Chasing new clients can feel like speed dating. It’s expensive, resource-intensive, and there’s no guarantee they’ll stick around. But what if the most valuable, profit-boosting jobs for your firm aren’t out there in the unknown? What if they are right under your nose, sitting comfortably in your existing client list?
Enter key account management (KAM) – the secret weapon of the most successful professional services firms and B2B sales teams. A well-structured KAM program won’t just reduce client churn and improve retention; it helps you maximise the potential of the clients who already trust you. The benefits of strategic account management for professional services firms are enormous for your reputation, operational efficiencies, and your bottom line.
Why constantly hunt for new business when you can grow what you already have?
Benefits of strategic account management for professional services firms
A strategic account management approach using KAM is like tending a well-maintained garden. Nurture it, and it will continue to bear fruit. Your key clients already know you, and by anticipating their evolving needs, you can provide tailored solutions, expand your service offerings, and build a partnership that lasts.
What’s in it for you?
Earning more work from a current, satisfied client is far easier – and cheaper – than trying to win over a new one. You’ll avoid the operational costs involved in offboarding clients, acquisition costs of finding new clients, and possible reputational costs to the business caused by disgruntled former clients.
Satisfied clients already trust you, making additional sales feel more like natural progressions rather than uphill battles. What’s more, strong client relationship management through a KAM program leads to better client loyalty. This helps you in reducing client churn. Understanding your clients’ pain points and proactively solving them ensures they remain engaged and satisfied, significantly reducing customer attrition. Instead of constantly replacing lost business – your firm can focus on deepening existing relationships and strengthening its reputation.
A strong reputation also earns you more work through referrals – because satisfied clients talk. Delivering exceptional service to key accounts transforms them into powerful brand advocates, spreading the word to potential new clients through powerful (and free) word-of-mouth marketing.
Given the high operational costs of acquiring new clients, firms should be seeking to grow business with existing clients first.
Best practices for B2B key account management
If you’re serious about strategic account development, there are a few golden rules to live by. Here are some best practices for B2B key account management:
1. Identify your VIPs
Not all clients are created equal. Some will deliver more value to your business through greater investment in projects, larger more complex work, or ongoing use of your firm. Use strategic account planning to determine which ones have the most long-term value and deserve VIP treatment.
2. Customise, don’t generalise
Every key client has unique needs and goals. Beaton research finds clients are growing increasingly choosy with the kind of marketing or BD approaches they like to receive from firms. Clients want to receive customised content and valuable ideas that will help them grow their own business – not just a bland email newsletter each month. Align your services with their ambitions and be proactive, not reactive.
Your next big opportunity? It’s already on your client list.
3. Stay in their world
To achieve the above, regular check-ins, exclusive insights, and unexpected value-adds make a difference. Stay in regular contact and volunteer solutions to issues that may arise. Build a relationship, not just a transaction.
4. Keep your eye on the numbers
Your KAM program should entail some kind of sales goal tracking to measure success. This might track service expansion, client engagement, and revenue growth. Setting sales goals ensures you stay on course. Measuring feedback from your clients regularly with a program like Beaton Debrief can help ensure you are delivering the best client experience. Benchmarking your firm against the market annually through Beaton Benchmarks can also inform you whether you are beating the competition in this space.
5. Make it a team effort
A thriving key client program needs alignment between business development, marketing, and service delivery. Everyone should be on board with the client’s goals. This is where a systematic program built on a foundation of firmwide buy-in can be invaluable. Kicking off or rebooting your KAM program with Beaton Launchpad is a great way to ensure this.
Conclusion: stop searching, start strengthening
In a competitive market, a well-executed strategic account management plan can be your firm’s biggest differentiator. Instead of endlessly chasing new leads, focus on nurturing the relationships that already exist. They trust you. They know your value. And if you play your cards right, they’ll stick with you for the long haul – bringing in more business and better referrals.
It’s time to stop overlooking your existing clients and start unlocking their full potential. Your next big opportunity? It’s already on your client list.
We offer a no-obligation diagnostic to assess your current key account management program and processes. We can also introduce you to Launchpad, Beaton’s structured consulting program to launch or relaunch your B2B KAM strategy and build executive support.
Please contact us to discuss your options with a Beaton partner.
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