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The Importance of Account Management

Business is about a great customer experience, the relationship you build with them and a consistency of service. That is where account management comes in.

What is the purpose?

The purpose of account management is to define a full relationship between your business and the client as well as nurturing that relationship and providing value to your customer. Demonstrating that you have their best interests at heart and that you, as a company are dedicated to fulfilling them.

The successful implementation of account management, adds value to an initial transaction that was initially price-driven. It allows you to create a solid, strong and long-term relationship as well as providing a quality service or product. Encouraging customer loyalty and above all customer satisfaction.

What are the benefits of account management for the customer?

Account management is most effective for larger customers, for clients that have more complex and unique requirements with larger portfolios.

There are a great deal of advantages to having your account managed through a Key Account Management Scheme:

  • Streamlined business processes: Business processes set out by an organisation offering a product or a service can help their customers save money as well as becoming more efficient. In some cases business processes are custom-tailored and unique to the client, creating optimum service outcomes.

  • Quick and personal 1-2-1 service: Direct access to a single contact point, the Key Account Manager (KAM) instead of the need to have to go through a call centre. This enables the KAM and client to develop a close and personal relationship.

  • True understanding of the clients needs: It gives the client confidence that someone truly understands what their requirements are, someone is solely focusing on the maintenance of their account along with a personalised experience of the services the business offers.

  • Access to expert industry knowledge: When a client receives account management they are given direct access to qualified business experts who have worked in that industry for many years working directly on their account. In the Utility industry this allows clients access to direct traders, billing, energy efficiency and metering experts amongst a host of others.

The Importance of Account Management - 2

Our tips on successful account management...

  • Understanding your client and their needs is key.

    It is imperative that you know exactly how your client functions, what they do and don’t like and what they want out of the partnership. To look at what their business is all about and what the current state of their industry is as well as what their future plans and goals are.

  • Get members of each team from your company involved.

    At Utility Team we find that meeting with the client on a number of occasions with various members of our inhouse team (from our Operations Team to our Board of Directors, we like to get every level involved to ensure optimal service). This allows for both parties to get to know each other and understand expectations. Having a clear view of the big picture can allow you to confidently serve the client.

  • Development of an effective account plan.

    An account plan should be created with all parties involved, this allows for timelines on actions to implemented and communication calendars to be set up. It sets out the expectations for the client so they know who to go to and when. It also lets them know when they can expect reporting and responses to queries they send in.

  • Review consistently.

    An effective account development plan will be revisited on a quarterly basis with the client and changes made to reflect movement in their sector, the product or even staff changes on either side.

  • Communication is key, we can’t say it enough. Highlighting the positives is great but also communicating when things go wrong as well helps with damage control and steers you back towards your path and ultimate goal.

    Keep the lines of communication open at all times to ensure that everyone stays up-to-date and on the same page. It allows you to move towards agreed goals and build trust with the client.

  • Focus on the big picture.

    Look to the future and stay as far ahead of the game as possible. It can be easy to get stuck in day-to-day business detail, not being able to see the woods for the trees. Providing effective account management means taking a break from the day to day to look at what is on the horizon, what is going on with the economy that could affect the client in the coming months. Looking to the future can help with proactive activity rather than reactive responses. Being able to predict your clients’ needs and prepare time and resource results in outstanding service for the client.

Customer service is paramount at Utility Team. It’s something we focus on at our core in the relations with all customers. We believe business is about the total journey the customer has with us from inception to completion.

If you want to work with a company that not only gets you an extensive saving, saves you a lot of time and hassle but also has your companies  best interests at heart contact us today.

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