May 4, 2023
Account Strategy Execution
Executing an account strategy can be a daunting task for even the most experienced account managers. It requires a combination of people skills, strategic planning, and effective communication to ensure success. In this article, we provide tips and actionable advice for each of these key areas.
Relationships are key in account management. Measuring the progress of your relationships with key stakeholders is essential to executing your strategy. According to Coach Kelley O’Keefe, it is crucial to understand the mindset of stakeholders, their pain points, and vision of the future, as it allows you to align your strategy in a way that benefits all parties involved.
Take stock of where you stand with your customers and partners. Identify areas where you need to improve engagement and focus by creating compelling reasons to meet. Be creative and leverage insights to demonstrate the value you can bring to their business.
Consider developing and maintaining a relationship scorecard for each key stakeholder, tracking your progress in building rapport and trust over time. Use this to identify areas where you may need to improve your relationship-building efforts. Regularly review your progress against this scorecard and make adjustments as necessary.
When considering your progress with your key stakeholders, ask yourself:
- How can you leverage social media and other online resources to gain additional insights into your stakeholders’ needs, preferences, and priorities?
- Are there any commonalities or patterns among your stakeholders’ backgrounds or interests that you could use to build rapport and trust more effectively?
Having a solid plan in place is essential for executing an account strategy. Regularly review your progress against KPIs and make adjustments to your tactics and strategies as necessary. Continuously review and adjust your plan based on new insights, changing priorities, and feedback from stakeholders.
In today’s environment, the reliable time horizon for a stable plan is getting much shorter.
Improve your plan by anticipating potential changes to the environment and come up with mitigation or minimization strategies for those elements. Be on the lookout for leading indicators of potential change and create checkpoints to test your plan. Stay agile, and be willing to make changes to your plan if something isn’t working.
Some questions to consider as you review your account plan:
- Prepare for change. What assumptions have I made in my plan that may be incorrect or could change?
- What contingencies do you have in place in case your account plan needs to be revised or adapted quickly?
- What internal resources do you need to collaborate with, and what sales resources you need, such as collateral, testimonials, and external references?
Effective communication is essential for executing your strategy. Internally, communicate with your team regularly to keep everyone informed on your progress. When you are proactive in your communication, your organization will see you as someone who is methodical and deserving of additional resources and support, regardless of your level of success.
Externally, communication is even more important. How you communicate with your customers determines whether they want to work with you. Coach O’Keefe notes that relationships are built on trust, credibility, and respect – none of this can be achieved without effective communication.
Focus on helping them solve their problems and they will be more willing to facilitate your activities within their company. Keep them informed about your progress and make sure they understand the value you bring to their business.
Some questions to consider about your communication strategy:
- How can you tailor your communication style to better resonate with each stakeholder, based on their unique preferences and communication styles?
- How can you use storytelling and other creative techniques to make your communication more engaging and memorable for your stakeholders?
In summary, executing an account strategy requires a focus on people, planning, and communication. Building strong relationships, creating a checkpoint plan, being prepared to adapt to changing conditions, and communicating effectively both internally and externally are essential for success. Being proactive in each of these areas and asking for the resources you need in a timely manner are keys to success.
As a call to action, we suggest you meet with a coach to help you identify ways to improve your strategy execution skills. A coach can help you focus your energy efficiently and be a sounding board as you experiment with new actions. With the right mindset and approach, your ability to execute an account plan can be your competitive strength.
Book your session with Kelley O’Keeffe or another TaskHuman leadership coach today!