Over the past few months, I’ve been researching and developing new content for our Strategic Business Selling practice. With several major projects underway that focus on building key account management skills, a disturbing theme has emerged:
The turnover of key customers with decision-making power within strategic accounts is accelerating, and it is dramatically changing how companies sell, grow, and retain their most important accounts.
Classic key account management teaches us to invest for the long term: deepen relationships, align with long-term strategies, and build multi-year account plans. The assumption has always been that our customers, the decision-makers and champions, will be around long enough to appreciate the effort and reward it with continued revenue and growth.
But today, if a key customer only has a “shelf life” of two to three years, it becomes much harder to maintain continuity, grow business, and achieve account goals. Worse yet, when a new customer arrives, you may be forced to start all over again, sometimes at a disadvantage if the incoming leader wants to shake things up or has an existing relationship with a competitor.
Inevitably, when new decision-makers come in, they question everything and often push back on the value pricing you have worked so hard to position through great products and services.
Unfortunately, it doesn’t seem like this trend will change in the near term, so what are we supposed to do?
Based on interviews and research, here are three suggested best practices to consider:
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