My colleague @Thomas Edwards recently posed a question in a consulting session about the most important tools account managers should have in their toolbox to excel in their role. Based on that discussion, I will highlight three of the tools we discussed that we both believe to be essential for exceptional account management.
It sounds like a no-brainer, but so many LSPs do not develop formal account plans. An Account Manager without an account plan is like a boat without a rudder. Account plans are dynamic documents that map out the strategy for a specific account and contain up-to-date details about the account’s industry and trends, company, contacts & decision makers, influencers & prospective buyers. Account plans map out both short-, medium- and long-term strategies to protect your client relationship from competitive forces, as well as uncovering new business opportunities in different divisions, departments, business groups or specific individuals within the account.
KPIs are essential for successful account management and should be integrated into your account plan. It goes without saying that revenue, profitability and account growth are key indicators of success.
Since most of us want to maintain or grow our accounts, measuring value creation (the ROI your client has realised from your services) is exceptionally important and one that our industry typically struggles with. I like this KPI, because it involves input from your client. LSPs rarely ask for this kind of information, yet it is key for both we LSPs and our client to understand the positive impact our services have on their business. Measuring improvements in the client’s ROI, would surely help account managers secure additional work and make the client less likely to explore other options, especially if they are working together to obtain, track and manage this crucial information.
I have been surprised at how many LSPs do not hold quarterly (or even annual) business reviews with their key accounts. QBRs are an essential part of account management. As my colleague Thomas Edwards puts it, “the Quarterly Business Review is perhaps the single most important tool at the disposal of the effective Strategic Account Manager. It is a special time to go over Key Performance Indicators, issues & resolutions, what is working well and what needs improvement. It is also a forum to review the forecast of upcoming work for optimum resource allocation and growth”.
QBRs also offer account managers the opportunity to include senior management and technical experts on both sides for strategic discussions, recommendations for process improvements and gaining access to other departments and decisionmakers who would benefit from your services.
These are just three of the many tools that Account Managers employ to successfully manage client relationships. Stay tuned for more thoughts on Account Management in the language services industry in future posts!
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