You’re a mid-career Account Manager. What metrics should you be tracking to succeed?

When I was an account manager, I was all about looking at MoM and YoY trends on [at least] a quarterly basis. I specifically looked at my Top 10 "leaders" and "bleeders," as far as revenue and volume go. For leaders, they are customers who are buying more than they historically have in months/years past. For bleeders, they are customers who are buying less than they historically have. Collecting and putting this data in a presentable format was always a great reason to reconnect with a customer. Often, they weren't aware of these trends and they are usually open to giving more commentary on why the growth or decline in their business with you.

For Account Management, I am always interested in churn rates and growth rates. Number one is always protecting the account and the existing revenue. It is much harder to acquire customers than to keep them. Number two is always be looking at ways to expand across the client's business for growth opportunities. This might be affiliates, additional BU's, or different product lines as a couple of examples.

Tracking metrics is pivotal! Here's what matters: CSAT scores ensure consistent feedback, signaling client contentment. High retention rates indicate strong client bonds, while monitoring revenue growth trends ensures sustainable financial advancement. Grasping the long-term worth of clients through Customer Lifetime Value (CLV) is essential, while cross-sell and upsell opportunities paves the way for revenue expansion. Consistency of Service Level Agreements (SLAs) maintains client trust. Assessing client engagement metrics guides effective communication strategies and positive feedback and testimonials bolsters credibility. Focusing on these metrics will propel any mid-career AM towards success which fosters enduring partnerships.

As an account manager, client retention is paramount because it ensures the stability and growth of the business. Retaining clients means maintaining a steady revenue stream, as existing clients are often more profitable than acquiring new ones. It also fosters trust and loyalty, leading to long-term relationships and referrals, which are invaluable for business sustainability. Moreover, satisfied clients are more likely to provide valuable feedback, allowing for continuous improvement and better service delivery. Overall, prioritizing client retention strengthens the reputation and competitive edge of the company in the marketplace.

Completely agree. Showing loyalty and trust garnishes overall success, retention, and quantified proof of your company’s branding. How you treat people is a reflection of your company’s values, which affects your brand.

As an account manager, client satisfaction is paramount to me for several reasons. Firstly, satisfied clients are more likely to remain loyal, renew contracts, and even advocate for our services, which directly contributes to business stability and growth. Secondly, happy clients often provide valuable feedback that helps us improve our products or services, leading to enhanced offerings and better customer experiences. Additionally, maintaining high client satisfaction levels strengthens our reputation in the industry, attracting new clients and fostering long-term relationships. Ultimately, prioritizing client satisfaction is not only beneficial for our clients but also for the overall success and sustainability of our business.

As an account manager, recognizing the importance of client lifetime value (CLV) is crucial. CLV helps prioritize resources effectively, nurture long-term relationships, and identify opportunities for growth through upselling and cross-selling. By maximizing CLV, businesses can drive sustainable revenue growth and strengthen their competitive position in the market.

Live by these two account manager rules... 1. Client is King or Queen (its 2024) 2. Do a great job Yes, track sales, time spent here, time spent there, apply share of wallet strategies and all the rest of it, but if you live by those two rules across the board, you will get so sticky with your employer they won't want to lose you, then personal benefits will follow. When I started out my KPI's were turn over versus profit on a job by job basis, you get so caught up in analysing figures you forget to breathe and do what every client wants and frankly needs. To be treated like royalty and receive a best in class service, you will be surprised how many clients will pay over the odds for that type of account management.