Top Accounts" - offer "end-of-year" collaborative account reviews to interested parties

Remember - we can do the "SAM Quality Healthcheck" via web meetings and conference calls to save time and money!

It is never too late to generate more revenue and profits!

Any other great ideas to close out a successful 2008 SAM year? SPEAK OUT!

Limited Resources Drive Sales and SAM Effectiveness Diagnostics During "New Economy"

As we all work our way through the new economy (suggest we all think this way) there is one important impact to us all - "Limited Resources"!

We are all faced with one common and testing question:

Where to focus our budget dollars for the greatest impact to enable us to overachieve revenue/profit targets?

I have observed that commonly the most efficient and effective use of resources comes from first assessing and identifying the gaps in our Sales and/or Strategic Account Management (SAM) programs. These gaps are often determined by measuring the actual "best practices" being executed within our sales organization versus the universal library of "best practices" suggested for the selling of any product/service and/or the managing of important accounts (Strategic Account Management).

A quick definition - "Best Practice"; a practice that has been identified, tried and proven to bring a desired outcome. Some thoughts as we all move toward becoming more effective and operating with greater efficiencies:

1. Have I defined our own "best practices"?
2. Do we know the selling and strategic account management "best practices" for our own industry?
3. Have we "benchmarked" ourselves against these "best practices"?

Extraordinary results often come from the adoption of one "right for us" best practice -

Example.... one computer company realized that they closed 85% of all VIP visits to the corporate office for more revenue - this became one of their key "best practices".

"Best practices" do enable us to do more with "limited resources" - they help us focus, gain consistency and optimize whatever resources we do have...

Think of any examples you have experienced on how a selling or SAM program "best practice" took an organization to new heights of success?

Let's Call it the "New Economy"

How could you help but not realize that there is global economic turmoil - to say the least. Everybody is looking for the key to selling in a down economy - companies are even asking me to speak to this challenge - well, I prefer to think of this economic period as just another phase of another new economy! After 38 years - yes, 38 years of "Making the Number" it just means that once again we all have to be even better at generating customers and keeping the ones we have.

Relative to strategic accounts - by the way we all have them - we really need to now focus on their economic challenges and determine how we can make them more profitable through our own products./solutions - this may be no easy task - yet it must be demonstrated to and validated by your customers.

I discovered a while ago that companies get wealthier in three distinct ways - sometimes in all three ways concurrently:

1. Reducing their existing expense base
2. Avoiding catastrophic and unplanned expenses
3. Increasing their revenues and profits

My thought for today - how are you helping your strategic accounts get wealthier?

One way I can think of is by providing quality and well-proven goods and/or services that minimize their legal risks - in other words help them avoid catastrophic costs by keeping their names off the front page of the paper!

Do you have any ideas - speak up and share,

Dennis

New Economic Pressures Influence Global Strategic Account Management

I just returned from a European trip and meeting around global strategic account management - everywhere in the world people are talking "the economy"!

Some of their feedback and linkage to strategic account management included:

• We better re-connect NOW to our top accounts
• More than ever a ROI approach to account relationships is paramount
• As like sales, SAM programs must deliver on their agreed upon metrics
• Engaging with accounts is becoming very trying considering financial constraints - technology may have to fill some voids in the relationship
• Economic discussions are really driving everyone to think global implications

I, like everyone is probably very interested in any ideas anyone has to help us all through these challenging times as they relate to keeping and growing our strategic accounts - I'll give up one thing I am going to do right away...

Ensure that I am receiving any/all pertinent news about my top accounts from news services - you just do not know who owns who and who still works where when you wake up each morning!

Dennis

4 Simple Rules Around Sales Methodologies and Metrics

Many of our "bloggers" have reached out on this topic of sales / strategic account managment methodologies and metrics - I think what everybody is seeking in these challenging times is the "holy grail" for sales revenue improvement.

Got an idea - as a methodology let's keep it simple -took 37 years of "making the number" for me to distill sales into 4 simple rules:

1. Doing the right things (hi-value activities) effectively (know what they are for your business)
2. Doing these right things (hi-value activities) to the right people (Decision makers/influencers)
3. Doing these activities the right number of times based on historical metrics that predict success
4. Ensure that these activities are executed by the right people (professional, skilled, informed, coached and motivated)

This is methodology!

As for metrics - I have often heard "you get what you measure"!

So Coach...

• What are we measuring?
• How are we using these metrics to influence and/or change our sales behavior?

Any other ideas and/or wisdom to help us all "Make the Number" in these challenging times!

Finding the "Right" Strategic Account Manager (s) is Getting Harder!

What do you think? I was speaking with several clients lately and when they see the "job description" of a "Best-in-Class" SAM they shake and wonder where they are going to get these "top-performing" business resources - and when we do identify them how do we know they are really the right ones!

Couple of clients are looking outside the sales team for resources, some have suggested taking a "Farm Team" approach, developing a feeder system, some others have suggested recruiting and hiring like skills and from different industries - others are now incorporating assessment tools to find the "diamonds-in-rough".

Nothing worse than people challenges! And now a shrinking work force - tell all those "Boomers" to hang in there for a few more years and build up their private retirement funds! And a SAM position can be FUN!

Any ideas on what's working for you that you would like to share!

5 Reasons Why Your Strategic Accounts May be the Key to Your Future in a Challenging Economy

We someitmes learn the hardway - I have! We spend endless hours trying to close new clients and often disconnect from our best revenue opportunities. Why not keep what we have and grow those "strategic accounts" first and then we can add "new business" from new accounts to make 2008 a very successful year! Strategic Accounts are often great "incremental" revenue sources because:

1. They already know your products, services and commitment to them!
2. We often already have "strategic contacts / relationships" in these accounts!
3. We know them really well - where to go - how they buy and hopefully what they need!
4. We often have contracts in place to feed off of!
5. There are ready-made "proof sources /references" within the account!

So the next thing I am going to do is have team meeting this Friday and ask my team; which of our strategic accounts can deliver our "current revenue gap" (what we have versus what we need to exceed plan) - tell you what happens later!

7 Questions for Global Strategic Account Managers

Tips for Strategic Account Management - Some thoughts for you to ponder as I observe global teams "in-action":

1. Do you really have a documented score on the "Voice of Your Account"?
2. Is your team functioning globally or just regionally?
3. Are their rewards for cross-functional account team members?
4. What metrics tell you if your team is succeeding or failing?
5. Does your account know you have a strategic account team - are they engaged in the process?
6. Is the strategic account plan "in-action" or is it a file document?
7. Is your team using all of their technology tools to collaborate globally as a team?

Please share your thoughts on any of these key points for global strategic account management - all ideas and feedback are appreciated!

Sales effectiveness tips are coming

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