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

DRIVING KEY
ACCOUNT GROWTH:
AUG20
2018
PLANNINGAND EXECUTIONTO
ACCESSTHEWHITE 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

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.

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

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

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.

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?”

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.

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

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

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