A project’s account management is a science that has four elements; one is profitability management which is the first and the most important element. This ensures that each of the sales representatives has a clear understanding about the management of profitability. The second element is the account relationship selection wherein the selection of relationship can either make or break an account’s profitability.
Relationship ranges from the partnerships within customers to the management of product flow. The art of selling relationship is to really have knowledge and understand where each of the relationship within a project will end up, and to guide in a systematic way each account into its most profitable buyer and supplier relationship. The third element is the path of product migration. The products and services of most companies are structured in such a way that the migration paths are clear and thus deepening the account relationship. Other companies are structured naturally which leads on one sale to another sale. The sales representative must work in a process that is well structured and not simply selling products in an unmanaged way.
The fourth and the final element is account planning. The objective of account planning is for the sales representatives wisely manage the decision making process of the account. The focus of an effective account plan is to position the account for stronger sales to continue. Account plans that are well conceived offers a basis for measuring the progress of the project, coaching, analyzing, and solving particular problems.