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How to create more revenue from your existing account base
The role of a Key Account Manager inside your company is to build and nurture loyal, long-lasting relationships with each of your high-value customers, acting as a first point of contact for queries, complaints or purchases. A Key Account Manager is committed to helping your customers solve their problems, realise their business goals and achieve success.
Customer care is a crucial element of business success. Every customer touchpoint is an opportunity to improve the relationship and increase the likelihood of further sales. From your telephone manner to the efficiency of your order-fulfilment systems, almost every aspect of your business affects the way your customers view your business.
So how can we use our position to an advantage to boost sales?
Here are some ideas. They may be simple, but they continuously prove their worth:
‘It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.’ – Henry Ford
- Contact every single person in your account base who has bought a small amount from you during the last two years. Find out who else they are buying from and at what cost. Find out how you can increase their spend with you and take action to revitalise the account.
- Ask every one of your customers for the name of someone else they know who may also be able to benefit from your products or services. Contact the recommended individual/business and use your customer’s name as a way in.
- When you exhibit at trade shows and events, be specific about who you want to attract and focus your marketing efforts accordingly. Target yourself on how many leads you aim to generate and follow them up straight after the event.
- Organise seminars/networking events for your customers and ask them to invite their colleagues and industry associates. This is a good way of making new business contacts all in one place.
- This is a simple one…increase your activity rates. More calls and visits are likely to result in more sales.
- Manage your time wisely. Spending a large chunk of your day on non-sales-related tasks is a bad use of your time.
- Listen to your customer and ask them what they want. The end user of the product or service is extremely well-positioned to give valuable feedback on what they want more/less of in your product range. If you do not have what your customer needs, they will go elsewhere. Be guided by your customer – develop the products and services that they do need, and they will stay loyal to you.
- Raise your profile by speaking at trade shows and customer events. This is a great way of getting your company and products or services known, provides you with (usually) free marketing and enhances your profile as industry experts. People buy from people they like, know and trust.
- Contact your customers regularly with product promotions and updates. Treat them to the same incentives as you offer new customers.
‘While your competitors are busy embarking upon campaigns that rely solely on attracting new business, why note get busy creating remarkable customer experiences geared to result in repeat business, glowing referrals and higher-value revenue growth’ – Steve Dorfman
Searching for more information on effective Account Management and other innovative ways of boosting revenue? Check out our powerful customer service and sales toolkit for solutions.