Episode description
Summary
The conversation explores the concept of account management as a potential growth driver for agencies. Jenny, an expert in account management, shares her insights and experiences in the field. She emphasizes the importance of shifting the mindset from account management as client retention to account management as a strategic growth opportunity. The conversation covers the missed opportunities in account management, the need for a dedicated account management team, and the three levers of account growth: strategy, skills, and systems. It also discusses the indicators for choosing which clients to focus on and the risks of customer concentration. In this conversation, Tony Wilson and Jenny Plant discuss key strategies for account growth in agencies. They emphasize the importance of executive buy-in and alignment, clear job descriptions, and performance reviews. They also discuss the process of strategically letting go of clients and the importance of off-boarding with empathy and maintaining a good reputation. They highlight the role of being a challenger in account management, asking the right questions, and understanding the client's business to provide business-relevant solutions.
Keywords
account management, growth driver, agency, client retention, missed opportunities, dedicated account management team, strategy, skills, systems, customer concentration, account growth, agency, executive buy-in, alignment, job descriptions, performance reviews, off-boarding, empathy, reputation, challenger, business-relevant solutions
Takeaways
- Account management can be a growth driver for agencies if approached strategically.
- Account managers should be seen as strategic growth partners rather than just service providers.
- The three levers of account growth are strategy, skills, and systems.
- Consider the growth of the client's business, revenue concentration, and values fit when choosing which clients to focus on.
- Monitor the market and the client's business to identify growth opportunities and mitigate risks. Executive buy-in and alignment are crucial for successful account growth strategies in agencies.
- Clear job descriptions and performance reviews help ensure that everyone in the organization is focused on account growth.
- Strategically letting go of clients requires an off-boarding strategy that is empathetic and maintains a good reputation.
- Being a challenger in account management means asking the right questions and providing business-relevant solutions.
- Understanding the client's business and goals is key to being a successful challenger and driving account growth.