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Strategic Account Management

Jul 17th, 2017 | By | Category: Geri Roskopf's Blog

What strategies do you have to increase revenue, profit and customer retention for your towing business? While I think most of us do research to make strategic purchases — buying a new versus a used tow truck for example — I don’t think many of us really implement new business development or customer retention strategies. We just don’t have enough staff to dedicate to do that one specific task.

Statistics, however, confirm that sales professionals who successfully engage in strategic account management are the most successful and cost-effective in growing revenue and profit by expanding business with existing customers.

As a small business owner you wear many hats, and while I don’t think I’m a sales professional and a strategic account manager, I do know I need to continually sell my services not only to new customers but to retain existing customers. Developing relationships with trust and finding out how to better serve my customers’ needs so they see a higher value in those services has to constantly be maintained.

Although I don’t have a sales staff, I know my employees have a major role to help me in account management. While they also don’t have the title of a strategic account manager, reminding them to help find opportunities for creating and delivering more value from our services and then making sure our customers see that value is important. They can also see what might be missing and what resources might be needed to help customers deliver value to their customers — better ETA’s for example. Everyone needs to find out what is needed to go the extra mile to help keep the competitor from vying for my business with my customers.

Taking the time now to invest in strategic account management for your current customers pays off in the long run.