We spend a lot of time coaching sales professionals and management teams on lead generation and client acquisition. Building the pipeline, getting appointments, getting past gatekeepers.
An area where companies need to direct their focus toward is managing and delivering to their current prospect and customer accounts. We use the KARE strategy. Designing a process to deliver to these accounts requires that the individual account falls into one of these four profiles – Keep, Attain, Recapture, or Expand. Each of these profiles contains common sales and marketing actions and in a sense become a funnel with a specific sales process specific to the profile.
So how do you identify the funnel that your account falls into?
Keep Accounts are the current maintenance accounts (your bread and butter). They may not have much growth potential but they also require minimal investment.
Attain Accounts are your new business growth opportunities. There is more investment in pursuing them but you have identified them based on the return of capturing them.
Recapture Accounts are inactive or previous clients that you would like to have back again. They exhibit growth opportunity and the return is greater than the investment involved in managing the account. For various reasons, not every former client will be a Recapture Account.
Expand Accounts are your most treasured customers and are usually your major accounts. You have invested in them and are willing to continue the investment due to their strong growth potential.
You will determine the KARE profiles based on attributes specific to your organization and business model. For each of the profiles, you will identify the steps that will deliver the appropriate strategy to those accounts. You will in effect, create a sales and marketing funnel for each of the profiles as a way to systematize the strategy. When you look at the individual accounts you will identify the steps in the funnel that apply to winning or expanding the business with that account.
For the clients/prospects that you have identified in each profile, decide on one key action you plan on taking over the next 30 days in order to either advance a sale or enhance a relationship.