Account management deals with the processes that follow customer acquisition. It includes onboarding, account classification, alignment, and client management. Customers may have diverse needs and may be classified as a key account or a strategic account, based on current sales revenue and potential for future growth. The account manager who is part of the corporate sales team is an integral part of account management. Account management involves determining how to best meet client needs and support the ongoing growth of the account. The existing sales organization structure should provide a means for accounts to be assigned and supported effectively. In some instances, with key accounts, adjustments to the sales structure may be required in order to effectively manage and support the account.
It is mostly true that the higher the customer satisfaction, the higher the level of customer retention. Customer satisfaction is one of the key performance indicators for a business and is often the focus of many companies. A customer is more than satisfied if the outcome of a product or service surpasses expectations, satisfied if the outcome matches expectations, and dissatisfied if the outcome does not match expectations. Customer satisfaction varies from customer to customer and depends on several factors. More often than not, a positive perception of a brand results in higher customer satisfaction. Performance expectations stem from various factors including past purchases, word of mouth testimonials, and marketing pitches. It is important to balance the promises made by the marketing team with actual outcomes.
The customer relationship management (CRM) system and ongoing communication play an important role in supporting account management. The CRM system is a repository of customer-related information that assists in documenting and managing the company’s interaction with customers. It helps in synchronizing and organizing customer service and support. CRM systems also help a company develop a customer-centric approach, even while handling multiple customers. Account management focuses on building firm-wide relationships and maintaining high levels of customer satisfaction and customer retention. The company needs to continue delivering the product or service as well as communicate and promote the features and benefits of additional products and services. Such promotional programs are aimed at increasing the client’s exposure to the company’s product and service portfolio, thereby increasing the potential for cross-selling activities. In order to ensure continual improvement through customer feedback, the company also needs to regularly review and assess customer accounts.
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