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How to Grow and Fortify Critical Accounts
Presented by:Rick Reynolds
CEOAskForensics, LLC
© AskForensics, LLC, 2013
Agenda
• Background• What customers want• Why accounts are “at risk”• 6 actions to avoid becoming “at risk”• Q&A
AskForensics• Over 25 years of expertise
• Works with leading corporations
• Evaluated over $10.6B of business over past 7 years - sales events and accounts
• Presentation addresses performance with existing customers:– $4B worth of accounts
• >$3B of “at risk” accounts
– >600 B2B customer evaluations
– Insights from 20 Fortune 1000 level companies
Levels of Account Status
Ratings What They Mean
StrongPretty much all is well. Your company is delivering effective support and is highly valued. This doesn’t mean, though, that you can rest on your laurels.
VulnerablePercolating issues that, left undetected and unresolved, can escalate and become festering and growing concerns. These can hurt your chances for expansion and renewal.
DamagedTriage is needed. You are susceptible of losing the account, perhaps before your contract expires. You have no time to waste.
2%
30%
58%
8%
% of Accounts
Damaged
VulnerableStrong
Expansion Opportunity
Most Accounts Have Some Level of RiskStatus Rating of Existing Accounts
What Customers Want
27%
22%
16%
14%
% of Accounts
Service quality
Program management
Account support
Financial performance
What Customers Want
What does Service Quality Mean?
61%
21%
11%
Strong operations and results
Timely service
Meet special needs/requirements
% Mentioning Service Quality
55%24%
14%
What does Financial Performance Mean?
Be cost competitive
Decrease operating expenses
Increase total revenues
% Mentioning Financial Performance
What does Program Management Mean?
44%
15%
15%
12%
Operational expertise
Innovative ideas
Professional management
Quality onsite/frontline staff
% Mentioning Program Management
What does Account Support Mean?
26%
22%
16%
16%
Strong support from sales/account team
Partner-level relationship
Constituents / end customers
Offer recommendations
% Mentioning Account Support
Primary Needs Prevalent Sub Issues
Service Quality Strong operations and results
Financial Performance Be cost-competitive
Program Management Operational expertise
Account Support Strong support from sales/account team
Offer recommendations
Let’s Bring This All Together
Bottom line: Customers want a strong partner to improve their performance.
What Can Possibly Go Wrong?
Most Prevalent Reasons for Being Strong
67%
13%
Account Support
Service Quality
% of Strong Accounts
% Mentioning Account Support
47%
26%
21%
In-depth knowledge of client’s businessPossesses industry expertise
Proactively shares recommendations
Corporate Level Account Support in Accounts Regarded as Strong
39%
24%
18%
15%
Frontline Level Account Support in Accounts Regarded as Strong
% Mentioning Account Support
Highly valued relationship
Delivers effective support
Delivers measureable results
Responsive to requests
Most Prevalent Reasons for Being Vulnerable
27%
22%
16%
Account Support
Service Quality
Value
% of Vulnerable Accounts
38%
21%
18%
18%
% Mentioning Account Support
Does not proactively share recommendations
Does not support client’s programs
Not responsive
Lack of senior management interaction
Corporate Level Account Support in Accounts Regarded as Vulnerable
33%
29%
17%
17%
% Mentioning Account Support
Insufficient employee quality
Delivers measureable results
Highly valued relationship
Delivers effective support
Frontline Level Account Support in Accounts Regarded as Vulnerable
Most Prevalent Reasons for Being Damaged
38%
26%
17%
Account Support
Service Quality
Value
% of Damaged Accounts
Account Support is the Common ThreadAccount Support Encompasses:
Strong$660 Million
Vulnerable$3.5 Billion
Damaged$81 Million
Corporate Level In-depth knowledge of client’s business
Proactively shares recommendations
Possesses industry expertise
Does not proactively share recommendations
Does not support client’s programs
Not responsiveLack of senior
mgmt. interactionOnsite/Frontline Team
Highly valued relationship
Delivers effective support
Delivers measureable results
Responsive to requests
Employee qualityDelivers
measureable results
Highly valued relationship
Delivers effective support
Insufficient employee quality
Mirror Images
New Issue Emerges
Strong factors are less strong
Comparing Prevalent Needs to Performance
Prevalent Needs
Account Support – Strong support from teams and offer recommendations
Service Quality – Strong operations and resultsFinancial Performance – Be cost competitiveProgram Management -Operational expertise
Strong Accounts
In-depth knowledge of client’s business
Proactively shares recommendations
Responsive to requests Highly valued
relationship
Delivers measureable results
Delivers effective support
“At Risk” Accounts
Does not proactively share recommendations
Does not support client’s programs
Not responsive Lack of senior mgmt.
interaction Highly valued
relationship
Delivers measureable results
Delivers effective support
Mirror Images
PerformanceWhat Clients Want
How Can We Avoid Becoming “At Risk”?
6 Actions to Avoid Becoming “At Risk”
Action #1: See around corners.Continually reassess and meet clients’ needs Needs they articulate Needs they have not fully defined Pronounced and subtle needs Emerging needs they may not detect yet
Action #2: Continue to be proactively creative.
Think as if you were on the outside attempting to win the account Proactively share ideas and concepts with clients Don’t wait until renewal Involve your senior executives and your clients’
senior executives
6 Actions to Avoid Becoming “At Risk”
Action #3: Avoid having a weak link.
Improve training of frontline staff and reassess your corporate involvement Keep corporate teams involved Match cultures and personalities Assure top quality employees are assigned to
the account
6 Actions to Avoid Becoming “At Risk”
Action #4: Don’t let issues fester and escalate.
Identify gaps, respond quickly to requests, and resolve problems All levels of your company must be responsive Make sure everyone is on the same page Thoroughly address issues so they do not reappear Challenge customers when they are responsible for
issues Communicate your actions and results
Actions to Avoid Becoming “At Risk”
Action #5: Don’t fail at your core deliverables.
Continually deliver measurable value
Communicate value to all stakeholders Include direct and indirect value Position as investment instead of cost Continue to improve your service/product delivery Enhance your customer’s value to their customers
6 Actions to Avoid Becoming “At Risk”
Action # 6: Conduct thorough audits on your key accounts.
Initiate a fresh eyes review of your total relationship and overall performance Thorough Objective Take action
6 Actions to Avoid Becoming “At Risk”
AskForensics, LLCwww. AskForensics.com
Rick ReynoldsSenior Partner404-425-3107
Atlanta, GA USA
Thank you!
© AskForensics, LLC, 2013