What risks should you consider and how can you mitigate them with account planning?

2 Risk 2: Failing to deliver on your promises and expectations

Another major risk that account managers face is failing to deliver on their promises and expectations to their accounts. This can happen due to various reasons, such as poor project management, scope creep, quality issues, delays, errors, or misunderstandings. If you don't deliver on your promises and expectations, you risk damaging your account's trust, satisfaction, and loyalty. You also risk losing your competitive edge, reputation, and referrals.

To mitigate this risk, you need to set clear and realistic expectations with your account from the start and throughout the project lifecycle. You also need to monitor and measure your delivery performance and results against the agreed-upon objectives, milestones, and metrics. You should also communicate proactively and transparently with your account about any issues, challenges, or changes that may affect your delivery and how you plan to resolve them. You should also seek and act on your account's feedback and suggestions to improve your delivery quality and outcomes.

3 Risk 3: Overlooking new opportunities and threats within your account

A third risk that account managers face is overlooking new opportunities and threats within their account. These are the events, trends, or situations that could create or destroy value for your account and your relationship. For example, new opportunities could include new projects, initiatives, problems, or goals that your account is pursuing or facing. New threats could include new competitors, regulations, technologies, or risks that could affect your account's performance or satisfaction.

To mitigate this risk, you need to conduct regular and thorough account reviews and analyses. You also need to stay updated and informed about your account's industry, market, and environment. You should also use your account reviews and analyses to identify and evaluate new opportunities and threats within your account and how they impact your account's needs, goals, and challenges. You should also use your account reviews and analyses to propose and prioritize new solutions, actions, or recommendations that could help your account seize new opportunities or overcome new threats.

4 Risk 4: Becoming complacent or irrelevant to your account

A fourth risk that account managers face is becoming complacent or irrelevant to your account. This can happen if you stop adding value, innovating, or differentiating yourself from your competitors. If you become complacent or irrelevant to your account, you risk losing your account's interest, engagement, and loyalty. You also risk being replaced, marginalized, or commoditized by your competitors or alternatives.

To mitigate this risk, you need to continuously demonstrate and communicate your value, innovation, and differentiation to your account. You also need to align your value proposition and solutions with your account's changing needs, goals, and preferences. You should also use your account planning to identify and leverage your strengths, weaknesses, opportunities, and threats (SWOT) as an account manager and as a solution provider. You should also use your account planning to develop and execute strategies and tactics that could help you retain, grow, and protect your account.

5 Risk 5: Neglecting your own development and growth as an account manager

A fifth risk that account managers face is neglecting their own development and growth as an account manager. This can happen if you stop learning, improving, or expanding your skills, knowledge, and abilities as an account manager. If you neglect your own development and growth as an account manager, you risk falling behind, stagnating, or burning out as an account manager. You also risk losing your motivation, confidence, and performance as an account manager.

To mitigate this risk, you need to invest in your own development and growth as an account manager. You also need to set and pursue your own professional goals, objectives, and plans as an account manager. You should also seek and apply feedback, coaching, mentoring, and training opportunities that could help you enhance your account management competencies and capabilities. You should also network and collaborate with other account managers and professionals who could inspire, support, and challenge you as an account manager.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?