As part of our Enterprise Selling Programme we have a simple but really effective tool to help you take a strategic approach to account management – KARE.
With KARE, you analyse your accounts into one of four categories:
Keep: Those accounts that you want to retain but where there is no opportunity to grow that account further
Attain: Your wish list of clients you would like to work with
Recapture: Clients that you are no longer working with, that you would like reengage with
Expand: Existing clients that you want to Keep but where there is potential to increase the amount of business you do together
Having listed your named accounts in each of these categories you can then figure out what your strategies are for executing your plan. For example with Expand accounts: What’s your plan to Expand that account? This could include:
What additional products/services would be a good fit with that client?
What other parts of your business should be working with this client too?
What additional relationships do you need to build?
Who will you talk to and how often?
Who can you ask for internal referrals and who do you want referring too?
How up to date is your information about that account and their priorities and plans?
How strong, wide and deep are your existing relationships?
Do you have a White Knight (champion) in the organisation? If not, how could you develop one?
Do you know what you would need to do to win additional business? Are there any challenges to overcome?
You can then build a specific strategy for each account, figure out who is accountable for implementing that strategy and start.
Repeat for the other three parts of KARE and you have a comprehensive account plan to start to execute and be held accountable too.
For tips on how to structure account review meetings see our recent RECON article.