en
|
fr
WIN ProgramsWIN Programs
Privacy/Cookie Policy & User Agreement

This website uses cookies. Cookies enable us to understand how visitors use our website so that we can improve it and provide the best experience possible. By browsing our website, you agree to our use of cookies. Cookies policy.

26
May, 2023

By admin

8 reasons why account managers fail growing their accounts

Why do account managers sometimes fail growing their accounts?

Account managers play a key role in the success of any business. They are responsible for managing customer relationships, ensuring customer satisfaction, and driving sales. However, many account managers struggle to grow their accounts to their full potential. There are several reasons that may contribute to this challenge.

Reason 1-  Lack of understanding of customer needs

Account managers may not have a deep understanding of their customers’ businesses, goals, and challenges. It becomes difficult to identify sales opportunities for growth within the account and provide relevant solutions.

Companies often outsource their business intelligence to third-party providers, which can create a disconnection between the strategic and tactical sides of the business. When sales teams have a complete understanding of the company’s goals and challenges, they can identify opportunities for efficient selling and impactful growth strategies through deep insight into the customer’s business. They are able to close deals through tailored solutions that address the customers’ needs and that would otherwise be challenging to reach.

Reason 2- Insufficient communication

If account managers fail to maintain regular and proactive communication with their clients, they may miss out on important information, feedback, and opportunities.

Regular communication allows account managers to gather feedback and suggestions from clients. Without this feedback loop, they may miss valuable insights that could have driven product improvements and process enhancements, or identify areas where the client experience can be improved.

Reason 3- Inadequate relationship building

If account managers do not invest time and effort in building relationships, clients may not feel valued or understood, resulting in limited growth potential.

The first rule of business is, “You must establish relationships.” The second rule is, “Relationships must be nurtured.” And the third rule is, “Relationships must be maintained.”

Taking a proactive stance demonstrates a commitment to the clients’ success and shows that the account manager is invested in their business. This fosters trust and strengthens the relationship, making it more likely for the client to engage in future collaborations or refer the account manager to other potential clients.

Reason 4- Lack of product knowledge

Without adequate knowledge of the products or services they are offering, account managers may not be able to effectively articulate the value proposition or identify upselling or cross-selling opportunities.

Account managers need to understand the features, benefits, and unique selling points of their products or services. With this knowledge, they can effectively communicate how their offers meet the specific needs and challenges of customers. By articulating the value proposition clearly, they can enhance customer understanding and increase the likelihood of sales.

Reason 5- Limited strategic thinking

Account managers should think strategically and proactively seek out opportunities for account growth.

If they focus only on reactive tasks or immediate needs, they may miss out on long-term growth potential. Account managers can identify new opportunities to expand the scope of their accounts by proactively analysing client needs, market trends, and competitor activities. This could involve suggesting new products or services, cross-selling or upselling, or exploring untapped market segments.

Reason 6- Ineffective account planning 

Lack of structured and comprehensive account planning can hinder growth. Account managers should have a well-defined plan that outlines growth objectives, strategies, and tactics for each account.

Account planning plays a crucial role in driving growth and success for businesses. Without a structured and comprehensive account planning approach, account managers may struggle to effectively manage and nurture client relationships, resulting in missed growth opportunities. A well-defined account plan provides a roadmap for account managers to align their efforts with the goals of each account and maximize their potential.

Reason 7- Failure to adapt to evolving customer needs

Customer needs and preferences change over time, and account managers need to stay attuned to these changes. Failure to adapt to evolving customer needs can result in missed growth opportunities.

Tailor your approach to each customer based on their individual preferences and requirements. By offering personalized solutions and demonstrating that you understand their unique needs, you can build stronger relationships and increase customer loyalty.

Account managers should invest in ongoing learning and development to stay updated on their accounts industry trends, customer behavior, and evolving technologies.

Reason 8-  Internal challenges

Account managers may face internal challenges within their organization that limit their ability to drive account growth. These challenges could include

  1. Limited resources: account managers may face challenges due to limited resources, such as insufficient budget or manpower. This can hinder their ability to provide the necessary support and services to their clients, impacting their potential for account growth.
  2. Lack of support from other departments: collaboration and support from other departments, such as marketing, product development, or customer support, are crucial for account managers. However, if these departments do not prioritize or align their efforts with the account manager’s goals, it can hinder customer engagement and impede growth opportunities.
  3. Internal processes: cumbersome internal processes can slow down the account manager’s ability to respond to customer needs quickly. If there are multiple layers of bureaucracy or lengthy approval processes, it can hinder effective communication and timely decision-making, impacting the account manager’s effectiveness.
  4. Inadequate commission scheme: a poorly designed or inadequate commission structure can demotivate account managers. If the commission scheme does not align with their efforts to drive account growth or lacks proper incentives, it may limit their drive and enthusiasm to pursue new opportunities or invest time and resources in existing accounts.
  5. Lack of training and development opportunities: continuous training and development are essential for account managers to stay updated with industry trends, enhance their skills, and provide better value to their clients. If the organization does not prioritize training or fails to provide adequate learning opportunities, it can hinder the account manager’s ability to drive account growth effectively.

Overcoming these challenges requires proactive steps from both the account manager and the organization. This can include advocating for additional resources, building relationships with other departments, streamlining internal processes, advocating for a fair commission scheme, and seeking out external training and development opportunities. Collaboration and open communication within the organization are key to addressing these challenges and creating an environment conducive to account growth.

It’s important to note that these factors may vary depending on the specific industry, company, or account management context. Overcoming these challenges often requires a combination of skills, knowledge, proactive engagement, and a customer-centric approach.

 

  Read more

0
19
Mar, 2023

By admin

The 6 biggest sales trends happening in 2023!

Here are some of the 6 biggest sales trends for the coming 5 years at least

This can help businesses build stronger relationships with their customers, improve customer retention rates, and increase their sales revenue. Additionally, providing a seamless sales process across all touchpoints can improve the customer experience and ultimately lead to higher customer satisfaction and loyalty.

As a result, businesses are likely to continue to invest in technology and data to provide more personalized experiences and a seamless sales process in the coming years.

1. Increased Use of AI and Automation

AI and automation are already playing a significant role in the sales process, and this trend is likely to continue in 2023. Chatbots, virtual assistants, and other AI-powered tools can help sales reps automate routine tasks, provide personalized recommendations, and deliver an exceptional customer experience.

2. Personalization at Scale

Customers expect a personalized experience, but delivering this at scale can be a challenge. In 2023, businesses are likely to leverage data analytics, AI, and automation to provide more personalized experiences for customers, while also reducing the burden on sales reps.

3. Rise of Omnichannel Selling

Customers interact with businesses through multiple channels, and omnichannel selling involves providing a seamless experience across all touchpoints. In 2023, businesses are likely to focus on omnichannel selling to provide a consistent experience and meet customers where they are.

4. Virtual Selling Continues

Remote selling became more prevalent during the pandemic, and this trend is likely to continue in 2023. With the rise of virtual selling, sales reps can reach customers anywhere in the world and provide a more flexible sales experience.

5. Increased Focus on Customer Retention

Customer retention is essential for long-term business success, and in 2023, businesses are likely to focus more on retaining customers. This may involve personalized experiences, loyalty programs, and other retention strategies.

6. Integration of Sales and Marketing

Sales and marketing teams are often siloed, but in 2023, businesses are likely to focus on integrating these teams to provide a more cohesive customer experience. This may involve sharing data, aligning strategies, and working together to achieve shared goals.

Overall, these sales trends suggest that businesses will continue to leverage technology and data to provide more personalized experiences for customers and deliver a seamless sales process across all touchpoints.

 

  Read more

0
04
Mar, 2023

By admin

The Four Stages of SME’S Growth and the Challenges Faced by CEOs

What are the 4 Stages of SME Growth and What Challenges do CEOs Face at Each Stage?

Small and medium-sized businesses (SMEs) have a unique set of challenges when it comes to growth. CEOs of SMEs must understand the 4 stages of growth in order to successfully manage their businesses and achieve success. Statistics show that 29% of start-ups fail because they run out of cash and 23% fail because they don’t have the right team. These are just two of the many challenges that start-ups face in their early years. In this article, we will explore the four stages of SME growth and discuss the challenges that CEOs face at each stage. We will also look at strategies for overcoming those challenges so that CEOs can lead their companies to success.

Stage 1: Start-up – Overcoming Financial and Operational Challenges

Many SME business owners face financial and operational hurdles during the start-up stage. These challenges may seem overwhelming, but with the right strategies in place, they can be solved.

There are many potential pitfalls and obstacles that SMEs need to navigate in order to succeed. Common challenges faced by entrepreneurs include limited resources and capital, finding the right talent, lack of business experience and knowledge, competition from larger companies, and navigating complex regulations. Funding becomes crucial! However, sourcing enough money to start your new venture can be difficult.

If you are looking for a loan or venture capital to grow your small business, having a scalable business model is essential. Investors will only fund plans which have the potential for scalability. To ensure long-term success, your business model should offer opportunities to bring in more revenue with minimal expense over the next few months or years.

This means being able to increase profits without incurring equal (or higher) costs. Of course, the business model should be unique, but without scalability, it is less likely to attract investments.

Examples of Scalable Business Models

1-Digital Goods & Services: Digital goods and services, such as software-as-a-service (SaaS) and cloud computing, offer businesses the ability to scale quickly and easily by leveraging the internet to reach a wider audience with minimal overhead costs.

2-Subscription Model: The subscription model enables businesses to generate recurring revenue by creating a product or service that customers subscribe to on a periodic basis. This model allows businesses to scale quickly by leveraging existing customers and acquiring new ones.

Scalability of a business model is usually associated with higher profits and lower investments in infrastructure and marketing. As the business grows, its model has to remain aligned with the core goals and offerings of the company.

Stage 2: Survival – Navigating the Threshold to Success

It is important to understand the stages of an SME business survival and what it takes to make it through each stage. The second stage of survival is navigating the threshold to success. This involves making difficult financial decisions and taking calculated risks to ensure that your business survives and thrives in the long run. Small to medium-sized businesses can survive in the current market by focusing on financial considerations, having talented people in place, and creating an effective sales and marketing strategy.

Stage 3: Success – When Expansion Requires Investment & Leadership

Small businesses often reach a stage where they need to expand in order to continue growing. This is the third stage of success, where the business must invest in resources and leadership skills to move forward. It is a crucial stage that requires careful planning and execution.

At this point, small businesses should assess their current situation and decide what kind of investments they need to make to reach the next level. They must also identify the right people who can lead them through this expansion process and ensure that it is successful. With the right investment and leadership, small businesses can take their business to new heights of success.

Stage 4: Take-off – Sustaining Momentum Through Strategic Planning

The fourth stage of a small business’ growth is the take-off stage. This is when the business starts to gain momentum and reach its goals. To sustain this momentum, strategic planning and decision making are essential. This involves delegating tasks to the right people and ensuring that they have the necessary skills and talents to get the job done. With proper delegation, businesses can focus on their core competencies while relying on their team members to handle other aspects of operations. Strategic planning also helps businesses anticipate future changes in their industry so they can prepare accordingly.

Some start-ups try to move forward without experts’ support. It could be one of the management’s directions, though it will slow down the speed of their growth as they need to acquire a learning experience they do not yet have. Outsourcing non-critical activities and refocusing on the company’s main objectives are great ways to ensure quick progress.

 

  Read more

0
08
Feb, 2023

By admin

How to Predict New Sales Hire Success?

What is the most accurate pre-hiring sales assessment that select closers and How Does it Help Predict New Sales Hire Success?

The Objective Management Group (OMG) is a leading provider of sales hiring assessments. It helps companies predict the success of new sales hires by assessing their skills and qualities. The Pre-hiring Sales Assessment uses a variety of techniques to evaluate potential candidates, such as interviews, personality tests, and aptitude tests. The assessment measures how well a candidate is likely to perform in the role they are being hired for, allowing employers to make better decisions when it comes to hiring sales personnel. Additionally, the OMG Sales Assessment provides valuable feedback on the candidate’s strengths and weaknesses so that employers can better understand their skillset and develop them further if needed. By using the OMG Sales Assessment, companies can ensure they are making the right decision when it comes to hiring new sales personnel and increase their chances of success in this field.

How the Sales Assessment Helps Identify Four Key Characteristics in a Successful Closer

The Sales Assessment is an effective tool for identifying the four key characteristics that make a successful closer. This assessment process helps employers identify candidates who have the right competencies and skills to succeed in sales roles. It evaluates potential hires based on criteria such as self-motivation, hunting skills, problem-solving abilities, and reacing decision makers abilities. The Sales Assessment also provides valuable insights into how candidates handle challenging situations and how they respond to pressure. By analyzing these four key characteristics, employers can make more informed hiring decisions and ensure they are bringing on the right people for their sales team.

Using predictive Reports to Leverage Data for Smarter Hiring Decisions

This a powerful tool for making data-driven decisions when it comes to hiring. By leveraging data from the Reports, companies can make smarter, more informed hiring decisions that will help them find the right talent for their organization.

The OMG Hiring Insights Report provides an in-depth analysis of the candidate’s skills and experience, as well as their potential fit for the role. The report also offers predictive analytics to identify which candidates are most likely to succeed in a given role. Additionally, it provides detailed insights into how a candidate’s skills and experience align with the company’s hiring goals. With these insights, employers can make better-informed decisions about who they should hire.

The Benefits of Using sales centric and predictive assessment when hiring sales people with Objective Management Group

Objective Management Group (OMG) provides sales centric and predictive assessment tools to help employers find the best candidates for their sales positions. By using these assessments, employers can identify the most qualified applicants, measure their skills and abilities, and predict how successful they will be in the role. This helps to ensure that only the best candidates are hired for sales positions, which can lead to improved performance and higher customer satisfaction. The assessments also provide insight into what makes a successful sales person so that employers can tailor their hiring process accordingly. With OMG’s assessments, employers can make sure they are hiring the right people for their sales roles with confidence.

  Read more

0
1 2 3 4 … 23

Recent Posts