Once every 6 months you should analyse your customers and prospects. When you do this correctly you can stay on target when it comes to prospecting and converting new business. The analysis becomes part of your business plan.
This process is actually part of a Key Account business model, and will produce a list of Key Accounts that will require different response and interaction than ordinary customers. So let’s go back to the process, and here are a few stages that can be optimised for your industry and market.
- Identify all the customers in your market today. You will need to collect the customer information and review it for relevance and opportunity. Look at all the variables and types of customers that you can work with such as existing customers, competitor’s clients, new customers, and old customers. All of them will offer some benefits. Some of your customers today may be working with competitors at the same time, so they should be identified for the special treatment that the ongoing relationship with them will require.
- Review the information for accuracy, opportunity, relevance to your business, and timeliness of the next sale or purchase of goods and services. If your product or service is a seasonal based unit, then you will be mindful of that selling season and you should prepare for it.
- Analyse customer details so that you know of any opportunities to expand your offering
- Segment your customers and validate them into groups that you can act on. Prioritize the members of each group into levels of action and importance.
- Determine your Key Accounts from ordinary customers so that you can service them differently and specifically.
Key account management is not hard; it is just a distinct process that requires a system to take you through important decisions.