Within business-to-business (B2B) in addition to business-to-consumer (B2C) sales organisations, account management comprises managing the relationship between your business as well as existing customers. The purpose of this is to explore in addition to creating more sales opportunities. Therefore, it has a fundamental role to play in facilitating business growth as well as maximising profits earned.
Frequently, when it comes to expanding upon revenue, companies turn to sales training when, in actual fact, they may find more use from focusing on training in account management. Account management channels are continuing to perform below growth expectations. The cross-sell and upsell revenue are falling short of targets.
One of the biggest opportunities, which have not been tapped with respect to increasing sales in addition to profit is increasing your current accounts. Consider the following:
- Maintaining current customers is between six and seven times less costly than developing new ones
- Repeat customers, on average, spend 67% more as opposed to people who buy once-off from you
- 60% of organisations believe that they should be making 25% or more revenue from strategic accounts