• Sharon Stanley Consulting
  • Member Resources
    • Copywriting resources
    • Coaching resources
    • Account Management resources
    • Corporate Travel Risk Management Program resources
  • Contact Us
  • Testimonials
  • Copywriting Services
  • Our business services
  • Copywriting Services
  • Subscribe to our newsletter
  • Coaching for individuals
  • Our Commitments
  • Consulting and outsource services
  • Home
  • About the business
    • Consulting and outsource services
    • Coaching for individuals
    • Transition to Account Management Program
    • About Sharon
    • Our Commitments
  • Blog Posts
  • Testimonials
  • Contact Us
    • Contact Us
    • Subscribe to our newsletter
    • Privacy Policy
  • In the News

Sharon Stanley Consulting | Account Management Excellence | Business Consultant

Sharon Stanley Consulting | Account Management Excellence | Business Consultant

  • Home
  • About the business
    • Consulting and outsource services
    • Coaching for individuals
    • Transition to Account Management Program
    • About Sharon
    • Our Commitments
  • Blog Posts
  • Testimonials
  • Contact Us
    • Contact Us
    • Subscribe to our newsletter
    • Privacy Policy
  • In the News

5 Warning Signs Your Account Management Function is Failing: Is Your Business at Risk?

May 24, 2023By sharonAccount management, Business Owner, Goals, Leadership, Sales, Sharon Stanley Consulting
5 Warning Signs Your Account Management Function is Failing: Is Your Business at Risk?

In the dynamic landscape of business, a robust account management (customer success) function plays a pivotal role in ensuring client satisfaction and fostering loyalty.

However, it’s crucial to be aware of five undeniable warning signs that your current account management approach may be falling short.

1. Declining customer satisfaction

If you notice a decrease in customer satisfaction levels or receive negative feedback from your clients, it could be an indication that your account management function is not meeting their needs or expectations. This might be reflected in complaints, unresolved issues, or a lack of proactive communication.

2. High customer churn rate

A high customer churn rate, which refers to the number of clients who discontinue using your services, can be a sign of ineffective account management. If you’re losing customers at an alarming rate, it suggests that you may not be adequately nurturing your client relationships or addressing their concerns.

3. Lack of personalised communication

Account management should involve personalised and tailored communication with your clients. If you find that your interactions with clients are generic, impersonal, or lacking attention to their specific needs, it indicates a weakness in your account management function. Personalisation helps build stronger relationships and demonstrates that you value your clients as individuals.

4. Missed opportunities for upselling or cross-selling

Effective account management involves identifying opportunities to upsell or cross-sell additional products or services to your existing clients. If you’re consistently missing these opportunities or not maximising the potential of your client base, it suggests a lack of proactive engagement and a failure to leverage the full potential of your relationships.

5. Inadequate tracking and reporting

Monitoring and measuring the performance of your account management function is essential to identify any areas for improvement. If you lack the necessary systems or processes to track key metrics such as customer retention, revenue growth, or customer satisfaction, it becomes difficult to gauge the effectiveness of your account management efforts. Proper tracking and reporting mechanisms are essential for making data-driven decisions and identifying areas of improvement.

If you observe any of these signs, it may be necessary to review and revamp your account management strategies, provide additional training to your account management team, or consider investing in tools and systems that support effective client relationship management.

By addressing these warning signs, you can revitalise your account management function and ensure stronger client relationships. Embrace proactive measures, personalisation, and data-driven decision-making to elevate your business success. Remember, a robust account management function is the cornerstone of customer satisfaction and loyalty.

Seeing some of these signs, but don’t know where or how to get started? We can help, contact Sharon to arrange a complimentary call to discuss your challenges and how we can assist you to build the best account management function for your business and clients.

Photo by Nik on Unsplash

Post navigation

← Are You Maximising Your Account Management Potential? The Lowdown on Client Tiering
I have a sales team; do I really need account managers too? →

Recent Posts

  • Are Account Management KPIs Essential? If So, How Do You Set The Right Ones?
  • It’s Never Too Early: Holiday Planning as a Client Account Manager
  • Investing in a CRM: Is It Right for Your Business?
  • Navigating Change with Clients: Paving the Way through Conversations
  • Unlocking Client Growth: Embracing Discomfort for Business Success

Recent Comments

  • Are these two areas missing from your travel risk management program? | Sharon Stanley Consulting | account management solutions on Do you have your duty of care in mind when it comes to the health, safety and security of your travellers?
  • Toni on Taking time out to recharge the batteries on Bruny Island
  • Successful account management – part 4 trust, genuine interest and tying it all together. | Sharon Stanley Consulting on Successful account management – part 3 asking the right questions.

Categories

  • Account management
  • Business Owner
  • Coaching
  • COVID-19
  • Daily life
  • For the love of travel
  • Goals
  • Leadership
  • Leading
  • Making a difference
  • Neuroscience
  • Photography
  • Productivity
  • Proposal writing
  • Sales
  • Sharon Stanley Consulting
  • Slow
  • Social Responsibility
  • Tips
  • Travel industry
  • Uncategorized

Categories

Search

  • Facebook
  • LinkedIn

We acknowledge the Cammeraygal people of the Eora Nation as the Traditional Custodians of the Country where we are based in Willoughby. We recognise their continuing connection to the land and waters, and pay our respects to Elders past and present, and extend that respect to all First Nations people.

Copyright 2023 Sharon Stanley | Address: Cammeraygal Country | PO Box 427 | Willoughby NSW 2068 | Australia