New business is often seen as the major source of revenue in any business. However, it’s a fact that acquiring new customers is a lot more expensive than retaining and growing the existing ones.
Rather than waiting for the organic growth, the focus should be to grow the account proactively. Account growth is a process of developing the accounts, not a single action.
Not all buyers are same. Their goals are different, their success metrics are different, they expect a different level of experience, so it’s essential to create an account specific plan.
- Identify and prioritize the accounts
- Understand the business goals for which customer has bought the product/service
- Develop an action plan
- Figure out all the contacts involved in a particular account
- How successful the customer has been so far
- Identify the Success blockers
- Regular Account Review sessions
Account Growth could be in form of up-sell, cross-sell, plan upgrade, expansion.