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Write You - Account Management - How to Manage Accounts to Maximize Sales
In part 1 we covered the qualities you must possess to be a successful business owner, how to decide which business is right for you, and how to find businesses that might be for sale. In part 2 we will go into how to approach a current business owner about purchasing his or her business and how to negotiate the best deal for you.Once you have a solid list of potential businesses that you are interested in purchasing it is time to make the initial contact by letter. It is not a good idea to make the initial contact by email. Most businesses owners receiving an email about buying their business will think it's some type of joke or scam and
A critical talent for successful account management is the ability to build relationships, as relationship selling is a very effective way to increase account penetration. Another critical skill/talent is organization. If you are going
Would you like to expand the volume of your business? You can let thousands know about your service, your store, or your new product without spending a penny. Whether you want to make more sales or get an offer on television, you can broaden the scope of your clients by free publicity.You don’t have to climb a flagpole or hire a dancing bear to get attention. In fact, with just a telephone, flyers, and some follow up letters, you can be making much more money than you are now.What product or what business are you involved with that needs more customers? You might have a neighborhood store or you may have invented something
- What is "Account Management"?
- What skills and talents are required to excel in Account Management?
- What activities must be performed to maximize Account Management ROI?
What is Account Management?
Account management is actually a synonym for account penetration. Just because you have sold one product or service to one business entity within an organization doesn't mean your job is done. Think of all the additional opportunities that may exist in the account! For example:
- Does your company offer additional products or services that might be a "fit" for this customer?
- How many other business units, departments, divisions, and subsidiaries are potential prospects for your company's offering(s)?
A critical talent for successful account management is the ability to build relationships, as relationship selling is a very effective way to increase account penetration. Another critical skill/talent is organization. If you are going t
There is an economic chill in the air.Despite low unemployment rates in the United States, there is a sense that corporate layoffs and employee layoffs will once again take place. One level of decisions facing leaders is “who stays/who goes.” A second level of decisions revolves around “how do we treat people who leave?” This second level of decisions puts leaders in a dilemma between being generous to people that you are harming versus being prudent with owners’ money during times of economic stress.At one end of the termination continuum, many associates who enter partnership track at the international law firm of Bingham McCut
- What is "Account Management"?
- What skills and talents are required to excel in Account Management?
- What activities must be performed to maximize Account Management ROI?
What is Account Management?
Account management is actually a synonym for account penetration. Just because you have sold one product or service to one business entity within an organization doesn't mean your job is done. Think of all the additional opportunities that may exist in the account! For example:
- Does your company offer additional products or services that might be a "fit" for this customer?
- How many other business units, departments, divisions, and subsidiaries are potential prospects for your company's offering(s)?
A critical talent for successful account management is the ability to build relationships, as relationship selling is a very effective way to increase account penetration. Another critical skill/talent is organization. If you are going
I recently read a book titled “Why Women Shop” by Minahan and Beverland. An appropriate topic as companies and businesses race to snag the female market. It is common knowledge that women are a formidable force in purchasing products not only for themselves, but also on behalf of their family. The old worn stereotype of the na?ve and gullible female shopper just doesn’t wash anymore.I think women have always been knowledgeable and astute shoppers. Today, however, women are independent shoppers, making decision on major purchases without a male insight (except for the sales assistant of course). Women are the major decision makers when it c
What is Account Management?
Account management is actually a synonym for account penetration. Just because you have sold one product or service to one business entity within an organization doesn't mean your job is done. Think of all the additional opportunities that may exist in the account! For example:
- Does your company offer additional products or services that might be a "fit" for this customer?
- How many other business units, departments, divisions, and subsidiaries are potential prospects for your company's offering(s)?
A critical talent for successful account management is the ability to build relationships, as relationship selling is a very effective way to increase account penetration. Another critical skill/talent is organization. If you are going
When discussing the coming franchising of all the Worlds nations starting with third world nations to bring them into the first world many have asked why? Why franchise the World? Are we franchising the World for franchising sake? Or is there a purpose and if there is a purpose do we have any buyers or customers and who might sign up for the first franchise?Well, first this is not franchising for Franchise sake really, in fact franchises do better thru team work, both the franchisor, the brand name and all the franchisee countries. It is a Win/Win and it works. Right now trade wars lead to real wars, animosity and such is the current norm.
- Does your company offer additional products or services that might be a "fit" for this customer?
- How many other business units, departments, divisions, and subsidiaries are potential prospects for your company's offering(s)?
A critical talent for successful account management is the ability to build relationships, as relationship selling is a very effective way to increase account penetration. Another critical skill/talent is organization. If you are going
What are some of the main differences between products and services? And when are these relevant?Tangibility versus IntangibilityProducts are tangible. You can buy pork as a tangible product. You buy it, you ship it and sell it. In the same way as you buy stamps, cigarettes and cars. Financial service companies however, make it possible to exchange pork bellies Futures, on the Chicago Mercantile Exchange (CME). A future is (not the most simple example of) a service with which you can hedge your risk. In this last case, most of the people trading on the CME will never see or smell the pork bellies.The ownership between produc
A critical talent for successful account management is the ability to build relationships, as relationship selling is a very effective way to increase account penetration. Another critical skill/talent is organization. If you are going to manage large accounts effectively, you need to be willing and able to keep meticulous records.
What kinds of records do you need to keep? Picture a large, three-dimensional spreadsheet in your mind. In the left-hand column is a list of every product and service that you could possibly sell to a customer. Across the top of the spreadsheet are all of the business units, departments, divisions, and other business entities that make up your account's entire organization. Behind each business entity is every contact you know within that business entity.
Armed with this mental picture, ask yourself the following questions:
- Which business entities are you doing business with?
- Which business entities are you not doing business with?
- Where are the various business entities located?
- Which products and services does each business entity already purchase from you?
- Which products and services are they not purchasing from you?
- Who do you know in each business entity?
- Which of these contacts have you already asked for referrals and testimonials?
- What referrals and testimonials have they
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