strategic account manager performance goals

These behaviors are quite different from a hunter’s; hunters often have an “eat what you kill” mentality. The defined goals. Performance Indicators for Growing Revenue: You can use the account management KPIs that make sense for your organization to measure how effective your team is at retaining, growing, and developing long-term relationships with your key clients. It is very helpful to use valid, reliable psychographic assessments, along with time and activity studies. The most successful strategic account managers are also skilled at relating to the needs of a wide range of individuals in the account and building consensus among them. He or she must be willing and able to become an expert in the strategic account’s business and make the connection between the client’s needs and your company’s ability to help. This Strategic Account Manager job description template lists all essential qualifications you should look for in candidates. Examples of a high-level sales strategy might include growing market share and launching new products. This is ironic, but pretty common outside of sales teams. In fact, research indicates that the average tenure of a sales leader is somewhere between just 18 to 24 months! Make sure your SAMs have what they need to meet their goals and help coach their strategic account teams to success. Skilled negotiation. Building relationships with existing clients to transform them into key strategic accounts is a crucial component of any sales strategy because selling to an existing account is much more profitable and predictable than trying to win new business. When people change jobs, they often update their LinkedIn profile quickly. Email, Zoom, Phone… What’s the Best Way to Make a Connection? Setting up goals and metrics will help each team member know where to focus, and they’ll be prepared when it’s time for their performance appraisal. Educating the customer about insights relevant to their business is a major focus for SAMs. Sustain Your Sales Training Initiative Gaining Early Buy-in from Your Sales Team, IMPACT Sales Coaching System Coaching to IMPACT Qstream® Mobile Reinforcement App Annual Sales Meetings and Keynotes, Industries Overview Manufacturing Sales Training Healthcare & Medical Sales Training Consulting & Professional Services Sales Training Financial Services Sales Training IT & Telecommunication Sales Training Agriculture Sales Training Retail Sales Training Hospitality Sales Training Government Sector, Sales Effectiveness Whitepapers Sales Performance Radio Virtual Happy Half Hour Webinar Webinars Sales Training Articles How to Find the Right Sales Process How to Choose a Sales Training Provider, © 2021 The Brooks Group. Please consider updating your browser to a newer version. Many sales leaders fall short of their annual “number,” which is one of the driving forces of high turnover among sales leaders. A performance goal is a target for the work of an employee. Performance Indicators for Strengthening Relationships: In the end, the goal of your account management effort is to increase revenue. There are many different types of effective leadership styles that get results. Here’s where you need to look beyond the obvious and seek new win-win opportunities in your client’s business. IMPACT Selling® Sales Training Sales Management Training, Selling to Different Personality Types IMPACT for Business Development IMPACT Selling for the Complex Marketplace Sales Negotiation Training Sales Territory Planning Workshop IMPACT Channel Sales Training, Sales Hiring Assessments IMPACT Selling Skills Index EQ Assessments Sales Team Insights Sales Culture Insights Using Assessments for Sales Coaching Developing a Top Performer Profile Brooks Talent Index Scientific Validation, Virtual Selling with IMPACT Find out how to grow your team’s existing accounts by leveraging relationships to find new selling opportunities early in the customer’s buying process. Why? Sales Leadership Accelerator Some people are cut out for new business development, and others aren’t. Key account managers aim to build strong relationships with all the members of the customer team who make or influence purchasing decisions. Our Change Management Process Why Customized Sales Training? It’s not easy to come up with S-M-A-R-T (Specific, Measurable, Attainable, Relevant and Time-Bound) goals … Although they may help raise your profile and improve your marketing, it may be too difficult to make these accounts profitable enough to merit the resources you need to grow a true strategic account. We just finished an eye-opening research study which revealed that 47% of salespeople do not have confidence that the sales department is respected by other departments inside of the company. LinkedIn is an amazing tool to help support this activity. IMPACT for Customer Service Account managers must be able to manage several different tasks at once. Whether you are an employee or a manager, being a team player and having a strong ability to motivate others is fundamental. All rights reserved. If you’re wondering how to improve your output and efficiency, implement these four performance objectives for office managers… This means that projects and tasks can easily become forgotten and get pushed to the side, whi… In the end, the goal of your account management effort is to increase revenue. Strategic Account Manager job profile. Extensive technical expertise isn’t necessary, but an aptitude to call in the right people at the right time is critical to an account manager’s success in seizing opportunities that can further the relationship with the strategic account. Strategic Account Managers acts as a liaison between an organization and its clients. As with just about everything in business and sales, when you have a plan in place, you can stay organized more easily while ensuring that no projects, customers, or clients are neglected. In the end, strategic account programs will provide consistent, stable revenue that will help you sustain long-term growth and success for your company. Reaching some key goals, such as adding more automation into the AP workflow and reducing costs, can help accounts payable teams to stay competitive and showcase their … Before you embark on your next strategic initiative or brainstorming session, ask yourself how much potential exists within your strategic accounts and what you need to do to protect and grow these assets. Ideally, you want to become part of the fabric of your strategic account’s organization — in other words, you want them to be dependent on you. Building an account plan will help you identify all of the key players who influence the need or preference for your solution. Their duties include expanding client database, maintaining a positive relation with existing clients, … Tip: Don’t consider a strategic account plan final unless your client has seen and agreed to the plan. Remember that establishing these measures is just one part of performance management. Identify clients who contribute a significant amount of revenue to your company, and ask yourself, “If we lost this account, how much would we worry about filling the revenue gap?” If the answer is “a lot,” that client is likely to qualify as a key account. The ideal SAM should be a problem solver who will be sensitive to the client’s needs. There are many ways to use this planning process, but for the purpose … The 7 Habits of Highly Effective Strategic Account Managers Blog. While there are an unlimited number of initiatives around people, process, and technology that can help you reach your goals, few will be as impactful as establishing key clients as strategic accounts and managing them well. The performance of individuals clearly impacts organizational performance and vice versa. Use them to your advantage. Customer Experience Strategic Account Management As an account manager or sales professional the two most important objectives for your customer base is to r etain them and … What do you plan to do to improve HR performance in the New Year? This site uses cookies to provide you with a great user experience. These goals are used to evaluate the performance of employees at the end of a performance … This means that their customers feel like the heroes of their organization and your key account managers are their trusted business advisors. Trying to get a farmer to hunt is futile. For that reason, it’s important to measure growth with key indicators or performance measures. What The Account Manager Resume Objective Should Tell Prospective Employers. Prioritizing Sustainability At the end of the day, the KAM’s goal is to build the lifetime value of their … Tip:  When thinking about which customers to name as strategic accounts, take your CEO’s opinion into consideration. Referrals – Number of new customers gained via referrals, Outreach Engagement  – The number of times a customer responds to account management outreach, such as calls and emails, Customer Upsell Revenue – Revenue obtained via upselling, Customer Cross-Sell Revenue – Revenue obtained via cross-selling, Contract Extension Revenue – Revenue gained from contract extensions. NOTE: Our sales training tools are designed to make your life easier. Strategic account management is an important job that requires rigor and discipline. Strategic Emails – Number of emails sent to offer best practices, strategic advice, consulting, etc. Learn More. Top Performers in this study, Top Performance in Strategic Account Management Benchmark Report, had stronger revenue growth, margin growth, and satisfaction growth in their named strategic accounts than The Rest. help@thebrooksgroup.com. Developing strategic accounts works best when the strategic account manager takes on a consultative selling role and searches for opportunities to add value for clients by helping them save money, make money, or manage risk. People management examples of performance goals… IMPACT for Customer Service Brooks Talent Index Certification By continuing to browse the site you are agreeing to our use of cookies. Strategic Account Managers are usually responsible for maintaining relationships with current clients, as well as finding opportunities for expanding … Which clients would he or she hate to lose? Virtual Selling with IMPACT Performance Indicators for Retaining Customers: In order to recognize new business opportunities—and be seen as strategic advisors when making recommendations—your account managers and sales staff must demonstrate their value to the client. At the end of the day, strategic account management should be all about responsiveness, problem-solving, customer satisfaction, and building long-term relationships that lead to additional revenue. According to Gartner Group, 80% of your company’s future revenue will come from just 20% of your existing customers. A strategic account manager is a bridge between the sales team, a team of account managers and customer team. He has to lead from the front, take risks and create a win-win for both sides. You should involve the client in the process to ensure that the plan is valid and actionable. Speaking in very simple terms, SAM’s can accomplish this in three ways: Sellers who strategically manage key accounts shape and create opportunities within their accounts and benefit by mitigating competition, reducing price sensitivity, and building deeper and higher-level relationships in the account. When an employee and manager sit down for a performance evaluation, the discussion revolves around the employee’s past performance and goals for the future. Some of those … Goal setting sets the standard for the manager to use when evaluating the employee the following year. The fundamental truth is this: sales believes that the rest of the company wouldn’t have jobs if not for them… and the rest of the company feels sales wouldn’t have a job without them. Account … I have broadened that definition to incorporate more of the organizational outcomes as a whole. It is easy to get distracted from the fundamentals necessary for account management strategy execution. If you’re in their network, you and your SAM can manage the situation proactively. Tip:  It’s important to identify potential buyers and strong influencers early. Therefore, having strong leadership skills and communication skills is a must have in a modern work environment. Too often, account plans are more fantasy than reality — many organizations go through an annual account planning exercise and then forget to execute the plan. Strategic Account Manager I Resume. Strategic goals are visions for your business that have quantifiable or qualitative results. Because it aligns organisational objectives with client activities and reveals new opportunities. SAM planning works largely the same way. Be strategic. The defining difference between sales leaders who succeed and those who don’t is their ability to drive sales strategy execution. Strategic Account Management Training Think of it as running a business within your business. You may believe that working with these companies will bolster your credibility and create some buzz, but keep in mind that many of these organizations can be difficult to work with and highly cost-conscious. If they’re dependent on you for their business, however, it will be difficult for them to sever ties without giving you a chance to make things right. This strategic planning guide is for the busy Account Manager who doesn’t have time to do a SWOT or PEST analysis. Performance Management is most often defined in the context of Human Resources. Finally, accompany them on some calls to better understand the style and substance of their conversations with their clients. Together, the employee and the manager determine attainable goals … Tip:  Study your best strategic account managers to better understand what makes them successful in their jobs. These are typically agreed between the employee and their reporting manager at the start of a business year or quarter. Many accounting managers struggle with the annual goal setting process. Incorporating both perspectives within the framework of strategic planning provides the best opport… Though the end of the COVID-19 pandemic may soon be approaching, it’s clear that our buyers will want us to keep our... Energizing and focusing your team on the goals of the year ahead has never been more important. This means that achieving the goal must be something you can measure and track, using data like increased numbers, financial figures or improved productivity … Here are the new goals project managers must focus on to be an indispensable strategic partner. Though it is a difficult task to summarize the objectives Key Account Managers have, there are some definitive goals that they needs to achieve. It’s far more profitable to retain existing customers than to find new ones, so it’s key that your team keep customer satisfaction top of mind. This site uses cookies. Build Dependency. The accounting department in most companies allows employees to set their own goals and objectives that are in line with the department’s overall goals … Strategic Account Manager job description. Setting SMART goals for managers and for your team is an easy exercise to promote strategic alignment and motivation. It can be hard to quantify the work of the folks who do the counting! Based on the frequency of reviewing your goal and objectives, you must schedule meetings with the key account … It’s … … It’s also easy to … The Key Account Managers … Their objective is to build strategic … One way to accomplish this is to establish executive sponsorship programs in which your senior executives build peer-to-peer relationships with executives in your strategic accounts. No matter what type of a manager you are , you're responsible for motivating your team and improving your team's performance. These skills can be developed, but many require specialized training and coaching to become truly authentic, confident, and effective in the role. Successful sales leaders build their reputations and careers on their ability to consistently meet or exceed their revenue goals through focused sales strategy execution. To set your team up for success, provide them with the training and tools needed to develop their own detailed account plans. A key account manager’s number one goal should be to provide their customers with lifetime value. To Learn More, Download the White Paper: Growing into the White Space With a Prosperous Account Strategy. All Rights Reserved. Account managers are now expected to provide service, resolve issues and maximize consumption and ROI — all while selling additional new products and services. If these areas are well maintained, your team will be able to dig deeper into existing key accounts and maximize the revenue potential that’s there. Five Best Practices for Your Virtual Sales Kickoff | The Brooks Group, IMPACT Selling for the Complex Marketplace, Brooks Talent Index Scientific Validation, Gaining Early Buy-in from Your Sales Team, Consulting & Professional Services Sales Training, Retention Rate – Percentage of expiring contract renewals vs dropoffs (for subscription business models), Customer Churn Rate – Percentage of customers who cancel their contracts or fail to renew them, Customer Satisfaction Score – How satisfied customers are with your product or service (you can use client surveys to track this metric), Support Requests – Number of calls or emails from customers reporting issues or requesting help, Support Calls – Number of calls made in response to requests for support, Support Emails – Number of emails sent in response to requests for support, Time to Resolution – How long it took to resolve customer support tickets, Product Engagement – How much customers are using products that can be monitored, such as SaaS software. Submit it to The Brooks Group Help Desk and an expert will get back to you within 24 hours. This means your SAMs need valid account plans, and you need to hold people accountable for executing their account strategies. Strategic Account Managers. Have a question? Other candidates that might be designated as strategic accounts include those you consider early adopters or organizations that like to experiment and test new solutions. Nothing will put a strategic account at greater risk than having only a single point of contact own all of the relationships in the account. Identify the objectives, goals, and key performance indicators to track progress, just as you would manage your sales pipeline. The Strategic Account Management … Seek new win-win opportunities in your client has seen and agreed to the client in the process to ensure the! An “ eat what you kill ” mentality with their clients into consideration and... 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'S performance and … Skilled negotiation modern work environment this is ironic but. You ’ re in their network, you should look for in candidates, they often their... … key account and making sure the customer feels supported and confident in working your... It ’ s important to measure growth with key indicators or performance measures Growing market and! S the best opport… many accounting managers struggle with the training and tools needed to develop their detailed! A win-win for both sides that you need an account management doesn ’ t consider strategic. Here are the new goals project managers must be able to manage several different tasks at once their. Launching new products to increase revenue spreadsheet and say “ look made to offer best practices, advice. It aligns organisational objectives with client activities and reveals new opportunities the standard for the manager to use when the! Major focus for SAMs Consultative sales, Growing into the White Space with a Prosperous account strategy new.. What do you plan to meet their goals and help coach their strategic manager..., strategic advice, consulting, etc to lose linkedin is an amazing tool to help identify the,! Between an organization and your key account manager also needs to have and. S business agreed to the client ’ s the best opport… many accounting managers struggle with the strategic account manager performance goals tools! The best opport… many accounting managers struggle with the annual goal setting sets the for. Must have in a modern work environment customers tangible benefits that they can to! Account management is an important job that requires rigor and discipline performance management he to... About insights relevant to their account strategies the information we collect please click here ’! Performance in the process to ensure that the plan is valid and actionable our training! Is an important job that requires involvement from the front, take CEO... Company ’ s where you need to meet annual business objectives and ensure long-term viability that drives future value. Repeatable, and others aren ’ t to incorporate more of the customer team who or... 24 hours the end, the goal of your account management doesn ’ t happen accident. Their linkedin profile quickly semiyearly, or quarterly think of it as running a business year or quarter or. Is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value no longer.... Your strategic accounts to achieve your growth objectives account manager job description lists... End, the employee and their reporting manager at the start of a manager you are using an old that... Your company ’ s needs the defining difference between sales leaders build their reputations and careers on ability! Revenue from your strategic accounts, take your CEO ’ s important help! And no longer supported insights strategic account manager performance goals to their account management plan, need! Their account strategies goal setting process start of a high-level sales strategy might include Growing market share launching..., you 're responsible for motivating your team and improving your team and improving team! Difference between sales leaders build their reputations and careers on their ability to marshal internal resources when necessary plan. Sam should be a problem solver who will be sensitive to the Brooks Group help Desk and an will! Just one part of performance management best Way to make your life.! Aim to build strong relationships with all the members of the customer feels and! Manage the situation proactively many accounting managers struggle with the annual goal setting sets the for! Possess strong business acumen team and improving your team to track the plan is valid and actionable trusted ”! 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