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Driving Key Account Growth: Planning and Execution to Access the White Space

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Richardson
Richardson

Decreasing customer loyalty, higher expectations, and constant competitive threats are making forecasted business from your best customers anything but a certainty. The presentation will cover the following: 1. The guiding principles for excellence in strategic account planning 2. Quantitative and qualitative factors to consider in choosing accounts for strategic account planning 3. How to align to the customer’s strategy Account plan execution

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DRIVING KEY ACCOUNT GROWTH: AUG20 2018 PLANNINGAND EXECUTIONTO ACCESSTHEWHITE SPACE
Driving Key Account Growth: Planning and Execution to Access the White Space
SESSION ROADMAP Benefits of Strategic Account Planning Guiding Principles Execution Excellence
BENEFITS OF STRATEGIC ACCOUNT PLANNING
“Those who use an analytic approach achieve up to 10 percent sales growth, up to 5 percent higher return on sales, and a margin uplift of 1 to 2 percent.” - McKinsey & Company
Close faster Reduce acquisition costs Retain priority relationships Focus on the best accounts
A STRONG ACCOUNT PLANNING METHODOLOGY Helps you identify the appropriate information you need to make the best decisions to maximize the relationship1 Provides a format for capturing and using that information in an organized way to help you make decisions that have the greatest impact on achieving your revenue objectives2 Provides a way to analyze that informationfor the purposes of creating goals, objectives, strategies, and anAction Plan that, when executed, helps you achieve your overall goal with a relationship3
CUSTOMER RELATIONSHIP PYRAMID TRUSTED ADVISOR TECHNICAL EXPERTS PRODUCT PROVIDERS PROFESSIONAL VISITOR
GUIDING PRINCIPLES OF STRATEGIC ACCOUNT PLANNING
1SELECT THE RIGHT CUSTOMERS ANALYZE, THEN ACT CREATE ALIGNMENT AND VALUE COLLABORATE WITH THE CUSTOMER 2 3 4 GUIDING PRINCIPLES
Select the Right Customers
IDENTIFYING STRATEGIC ACCOUNTS WHITE SPACE • Divisions, locations, and departments you are not serving now that need your product or service • Additional or new products or services • Opportunities to disrupt and displace your competitors • Understanding what’s happening with your customer • The key decision makers, influencers, and coaches • Trends and buying patterns of your best customers to use as a benchmark • IsYear-over-Year Revenue increasing or decreasing? • How is revenue from this customer compared to your target or plan? • How significant is this relationship (revenue, volume, prestige, etc.) to your organization? • What is the current product mix? What opportunity exists to offer additional or new products and services? • What additional divisions, locations, and departments are you not serving now? • What opportunities are there to disrupt and displace competitors? QUANTITATIVE FACTORS REVENUE WHITE SPACE
IDENTIFYING STRATEGIC ACCOUNTS • Vertical market or industry where your organization has had success • Significant relationship that provides credibilityto your organization in an industry or vertical • Input from the customer acknowledging the value you provided • Your level of relationship and trust • Access to customer stakeholders • Customer culture/values • Alignment and fit QUALITATIVE FACTORS
©2018 Richardson. All rights reserved. Status Quo Bias Status Quo Bias is our emotional preference to stay with solutions or choices that we have already made. Those affected by this bias may find it difficult to change the status or strategy for an account because they may be concerned about the implications of that decision and, as a result, may opt to just maintain the status quo. This can lead to them spending time where there are no, or no longer, development opportunities or customer alignment and not focusing their time and resources on the best opportunities.
Analyze, then act
RICHARDSON’S MOMENTUM METHODOLOGY
MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
EXTERNAL INDUSTRY ISSUES Take a broad look at the customer’s industry to better understand the external forces shaping that industry. Examples: • Change in supply and demand • Available capital • Suppliers • Research and Development • Labor Market RESOURCES Inputs necessary to run a business Examples: • Change in economic climate • Change in customers’ preferences • Global, national, or local events • Growing or declining market size • Negative press/public relations Examples: • New competitors entering the market • Established competitors upgrading their offerings • Mergers/consolidation • Competitor’s price cutting Examples: • Change in government, state, and local rules and regulations • Change in industry- specific regulations MARKET ISSUES Larger market trends COMPETITIVE ISSUES Actions that competitors take that can also impact the customer. REGULATORYISSUES Government regulations that impact all businesses
Create Alignment andValue
MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
Anchoring Bias The anchoring effect is a cognitive bias that causes people to rely too heavily on the first piece of information received as a point of reference. Once an anchor is set, decisions are often made unconsciously using the anchor as a reference point, rather than using rational or objective thinking. As we think about our customer relationships, objective thinking, testing assumptions, and understanding what’s new and what has changed are critical to developing a realistic plan.
CUSTOMER STRATEGY ELEMENTS Elements : CUSTOMER STRATEGY Values And Culture The values, attitudes, beliefs, and standards that are shared among the company’s stakeholders and employees. Goals What the organization wants to accomplish long term (two to five years) Objectives An organization’s short-term (three to 12 months), measurable achievements. Generally, there are a number of high-level objectives that, when accomplished, contribute to reaching an overall goal. Issues High-level challenges or opportunities that block or aid the customer in achieving their objectives and goals Initiatives High-level responses to address key business issues Values drive an organization’s culture and priorities and provide a framework within which decisions are made. Corporate culture is rooted in an organization's goals, strategies, structure, and approaches to labor, customers, investors, and the greater community. Goals tendto be financial and strategic in nature. Most organizationsoperate with three types of goals in mind: Make Money Save Money Manage Risk Issues Business issues fall into six categories: resources, market, competitive, regulatory, financial, and operational.
MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
Collaborate with the Customer
BUSINESS REVIEW MEETING To prepare for the Business Review Meeting, conduct both external and internal planning activities: • External — Align with the customer team to: • Refine/validate purpose • Confirm objectives and agenda • Identify participants, roles, and responsibilities • Include relevant information in summary • Internal — Align with internal team to: • Confirm roles and responsibilities • Determine meeting signals and cautions; practice handoffs and presentation skills, as needed • Uncover and anticipate resistance, potential issues, or landmines • Develop Executive Summary and materials As you set up the Business Review Meetings, it is important to agree with the customer on each of the following protocols: • What the discussion should accomplish — especially what is in it for the stakeholders • Who should participate in the meeting, including roles and responsibilities • When these discussions should take place • Where these discussions will occur: face-to- face, online, or via conference call • How the presentation/materials should be formatted
EXAMPLE QUESTIONS • “How are we doing in our work for you?” • “What could we be doing better?” • “What have we done recently that you have found particularly valuable or useful?” • “If you could change or improve one thing about our relationship, what would it be?” • “What could we improve upon or change that would make doing business with us easier?” • “How do we compare to others who talk to you?” • “Who else in your organization should we build a better relationship with?” • “What, if anything, can we do to improve the amount, timing, or format of our communications to you and your organization?” • “Give me your assessment of our team. What have they done particularly well? How can they improve?” • “What’s happening right now in your business?” • “What growth areas do you see in your business?” • “What issues have you been experiencing that we ought to be aware of or thinking about for you?” • “What obstacles do you face?” • “What’s the organization’s direction?” • “Where do you see the organization going in the next few years?” • “Where do you see your career going here?” • “I’m aware X is happening. How can we be of help?” • “I’ve noticed that you’ve been doing a lot of X lately.We’ve got expertise in that area. How can we be of help?” • “I read X this week. How does that affect you?”
EXECUTION EXCELLENCE
Potential Opportunities to Pursue1 Stakeholder Relationships 2 Service Needs and Opportunities3 Your objectives will fall into three different categories: What do I want to accomplishlong term in this relationship(two to five years) ? What are the short-term objectivesto reach the goals (three to 12 months)? PRIORITIZE GOALS AND OBJECTIVES Based on the assessment of how you are positioned in the relationship and your goals for the relationship, your next step is to set objectives that will help you reach the goals.
STRATEGIC ACCOUNT PLANNER
UPDATINGYOUR ACCOUNT PLANS Your account plan should be as dynamic as your customer – update and refresh your plan regularly. ENGAGEMENTAND FEEDBACK • After getting feedback on your plan, meeting with stakeholders, conducting business reviews, and engaging in other interactions with the customer and your internal team, integrate the information you gained into your account plan. • Refine and re-assess your account plan in order to better align with the stakeholders’ needs and achieve your goals. CADENCE • Implement a cadence to revisit your account plan, and leverage your CRM/calendar to ensure that it takes place. • Revisit your account plan quarterly at a minimum.
OTHER FACTORSTO CONSIDER IN UPDATINGYOUR PLAN TIME FRAMES PRIORITIES STAKEHOLDERS COMPETITION • The customer might have already taken steps toward addressing a challenging issue or might be planning to address a specific issue more or less quickly than you anticipated. • Your customer might have a different time frame in mind for their strategic initiatives. • Challenging issues are dynamic, and a new business issue may cause shifts in priorities. • The customer might acknowledge a need in an area you identified, but it might not be a high priority at this time. • A challenging issue or strategic initiative may be gaining visibility within the customer organization, and stakeholders may want to accelerate their decision making. • Decision criteria, resources, budgets, and business conditions all may change and affect the customer’s prioritization. • The stakeholders at the customer organization are likely to change over time. • As stakeholders change, the group dynamics and tone toward your organization may shift. • Stakeholders’ perceptions of your organization can change, and a stakeholder may become more or less of an Ally. • New competitors may be entering, and old competitors may be dropping out of the account. • Certain stakeholders might be interested in a potential opportunity but predisposed to pursuing that potential opportunity with a competitor. • Alternatively, one of your internal or external competitors in this account might have fallen short, and the stakeholders want to know if your organization could deliver similar products and/or services.
TRUSTED ADVISORS MAINTAIN FOCUS ON THEIR CUSTOMERS
HOWCANWE HELPYOU GROW YOUR KEY ACCOUNTS? Richardson’s ProsperousAccountStrategy program is a blended offering that includes: • Richardson’sAccelerate™ Digital LearningPlatform for: • Online assessment • Pre-workshoplearning • Post-workshopsustainment activities • Measurement tools and reporting • Mobile mastery tool, QuickCheck,to drive knowledgeretention • One-day,facilitator-led workshopwith a focus on live accounts • Train-the-traineroption www.richardson.com 215-940-9255 info@richardson.com LET’S GET INTOUCH

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Driving Key Account Growth: Planning and Execution to Access the White Space

  • 1. DRIVING KEY ACCOUNT GROWTH: AUG20 2018 PLANNINGAND EXECUTIONTO ACCESSTHEWHITE SPACE
  • 3. SESSION ROADMAP Benefits of Strategic Account Planning Guiding Principles Execution Excellence
  • 5. “Those who use an analytic approach achieve up to 10 percent sales growth, up to 5 percent higher return on sales, and a margin uplift of 1 to 2 percent.” - McKinsey & Company
  • 7. A STRONG ACCOUNT PLANNING METHODOLOGY Helps you identify the appropriate information you need to make the best decisions to maximize the relationship1 Provides a format for capturing and using that information in an organized way to help you make decisions that have the greatest impact on achieving your revenue objectives2 Provides a way to analyze that informationfor the purposes of creating goals, objectives, strategies, and anAction Plan that, when executed, helps you achieve your overall goal with a relationship3
  • 10. 1SELECT THE RIGHT CUSTOMERS ANALYZE, THEN ACT CREATE ALIGNMENT AND VALUE COLLABORATE WITH THE CUSTOMER 2 3 4 GUIDING PRINCIPLES
  • 12. IDENTIFYING STRATEGIC ACCOUNTS WHITE SPACE • Divisions, locations, and departments you are not serving now that need your product or service • Additional or new products or services • Opportunities to disrupt and displace your competitors • Understanding what’s happening with your customer • The key decision makers, influencers, and coaches • Trends and buying patterns of your best customers to use as a benchmark • IsYear-over-Year Revenue increasing or decreasing? • How is revenue from this customer compared to your target or plan? • How significant is this relationship (revenue, volume, prestige, etc.) to your organization? • What is the current product mix? What opportunity exists to offer additional or new products and services? • What additional divisions, locations, and departments are you not serving now? • What opportunities are there to disrupt and displace competitors? QUANTITATIVE FACTORS REVENUE WHITE SPACE
  • 13. IDENTIFYING STRATEGIC ACCOUNTS • Vertical market or industry where your organization has had success • Significant relationship that provides credibilityto your organization in an industry or vertical • Input from the customer acknowledging the value you provided • Your level of relationship and trust • Access to customer stakeholders • Customer culture/values • Alignment and fit QUALITATIVE FACTORS
  • 14. ©2018 Richardson. All rights reserved. Status Quo Bias Status Quo Bias is our emotional preference to stay with solutions or choices that we have already made. Those affected by this bias may find it difficult to change the status or strategy for an account because they may be concerned about the implications of that decision and, as a result, may opt to just maintain the status quo. This can lead to them spending time where there are no, or no longer, development opportunities or customer alignment and not focusing their time and resources on the best opportunities.
  • 17. MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
  • 18. MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
  • 19. EXTERNAL INDUSTRY ISSUES Take a broad look at the customer’s industry to better understand the external forces shaping that industry. Examples: • Change in supply and demand • Available capital • Suppliers • Research and Development • Labor Market RESOURCES Inputs necessary to run a business Examples: • Change in economic climate • Change in customers’ preferences • Global, national, or local events • Growing or declining market size • Negative press/public relations Examples: • New competitors entering the market • Established competitors upgrading their offerings • Mergers/consolidation • Competitor’s price cutting Examples: • Change in government, state, and local rules and regulations • Change in industry- specific regulations MARKET ISSUES Larger market trends COMPETITIVE ISSUES Actions that competitors take that can also impact the customer. REGULATORYISSUES Government regulations that impact all businesses
  • 21. MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
  • 22. Anchoring Bias The anchoring effect is a cognitive bias that causes people to rely too heavily on the first piece of information received as a point of reference. Once an anchor is set, decisions are often made unconsciously using the anchor as a reference point, rather than using rational or objective thinking. As we think about our customer relationships, objective thinking, testing assumptions, and understanding what’s new and what has changed are critical to developing a realistic plan.
  • 23. CUSTOMER STRATEGY ELEMENTS Elements : CUSTOMER STRATEGY Values And Culture The values, attitudes, beliefs, and standards that are shared among the company’s stakeholders and employees. Goals What the organization wants to accomplish long term (two to five years) Objectives An organization’s short-term (three to 12 months), measurable achievements. Generally, there are a number of high-level objectives that, when accomplished, contribute to reaching an overall goal. Issues High-level challenges or opportunities that block or aid the customer in achieving their objectives and goals Initiatives High-level responses to address key business issues Values drive an organization’s culture and priorities and provide a framework within which decisions are made. Corporate culture is rooted in an organization's goals, strategies, structure, and approaches to labor, customers, investors, and the greater community. Goals tendto be financial and strategic in nature. Most organizationsoperate with three types of goals in mind: Make Money Save Money Manage Risk Issues Business issues fall into six categories: resources, market, competitive, regulatory, financial, and operational.
  • 24. MOMENTUM METHODOLOGY FOR ACCOUNT GROWTH ASSESS Analyze Industry Explore Issues Identify Insights Assess Customer Align to Customer Strategy Identify Insights & Opportunities Summarize Relationship Assess Stakeholders Conduct StakeholderAnalysis Visualize Reporting Relationships & Dynamics Assess Competitive Position Conduct Competitive Analysis 2
  • 26. BUSINESS REVIEW MEETING To prepare for the Business Review Meeting, conduct both external and internal planning activities: • External — Align with the customer team to: • Refine/validate purpose • Confirm objectives and agenda • Identify participants, roles, and responsibilities • Include relevant information in summary • Internal — Align with internal team to: • Confirm roles and responsibilities • Determine meeting signals and cautions; practice handoffs and presentation skills, as needed • Uncover and anticipate resistance, potential issues, or landmines • Develop Executive Summary and materials As you set up the Business Review Meetings, it is important to agree with the customer on each of the following protocols: • What the discussion should accomplish — especially what is in it for the stakeholders • Who should participate in the meeting, including roles and responsibilities • When these discussions should take place • Where these discussions will occur: face-to- face, online, or via conference call • How the presentation/materials should be formatted
  • 27. EXAMPLE QUESTIONS • “How are we doing in our work for you?” • “What could we be doing better?” • “What have we done recently that you have found particularly valuable or useful?” • “If you could change or improve one thing about our relationship, what would it be?” • “What could we improve upon or change that would make doing business with us easier?” • “How do we compare to others who talk to you?” • “Who else in your organization should we build a better relationship with?” • “What, if anything, can we do to improve the amount, timing, or format of our communications to you and your organization?” • “Give me your assessment of our team. What have they done particularly well? How can they improve?” • “What’s happening right now in your business?” • “What growth areas do you see in your business?” • “What issues have you been experiencing that we ought to be aware of or thinking about for you?” • “What obstacles do you face?” • “What’s the organization’s direction?” • “Where do you see the organization going in the next few years?” • “Where do you see your career going here?” • “I’m aware X is happening. How can we be of help?” • “I’ve noticed that you’ve been doing a lot of X lately.We’ve got expertise in that area. How can we be of help?” • “I read X this week. How does that affect you?”
  • 29. Potential Opportunities to Pursue1 Stakeholder Relationships 2 Service Needs and Opportunities3 Your objectives will fall into three different categories: What do I want to accomplishlong term in this relationship(two to five years) ? What are the short-term objectivesto reach the goals (three to 12 months)? PRIORITIZE GOALS AND OBJECTIVES Based on the assessment of how you are positioned in the relationship and your goals for the relationship, your next step is to set objectives that will help you reach the goals.
  • 31. UPDATINGYOUR ACCOUNT PLANS Your account plan should be as dynamic as your customer – update and refresh your plan regularly. ENGAGEMENTAND FEEDBACK • After getting feedback on your plan, meeting with stakeholders, conducting business reviews, and engaging in other interactions with the customer and your internal team, integrate the information you gained into your account plan. • Refine and re-assess your account plan in order to better align with the stakeholders’ needs and achieve your goals. CADENCE • Implement a cadence to revisit your account plan, and leverage your CRM/calendar to ensure that it takes place. • Revisit your account plan quarterly at a minimum.
  • 32. OTHER FACTORSTO CONSIDER IN UPDATINGYOUR PLAN TIME FRAMES PRIORITIES STAKEHOLDERS COMPETITION • The customer might have already taken steps toward addressing a challenging issue or might be planning to address a specific issue more or less quickly than you anticipated. • Your customer might have a different time frame in mind for their strategic initiatives. • Challenging issues are dynamic, and a new business issue may cause shifts in priorities. • The customer might acknowledge a need in an area you identified, but it might not be a high priority at this time. • A challenging issue or strategic initiative may be gaining visibility within the customer organization, and stakeholders may want to accelerate their decision making. • Decision criteria, resources, budgets, and business conditions all may change and affect the customer’s prioritization. • The stakeholders at the customer organization are likely to change over time. • As stakeholders change, the group dynamics and tone toward your organization may shift. • Stakeholders’ perceptions of your organization can change, and a stakeholder may become more or less of an Ally. • New competitors may be entering, and old competitors may be dropping out of the account. • Certain stakeholders might be interested in a potential opportunity but predisposed to pursuing that potential opportunity with a competitor. • Alternatively, one of your internal or external competitors in this account might have fallen short, and the stakeholders want to know if your organization could deliver similar products and/or services.
  • 33. TRUSTED ADVISORS MAINTAIN FOCUS ON THEIR CUSTOMERS
  • 34. HOWCANWE HELPYOU GROW YOUR KEY ACCOUNTS? Richardson’s ProsperousAccountStrategy program is a blended offering that includes: • Richardson’sAccelerate™ Digital LearningPlatform for: • Online assessment • Pre-workshoplearning • Post-workshopsustainment activities • Measurement tools and reporting • Mobile mastery tool, QuickCheck,to drive knowledgeretention • One-day,facilitator-led workshopwith a focus on live accounts • Train-the-traineroption www.richardson.com 215-940-9255 info@richardson.com LET’S GET INTOUCH