Account development is an outcome from a firm’s desire to maximize revenue with existing clients. Expanding existing services and introducing new ones offered by a firm, on the surface seems to be an obvious pursuit. But there are reasons why this activity required specific attention and why the obvious never came to fruition. Removing or minimizing barriers to success is critical for the account development effort to yield a desired outcome. Harding & Company’s experience has found that successful account development efforts consider the following key factors:
- Assign a very limited number of key accounts to each market leader ensuring focussed attention
- Provide enough incentives to motivate action and change existing contrary behavior
- Obtain strong commitments from leading stakeholders
- Focus on a client’s most significant business issues
- Train specialists to address broader client concerns
Each solution is tied to specific conditions and personalities. In the end, it all comes down to creating a sustainable system that anticipates risks, supports change and shares rewards.