How to Scale Account Management for Business Growth? - PowerPoint PPT Presentation

About This Presentation
Title:

How to Scale Account Management for Business Growth?

Description:

As a small business, scaling account management is vital to drive effective business growth. Read further to find out strategic scaling methods. – PowerPoint PPT presentation

Number of Views:135

less

Transcript and Presenter's Notes

Title: How to Scale Account Management for Business Growth?


1
How to Scale Account Management for Business
Growth?
  • https//www.imprezz.in/ Imprezz

2
Small businesses in India must prioritize
leveraging account management to drive massive
business growth. Many startups often tend to
operate with a motive to sustain. Thereby, they
overlook that having formal systems and design at
an initial stage can take the business to a new
level in no time. The difference between
businesses that succeed and dont is the ability
to scale their strategic execution. Each
business, irrespective of its size, must focus on
building ideal customer relationships. It is
easier to generate strategic accounts from loyal
customers. Because selling to an existing
customer is much easier and profitable than
otherwise.
3
As a business owner, you need to acquire
resources as you expand. For instance, when the
customer base increases, you need to hire more
professionals to serve them. Scaling primarily
refers to adding adequate revenue, while
businesses add resources at a marginal
rate. Retaining customers in todays competitive
world can be devastating for businesses. One way
to achieve this aspect is to scale account
management. The strategic accounts represent at
least 40-50 of revenue and margin of an
enterprise. Thus, businesses must reassess the
systematic approach towards top customers. This
article is a comprehensive guide to small
business owners in India. After having done
thorough research, we have laid out key strategic
methods. Find out how you can grow your business
without over complicating account management.
4
What is Account Management? Importance
  • Account Management is an extension of the sales
    process. It starts once the sales transaction is
    carried out successfully. Strategic management
    helps to handle customer accounts regularly. It
    is a process of building long-term relationships
    with valuable customers. They drive more profit
    to the enterprise, and account management helps
    convert them into business partners.
  • A key account manager who carries out the
    management processes provides necessary
    resources, periodic meetings, and offers. Modern
    businesses automate financial management
    processes from inception to keep track of each
    transaction. Current online accounting software
    for small businesses in India, provides financial
    analytics and business solutions that help
    businesses stand out among their competitors.

5
Automate Account Management with Imprezz.in
  • Growth of sales for small businesses in India
    begins with analyzing and understanding purchase
    and preference patterns. Most buyers these days
    are sophisticated in making purchase decisions,
    bids, and negotiations. It is where Imprezz
    cloud-based accounting software comes to play.
  • The integrated software runs all the accounting
    errands for small businesses. It not only helps
    retain current customers but enables to poach new
    clients though customizable quote creator.
    Imprezz automation tools reduce the workload for
    account managers and other employees, eventually
    streamlining the organizational workflow.

6
Strategies to Scale Account Management to Drive
Business Growth
  • Traditional Account Management strategies can
    hurt the growing business. Here are five
    strategic methods that can transform a small
    business into a successful organization.

7
Method 1 Increase Renewals
  • Increasing your renewal rates doubles your income
    base and gross revenue growth. Adding points to
    the renewal rates and improvising it over time
    can be a twisted process. Lower renewals hamper
    revenue growth and scalability. A renewal rate of
    85 will consume at least 15 of the growth in
    new business bookings to maintain revenue growth.

8
  • Most companies struggle to overcome renewal
    rates, while the best companies never drop lower
    than 95 renewal rates. Imprezz cloud-based
    software counters the problems and provides tools
    to improve renewal rates.
  • Taking a land and expand approach to sales
    could positively affect renewal rates. For
    instance, you can aim to capture half of the
    target growth rate of expansions by demonstrating
    value in one area of ??your clients business and
    then expanding to others. As your platform or
    solution becomes more stable and long-term, the
    customer (renewal) will likely stay with you.

9
Method 2 Hire Creative Minds That Understand
Your Goals
  • Most SaaS and Tech companies fail to employ
    product strategists or marketers. Commonly, not
    many CEOs have experience working with them. It
    is one of the mains reasons why businesses are
    not able to scale their growth. Heres how hiring
    creative minds can bring about a change in an
    entity.
  • Passionate employees understand the
    organizational goals and thus work by customer
    centralization.
  • They are well experienced in aligning products as
    per market needs and demands. It substantially
    helps product development and sales.

10
  • They are determined to generate significant
    sales.
  • They focus on the effectiveness and efficiency of
    delivery that ensures customer satisfaction.
  • They work with a holistic perspective towards
    defining, developing, operating and launching a
    product.
  • They ensure end-to-end cross-functions, which
    helps launch a product successfully and scale
    product development.
  • Hiring ideal employees is a strategic function
    laid out to generate market reports that guide
    the CEOs to make business decisions. They help
    prioritize and group technical requirements for
    business sales and customer retention.

11
Method 3 Offering Value-Added Services
  • Whether you seek each project to be a
    professional service (as if it were unique) based
    on business hours, sell one-size-fits-all
    services, or, worse yet, provide free service
    hours, these practices are not scalable. Provide
    packages on the services or products that you
    render. You can offer a project-based, annual or
    timely subscription for your customers. Here are
    a few examples.

12
Implementation
  • Examine what it takes to implement your solution
    in one customer profile versus another. Inspect
    in terms of roles or types of service required,
    such as discovery, integration, QA, architect,
    and project management. Look into the hours of
    each kind of service you offer.
  • Incorporate this into production deployment
    packages at a total flat rate compared to the
    softwares annual cost. It allows your sales
    representatives to sell your price list rather
    than looking for resources to define each deals
    scope. The implementation strategy also leads to
    the aligned organization of services in terms of
    lifetime expectations (revenue recognition).

13
Optimization
Creating Managing Reports
  • Do your account managers provide regular reports?
     Are they responding to custom report requests
    from clients? How many hours a month do you
    dedicate to this? Can these interactive service
    requests be turned into a value-added proactive
    reporting or analytics service for a fee?

Set and Forget. Offer an upgrade package for a
fixed annual fee. Ensure that your solution is
actively launched and used so that it is
consistently aligned with your customers
business needs and that they get the most out of
their deployments.
14
Method 4 Integrate Product Management
Ownership with Delivery of Services
  • Integrating product management and product
    delivery keeps the money roadmap in place. Keep
    the customer experience at the center of the
    roadmap and focus on revenue generation. It lends
    not only a scalable service offering but also a
    more scalable end product.
  • Especially for startups and small businesses,
    product managers need to see how products are
    implemented, merged, improved, etc. If done so,
    they will be better positioned to produce
    capabilities that would otherwise require
    customization work and service hours to activate.

15
Method 5 Launch Sales Marketing Engines
Across Multiple Cylinders
  • Multifaceted market models tend to present the
    best opportunities for growth and scalability
    when implemented effectively. Heres what
    launching sales and marketing engines across
    multiple cylinders mean.
  • Sell ??to multiple industries at the same time,
    such as retail, financial services, and travel.
  • Sell ??to multiple market segments, such as large
    enterprises, medium-sized businesses, and small
    businesses.
  • Sell ??through more than one channelfor
    instance, direct, online, VAR.

16
  • Successful businesses seize the opportunity to
    shoot multiple cylinders in an early stage of
    their journey. It helps in the optimum
    utilization of resources. In case you plan to
    expand to mid-markets, you can extend the base of
    target buyers. In this way, you can leverage
    existing tactics of lead generation and
    resources.

17
Conclusion
  • Of course, there are many ways to scale a growing
    business. What are your strategies and methods
    for expanding growth? Embrace failures and learn
    from your mistakes. Focus on bringing the right
    system in place. Implement a strategic account
    management plan. Allow your account managers to
    shape the future of your growing business.
  • Better yet, go for cloud accounting software that
    can automate it all for you. Rid of the
    challenges of implementing your account
    management plans. Imprezz.in, the best accounting
    software enables businesses to gain internal
    support and advocacy. Utilize the analytical
    solutions to measures the success of your account
    plans.
  • At Imprezz, we offer a 14 days free trial
    software program for small businesses in India.
    Log in to start your accounting today! Grow with
    us.

18
Contact US
Email - info_at_imprezz.in
  • Sign up Today
  • https//www.imprezz.in/
Write a Comment
User Comments (0)
About PowerShow.com