How to Scale Account Management for Business Growth?

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How to Scale Account Management for Business
Growth?

• https//www.imprezz.in/ Imprezz

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Small businesses in India must prioritize
leveraging account management to drive massive
business growth. Many startups often tend to
operate with a motive to sustain. Thereby, they
overlook that having formal systems and design at
an initial stage can take the business to a new
level in no time. The difference between
businesses that succeed and dont is the ability
to scale their strategic execution. Each
business, irrespective of its size, must focus on
building ideal customer relationships. It is
easier to generate strategic accounts from loyal
customers. Because selling to an existing
customer is much easier and profitable than
otherwise.
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As a business owner, you need to acquire
resources as you expand. For instance, when the
customer base increases, you need to hire more
professionals to serve them. Scaling primarily
refers to adding adequate revenue, while
businesses add resources at a marginal
rate. Retaining customers in todays competitive
world can be devastating for businesses. One way
to achieve this aspect is to scale account
management. The strategic accounts represent at
least 40-50 of revenue and margin of an
enterprise. Thus, businesses must reassess the
systematic approach towards top customers. This
article is a comprehensive guide to small
business owners in India. After having done
thorough research, we have laid out key strategic
methods. Find out how you can grow your business
without over complicating account management.
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What is Account Management? Importance

• Account Management is an extension of the sales
  process. It starts once the sales transaction is
  carried out successfully. Strategic management
  helps to handle customer accounts regularly. It
  is a process of building long-term relationships
  with valuable customers. They drive more profit
  to the enterprise, and account management helps
  convert them into business partners.
• A key account manager who carries out the
  management processes provides necessary
  resources, periodic meetings, and offers. Modern
  businesses automate financial management
  processes from inception to keep track of each
  transaction. Current online accounting software
  for small businesses in India, provides financial
  analytics and business solutions that help
  businesses stand out among their competitors.

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Automate Account Management with Imprezz.in

• Growth of sales for small businesses in India
  begins with analyzing and understanding purchase
  and preference patterns. Most buyers these days
  are sophisticated in making purchase decisions,
  bids, and negotiations. It is where Imprezz
  cloud-based accounting software comes to play.
• The integrated software runs all the accounting
  errands for small businesses. It not only helps
  retain current customers but enables to poach new
  clients though customizable quote creator.
  Imprezz automation tools reduce the workload for
  account managers and other employees, eventually
  streamlining the organizational workflow.

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Strategies to Scale Account Management to Drive
Business Growth

• Traditional Account Management strategies can
  hurt the growing business. Here are five
  strategic methods that can transform a small
  business into a successful organization.

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Method 1 Increase Renewals

• Increasing your renewal rates doubles your income
  base and gross revenue growth. Adding points to
  the renewal rates and improvising it over time
  can be a twisted process. Lower renewals hamper
  revenue growth and scalability. A renewal rate of
  85 will consume at least 15 of the growth in
  new business bookings to maintain revenue growth.

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• Most companies struggle to overcome renewal
  rates, while the best companies never drop lower
  than 95 renewal rates. Imprezz cloud-based
  software counters the problems and provides tools
  to improve renewal rates.
• Taking a land and expand approach to sales
  could positively affect renewal rates. For
  instance, you can aim to capture half of the
  target growth rate of expansions by demonstrating
  value in one area of ??your clients business and
  then expanding to others. As your platform or
  solution becomes more stable and long-term, the
  customer (renewal) will likely stay with you.

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Method 2 Hire Creative Minds That Understand
Your Goals

• Most SaaS and Tech companies fail to employ
  product strategists or marketers. Commonly, not
  many CEOs have experience working with them. It
  is one of the mains reasons why businesses are
  not able to scale their growth. Heres how hiring
  creative minds can bring about a change in an
  entity.
• Passionate employees understand the
  organizational goals and thus work by customer
  centralization.
• They are well experienced in aligning products as
  per market needs and demands. It substantially
  helps product development and sales.

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• They are determined to generate significant
  sales.
• They focus on the effectiveness and efficiency of
  delivery that ensures customer satisfaction.
• They work with a holistic perspective towards
  defining, developing, operating and launching a
  product.
• They ensure end-to-end cross-functions, which
  helps launch a product successfully and scale
  product development.
• Hiring ideal employees is a strategic function
  laid out to generate market reports that guide
  the CEOs to make business decisions. They help
  prioritize and group technical requirements for
  business sales and customer retention.

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Method 3 Offering Value-Added Services

• Whether you seek each project to be a
  professional service (as if it were unique) based
  on business hours, sell one-size-fits-all
  services, or, worse yet, provide free service
  hours, these practices are not scalable. Provide
  packages on the services or products that you
  render. You can offer a project-based, annual or
  timely subscription for your customers. Here are
  a few examples.

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Implementation

• Examine what it takes to implement your solution
  in one customer profile versus another. Inspect
  in terms of roles or types of service required,
  such as discovery, integration, QA, architect,
  and project management. Look into the hours of
  each kind of service you offer.
• Incorporate this into production deployment
  packages at a total flat rate compared to the
  softwares annual cost. It allows your sales
  representatives to sell your price list rather
  than looking for resources to define each deals
  scope. The implementation strategy also leads to
  the aligned organization of services in terms of
  lifetime expectations (revenue recognition).

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Optimization
Creating Managing Reports

• Do your account managers provide regular reports?
   Are they responding to custom report requests
  from clients? How many hours a month do you
  dedicate to this? Can these interactive service
  requests be turned into a value-added proactive
  reporting or analytics service for a fee?

Set and Forget. Offer an upgrade package for a
fixed annual fee. Ensure that your solution is
actively launched and used so that it is
consistently aligned with your customers
business needs and that they get the most out of
their deployments.
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Method 4 Integrate Product Management
Ownership with Delivery of Services

• Integrating product management and product
  delivery keeps the money roadmap in place. Keep
  the customer experience at the center of the
  roadmap and focus on revenue generation. It lends
  not only a scalable service offering but also a
  more scalable end product.
• Especially for startups and small businesses,
  product managers need to see how products are
  implemented, merged, improved, etc. If done so,
  they will be better positioned to produce
  capabilities that would otherwise require
  customization work and service hours to activate.

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Method 5 Launch Sales Marketing Engines
Across Multiple Cylinders

• Multifaceted market models tend to present the
  best opportunities for growth and scalability
  when implemented effectively. Heres what
  launching sales and marketing engines across
  multiple cylinders mean.
• Sell ??to multiple industries at the same time,
  such as retail, financial services, and travel.
• Sell ??to multiple market segments, such as large
  enterprises, medium-sized businesses, and small
  businesses.
• Sell ??through more than one channelfor
  instance, direct, online, VAR.

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• Successful businesses seize the opportunity to
  shoot multiple cylinders in an early stage of
  their journey. It helps in the optimum
  utilization of resources. In case you plan to
  expand to mid-markets, you can extend the base of
  target buyers. In this way, you can leverage
  existing tactics of lead generation and
  resources.

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Conclusion

• Of course, there are many ways to scale a growing
  business. What are your strategies and methods
  for expanding growth? Embrace failures and learn
  from your mistakes. Focus on bringing the right
  system in place. Implement a strategic account
  management plan. Allow your account managers to
  shape the future of your growing business.
• Better yet, go for cloud accounting software that
  can automate it all for you. Rid of the
  challenges of implementing your account
  management plans. Imprezz.in, the best accounting
  software enables businesses to gain internal
  support and advocacy. Utilize the analytical
  solutions to measures the success of your account
  plans.
• At Imprezz, we offer a 14 days free trial
  software program for small businesses in India.
  Log in to start your accounting today! Grow with
  us.

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