B2B sellers need to focus on key accounts to retain them for the long haul and drive business success. After all, convincing a business leader or a decision-maker to stick with your offer is far more complicated than selling a product to a B2C consumer. Startups often fall short and miss out on the account management process.
According to a 2022 survey report by ABM Leadership Alliance, 93% of the 300 B2B respondents stated they currently have an active account-based management (ABM) program. That was much more than 77% the year before. Additionally, 43% claimed to be in an early phase, and 7.9% in an experimental pilot phase.
The numbers underscore the significance of having an ABM strategy in place, even for beginners with a small client base. While the process may sound complicated to new business owners, it is primarily about building relationships.
We have a list of best practices to make account management a breeze for B2B startups.
Identify High-Value Accounts
Unlike B2C selling, B2B selling goes beyond finding the target market. Of course, your offering is meant for a specific group of buyers. However, you should think beyond just identifying your audience. Pinpoint high-value accounts are pivotal for business success. These are the ones with significant revenue potential, long-term growth prospects, or strategic importance.
You can analyze critical factors such as customer engagement, transaction history, and upselling opportunities to identify these high-value customers. Also, consider industry relevance and alignment with the company’s core offerings to find the best fit. Knowing these high-value prospects enables you to focus on the areas that can generate more business for the long haul.
Prioritize Relationship Building
According to Forbes, relationship marketing plays a vital role in B2B lead generation. It is about genuinely caring about customers without overemphasizing sales. Doing a bit more will lead to higher engagement levels, increased conversions, and long-term retention. So knowing your valuable accounts is only a start; you must also cultivate strong relationships with them.
Proactive communication is the key to effective account management. Create clear lines of communication and offer seamless support to customers throughout their journey with your startup. Steps like regular check-ins, status updates, and feedback show your commitment to their success. Additionally, think beyond the transactional aspects of business and anticipate their needs.
Assign Accounts to Dedicated Account Managers
When it comes to key account management, you cannot take a one-size-fits-all approach. All B2B businesses, including startups, must have qualified account managers handling customers dedicatedly. You can start small with a few of them and build a team as your business grows and acquires more customers. Also, empower your managers with the right tools to streamline workflows, manage collaboration, and provide seamless customer support.
Prolifiq notes that account management software drives accountability and enables your team to find expansion opportunities across your client base. Moreover, managers can use it to access information from various sources for insights that enable them to address customer issues. They can also utilize these insights to provide personalized interactions to match customer needs and expectations.
Develop a Strategic Account Plan
According to Zippia, nearly 23.6% of business in the US is B2B by share of sales. It includes 12.1% B2B products and 11.5% B2B services. As a startup owner, you may find these numbers inspiring. However, stiff competition is a challenge most new businesses struggle with in the B2B landscape. A strategic account plan can help you overcome competition and maximize growth opportunities.
Strategic planning entails creating a personalized roadmap outlining the short- and long-term goals for each client. Additionally, you must identify key decision-makers within the client organization, comprehend their decision-making processes, and create and align your strategies accordingly. With a well-defined account plan, you can anticipate challenges, mitigate risks, and retain your key clients.
Provide Top-Notch Customer Experience
A 2022 survey by Gartner shows that 86% of B2B customers expect sellers to already have their personal information during service interactions. Data-driven interactions ensure a winning customer experience, making it an essential account management practice for startups in the competitive landscape. Knowing your customer enables you to deliver top-notch experience and support.
For example, your managers can highlight how your product or service can address customer needs or pain points during the initial interactions. Further, it enables them to provide effective support to resolve their concerns and issues promptly. However, as you gather customer data, ensure proper privacy practices to prevent breaches and non-compliance.
In conclusion, managing B2B accounts requires a proactive approach that focuses on high-value clients. It is also about ensuring seamless experiences throughout the buying journeys and later nurturing strong relationships with the best clients. These best practices provide simple guidelines to help startups win the B2B customer engagement and retention game.
