Key Accounts - Improve your Share of Wallet
We often see Account Managers being content with the relationship with their major accounts, however, upon analysis of these relationships, they realise their 'share of wallet' is well below the real potential for the account.
To start with, many simply haven't considered their share of wallet as they maintain an approach where retention is a key priority and a slight incremental improvement in revenue from the Account is a bonus.
Improving your share of wallet requires:
1. Continued attention of where you stand against your competition
2. A change in behavior to consistently identify your current share of wallet through building Insight around both what your competitors (internal and external competitors) are providing and also the potential opportunities within your client
3. Create Initiatives that will enable them to secure additional opportunities and more effectively compete with the competition
To support these behaviors, a Key Account Manager needs effective resources and sound processes, such as Salesforce CRM, to effectively address the challenges of securing an appropriate share of wallet.