National Sales Center

Account Retention Strategies Grows Profits

They don’t give awards to someone that sold a new $10 account while loosing an existing $20 account. That’s no way to grow profits. You need solid account retention strategies.

It’s good that you are thinking about account retention strategies because your competition has those accounts targeted for their growth plans. Let’s talk about growing profits and understanding account retention strategies. I have some advice for you to consider.

Account Retention Strategies And Account Expansion

We all know about Hunters and Farmers. Hunters are concerned with account expansion while Farmers are concerned with account retention. I never fully bought into these concepts. Farmers don’t maintain crops, they grow crops and so Farmers must also be concerned about growing accounts. My point is that it is difficult to retain an account that isn’t growing. We need to blur the line between hunting and farming. Account retention strategies require a team if they are to be successfully implemented.

Customer Satisfaction And Account Retention Strategies

Before we launch into solid account retention strategies, let’s quickly cover two important points about customer satisfaction. After all, customer satisfaction is at the center of account retention.

Things will go wrong and customers will get disappointed. Reaction is the key to turning a disappointed customer into a satisfied client. You must more concerned about the issue than your client and your client must see that reaction in you. It’s not “something you’ll take care of”. The issue must become a top priority and your reaction must completely satisfy your client.

The second point about account retention strategies and customer satisfaction concerns communications. You must keep your client updated about the steps you are taking to resolve the problem and the progress you are making.

Now, let’s take this communication’s strategy one-step further.  Find a way to remind your client of all that happened back when they had a problem. Don’t let all that effort and good work fade into a distant memory. Insure your prospect fully appreciates how they can count on you to assist them when they need help. This is a key account retention strategy.

Glue Your Clients To Your Company With Account Retention Strategies Sales Training

As previously mentioned, the key to account retention strategies is account growth. Account growth is how you glue your accounts to your company. You must actively sell your account new products and, more of the same products. As part of that account retention strategy, leverage your quantity discount schedule. The more they buy, the more they save. When applicable, propose longer-term contracts as a way to reduce their costs. The key is to close every door your competition is looking to open and sales training will help.

Account Retention Strategies And A Solid Growth Strategy

There remains a problem when it comes to growth as an account retention strategy. The Farmer is often left out of the growth strategy. The Farmer is skilled at account satisfaction but all too often neglects their sales skills. This is an obvious strategic mistake when growth is part of your account retention strategies.

The fix is to get those Farmers some solid sales training. Unless Farmers acquire some solid sales skills, their function is limited to reacting to issues. The sales training will transform them into a pro-active member of the overall growth strategy. You can’t ignore this point when developing successful account retention strategies.

I hope this advice will help you with your account retention strategies.

To your success!

Nick

Tags: Sales Training