3 Ways to Protect and Grow Your Major Accounts

We define major accounts as the critical few client accounts (typically between 5 and 20 depending upon your sales model) that are the most important to you and your company both now and into the future. While each go-to-market sales strategy has a unique flavor, the criteria typically fall into two main categories: Financial Significance Strategic Significance Financial Significance Financially significant accounts represent substantial financial value in terms of revenue, gross margin or profit to the sales person, the sales team or the company. In general, your major accounts should be 20% of your client base and provide 80% of the financial value. Strategic Significance Strategically significant accounts signify vital strategic importance in terms of providing you with marquee brand recognition, the ability to create valuable new capabilities, or the opportunity to intelligently expand into desirable new markets, geographies or verticals.  While major accounts take a considerable investment of time and energy, the payoffs can be huge. When properly managed, major accounts can anchor your business through thick and through thin. The Benefits of Major Account Management While some companies worry that higher levels of investments in major accounts will decrease gross margins, recent research by Kapta and Harvard Business Review found major accounts on average: Are 60% more likely to close than a new client Spend 33% more than new customers Have shorter sales cycles Decrease marketing and sales costs by six to seven times Have 20% higher customer satisfaction scores Generate 15% greater profits and revenue How to Protect and Grow Your Major Accounts Once you define your major accounts and believe in the benefit of going after them, it is time to create a clear and compelling plan to achieve lasting and mutually beneficial relationships.  If you truly want to protect and grow your strategic accounts, follow these three field-tested best practices.

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