5 Reasons Your Company Needs to Invest in Key Account Management

Acquiring new customers is the most obvious way for healthcare organizations to drive growth, but it is not the only way. More and more healthcare consulting firms are offering key account management training, an innovative new approach to account management that teaches professionals to focus their efforts on a few key accounts in their portfolio. Here are a few of the benefits of investing in this type of training for your firm’s account managers.

1. Retain Existing Customers  

Keeping the customers you have is always easier than finding new ones. Existing customers know what you have to offer and have found your services satisfactory over the months or years they have been working with you. 

Key account management training can help you build on that existing trust to forge iron-clad relationships that benefit both parties. When customers know that you will go above and beyond for them, you can win their loyalty for a lifetime.  

2. Grow Existing Accounts 

It is easy to think that the goal of customer retention is to maintain consistent income from that account over time. This is not true. Your existing customers may actually have much more interest in purchasing additional solutions from you than either of you realizes.  

A well-trained account manager understands that key accounts in their roster have untapped potential. They should always be looking for opportunities to show their clients some new product or service your organization offers that will meet their clients’ needs, even before those needs have been expressed. Doing this will allow them to capture more revenue from these accounts and easily achieve sustainable growth. 

3. Develop Your Understanding of Your Target Customers 

When you know your current customers like the back of your hand, you also gain knowledge about what future customers will respond to. Products or services that are popular with several accounts will probably be appreciated by similar organizations and may merit greater investment from your firm.  

Key account management training teaches your staff to observe trends in their customers’ needs and apply them to later sales opportunities. This tactic is especially effective when excellent account management skills are paired with additional information from pharmaceutical market research companies and other sources of real-world customer data.  

4. Secure Long-Term Revenue 

No firm can rely on project-to-project income forever. Every organization must build long-term sources of revenue to continue to grow and expand.  

Key account management training gives your staff the tools they need to deliver outstanding service on a consistent basis. This keeps customers satisfied and happy to keep giving you their business for many years to come.  

5. Drive Word-of-Mouth Marketing 

When your customers know they can depend on your organization for innovative solutions and excellent service, they will happily recommend you to other organizations in the industry. This allows you to build momentum based on your past successes and organically grow your customer base. 

Key account management training helps your staff further develop their skillsets to meet the needs of even the most discerning customers. With this knowledge to guide them, they will have no trouble delivering the high-quality service that will get you those coveted recommendations.  

Get Key Account Management Training from a Top Training Organization 

Healthcare is a highly competitive field, and your firm needs every advantage it can get to stay on top. Key account management training can help your staff master the advanced customer service skills they need to make your biggest accounts even more lucrative.

The Brooks Group provides a full curriculum of training programs for account managers in the healthcare industry, including employee onboarding training and strategic account management training. Contact us today to learn more about how you can enroll your workforce in these programs and set your company up for success. 

This blog was originally posted on https://thebrooksgrouponline.com/2022/02/5-reasons-to-invest-in-key-account-management/

Account Managers: Conduct Winning Meetings Starting Today!

Account managers regularly conduct meetings with some of the busiest professionals in the healthcare industry. These meetings offer a critical opportunity to exchange thoughts with clients, receive feedback, and explore new pathways to grow the account. However, it is just as easy for these events to go awry.  

As an account manager, you owe your clients the courtesy of proper preparation. Here are five easy steps you can follow to plan winning meetings that will deepen your client relationships and secure new business for your firm.  

1. Take Time to Prepare 

Every successful meeting begins with thorough preparation.  

First, decide who will attend. Keep meetings as small as possible. If possible, find out how many people the client is bringing and make sure to include relevant people from your own organization.

If you do not know some of the people in your client's party, be sure to check their LinkedIn page to learn more about them before you meet them in person.

Make sure that everyone who is set to attend the meeting knows when and where it will take place. If the meeting is online, make sure that everyone has access to the right software and has received any links or account access they need to participate.  

Finally, figure out how long it will take you to get to the venue on the day of the meeting, then add an extra half-hour or so to account for detours, delays, and last-minute preparations. This ensures that you will have more than enough time to arrive before the client and set up the room.

2. Sort Out Your Logistics 

Once you know how you want your meeting to go, think about what you will need to have ready to make things go smoothly.  

Do you have backups of all the files you need for your presentation? Is the conference room's equipment working properly? If there is an online component to the meeting, is the office's internet connection stable? Are there enough chairs for everyone? If you will be serving coffee and snacks, how will you get them to the conference room? Will someone be taking notes, and if so, who? 

Planning for all of these factors minimizes the number of interruptions you will experience during your meeting and makes you and your company look like consummate professionals.

3. Establish a Framework 

Before the meeting begins, ensure that everyone is on the same page by quickly reviewing your goals for the day and how much time you have allotted for the event. It may also be helpful for you to use your strategic account management training to create a brief elevator pitch for any products or services you are planning to bring to the client’s attention.

Laying these details out in advance gives your meeting some direction and a clear endpoint that respects everyone's time. Setting these guidelines in advance reassures your clients of your professionalism and makes it easy for you to keep the meeting focused and productive. 

4. Account for Different Communication Styles 

The way you present information in a meeting can have a significant impact on that meeting's outcomes. Some people enjoy some social chitchat up-front to break the ice, while others prefer to get straight to business matters. Know your audience’s communication style and adapt your presentation style to suit them. This will keep your clients engaged and reinforce their confidence in your skills.

However, remember what you learned about your company culture during your employee onboarding training; many organizations frown on taking too casual an approach, and your communications choices should remain consistent with internal expectations. 

5. Listen

Account managers typically come to the meetings with a lot of reports, presentations, and information that they want to share with the client. In their eagerness to offload all that information, sometimes they forget to allow time to listen and let the client share their most pressing concerns or ideas. Sometimes the reports you want to share are not as important as the new ideas the client might be thinking about, as it might uncover new opportunities for your growth together. So, make sure to ask the clients some open-ended questions and then listen!

6. Follow Up Afterwards 

Good follow-up after a meeting is critical for reinforcing the customer experience. 

Thank each attendee for their time and include a short summary of the key points covered during your time together. Doing this demonstrates that you are committed to understanding your customers' needs and are making the most of every learning opportunity. It also shows the kind of initiative and leadership That are hallmarks of good customer service.

Master Meetings for Account Management Success 

When your next meeting comes up, put these tips into action and witness the difference they make. With the right approach, you and your clients will all leave feeling focused and confident that you are on the right track.

Interested in further development? The Brooks Group is a leader among America's pharmaceutical market research companies and healthcare consulting firms. We provide training programs that help account managers sharpen the skills they need to succeed. Contact us today to learn more about our services and how we can help you develop your sales skills, market knowledge, and customer relationships.

This blog was originally posted on https://thebrooksgrouponline.com/2022/02/conduct-winning-meetings-starting-today/

4 Keys to Driving Sales with Existing Accounts

Effective account management requires a careful balance of maintenance and growth. You must not only do everything in your power to retain the accounts you already have but also seek out new revenue opportunities to help your company expand. 

Both of these tasks require a significant amount of energy and focus from an AM, and the two priorities often compete with each other to the detriment of both. But what if you could serve both functions at the same time? The following four key concepts outline how you can shift your focus away from lead acquisition to make better use of the revenue potential of your existing accounts.

1. Shift Away from the ‘Anti-Shrinkage’ Model

For many years, the main goal of account management has been to avoid losing the customers with whom the firm is already doing business.

While it is always better to keep a customer than lose one, simply maintaining your existing accounts will never produce the growth you need. To do that, you need to add new business to your portfolio.

The most obvious way to do this is to secure brand-new clients you have never served before. However, it might be a better idea to look for new opportunities to upsell to the customers you already have. 

2. Customer Service is for Retention, not Growth

Many account managers assume that providing good customer service will automatically lead to growth opportunities. This is not always an accurate assessment. 

While customer service is extremely important in account management, it does not help AMs secure new business. Instead, its role is to keep existing customers happy with the services they are currently receiving.

A happy customer might be more inclined to purchase services from you instead of a competitor. The trouble is that if your company had something to offer that customer that they knew they wanted, they would already have purchased it. Unless something changes, that customer is unlikely to decide to become a greater source of revenue. Therefore, deliberate and effective upselling is important in order to generate more revenue from happy customers.

3. Leverage the Power of Customer Improvement

Instead of focusing on customer service, it is more useful to shift your attention to a different target: customer improvement. 

This model turns the idea of customer retention on its head by turning existing customers into new sources of revenue. Under a customer improvement strategy, your task is to suggest ways that the customer might grow or improve their business and let them know how your company can help them do it. As an example, for healthcare accounts, this might involve promoting a new and promising drug or therapy. 

If it is done tactfully and founded on solid evidence, customer improvement can benefit both you and your customers. You will secure the additional business you need, and they will gain access to a new tool that they can use to propel their organization's growth as well.

4. Improve Your Account Management Skills and Supports

To successfully implement customer improvement strategies, you will need in-depth knowledge of both your customers’ needs and the latest developments in the field. Pharmaceutical market research companies or other healthcare research groups can help you acquire the information you need to identify the products and services that are most likely to interest your accounts.

Further, it never hurts to have additional sales or customer service training during a significant undertaking like this. An extra round of strategic account management training can sharpen your skills and give you the confidence you need to make the most of this new approach. 

Bringing Effective Customer Improvement Strategies to Life

Customer improvement and similar upselling strategies are the cornerstones of predictable sales growth. Capitalize on your existing sales relationships first and you will quickly see how powerful established trust can be.

Healthcare consulting firms like The Brooks Group work with organizations to provide employee onboarding training, refresher training, and more. Contact us today to hear more about our account management training options and how we can help you better serve your existing clientele in the healthcare industry.

This blog was originally posted on https://thebrooksgrouponline.com/2021/10/4-keys-to-driving-sales-with-existing-accounts/

3 Signs that Your Account Managers Need Training

According to data from Gartner, 80% of future profits come from just 20% of your existing customers. When your pharmaceutical or biotech account managers don’t understand how to work with customers effectively, you'll lose customers and, along with them, potential profits. As a healthcare market research firm, The Brooks Group has collected a lot of data on metrics and KPIs that track the performance of account managers in these organizations. 

To maintain business profitability, here are the telltale signs that your managers are due for account management training courses.

1. Low Customer Retention

Effective account management is all about customer retention. If your account managers do their jobs well, customers will continue doing business. Track the following key performance indicators (KPIs) to determine customer retention success:

• Customer Churn Rate – the percentage of customers who cancel or fail to renew their contracts. High churn rates could indicate your account managers are handling customer accounts poorly, causing them to do business elsewhere.

• Support Requests – a high number of support requests indicate your account managers aren’t providing customers with the answers they need. Track website, phone, and email support requests.

With 80% of your future profits at stake, ensure your account managers understand best customer retention practices.

2. Failing Revenue Streams

Account Managers are a key liaison with your existing customers. If they are competent and manage these relationships well, they will be able to uncover opportunities for upsells, cross-sells, and execute a high rate of contract extensions. So if your organization as a whole or a particular manager is failing to develop these opportunities as a steady source and a high percentage of total revenue, then it is time to train your account managers and improve their skills.

3. Poor Client Relationships

Negative customer relationships will cause clients to abandon your products/services. To ensure your managers are maintaining positive client relationships and demonstrating their value, track these key indicators:

• Strategic Communications – the number of strategic emails and calls between managers and customers. If your customers aren’t contacting their account managers for strategic advice, your managers aren’t proving their value.

• Referrals – when customers enjoy the product/service they get from a business, they’re more likely to refer their colleagues. A lack of referrals could indicate your account managers aren’t offering the quality service customers need.

• Outreach Engagement – how often do customers respond to calls and emails? If you have trouble reaching customers, it could mean they don’t have a positive relationship with your business.

Account managers are entirely responsible for building positive customer relationships. When customers avoid communicating, it’s likely they don’t trust you or see the value of your business.

Get Your Account Managers the Training They Need

Worsening KPIs are a strong indication that your account managers are in dire need of training. As customer retention, revenue, and client relationships decrease, reach out to a skilled healthcare consulting firm for advice and training to strengthen your team.

The Brooks Group offers an Excellence in Account Management training course that’s designed to teach account managers proper customer relationship and retention practices. If you’re interested in learning more about this, or our other training programs for healthcare executives and our employee onboarding solutions, contact us for additional information.

Registration for courses is available on The Brooks Group website (view schedule). Custom courses with your team or organization are also available upon request.

This blog was originally posted on https://thebrooksgrouponline.com/2020/12/3-signs-that-your-account-managers-need-training/

5 KEY PRESENTATION SKILLS THAT HEALTHCARE EXECUTIVES NEED TO DEVELOP TODAY

At the executive level, success depends a lot on effective communication. This is particularly true for healthcare, where entities frequently rely on one another for insights into healthcare market research, strategic goals and leadership development.

Innovations move fast in healthcare, and executives who want to keep pace will need to relay these insights to key participants within their organization, as well as other entities through presentations, boardroom meetings, or other speaking engagements. To this end, they need a communication strategy that gets the information across in a clear and concise manner, and demonstrates leadership, competence, and confidence.

These are the fundamental traits to have when presenting to strategic-level personnel, and they’re achievable by first nailing down a few essential presentation skills, noted below.

1. Develop the Right Content Structure for Effective Presentations

Presentations given to healthcare personnel must be well-designed, and logical. They need to speak to the benefits of new healthcare methodologies and get clinicians on board. For these audiences, content should be created with the following elements in mind:

• Clear objective setting
• Strategic focus of the content
• Logical structuring of material
• Establishing relevance to the audience’s area of work

In other words, it all starts with the content and how well it is structured.

2. Manage Distractions During Presentations

Technical problems. Memory lapses. Co-presenters going off-script. Distractions are inevitable. It’s how the presenter deals with them that matters.

Managing distraction is a function of experience and deliberate application of personal skills around voice and body language. Healthcare executives don’t need to be clever or quick on their feet to manage distractions; they just need to apply the same skills-based approach to distractions as they do to their other presentation goals. With the right healthcare executive training, presenters will have all the tools they need to stay one step ahead of such disruptions.

3. Leverage Media Tools to Support Verbal Messages

Slideshows and handouts are old favorites, but to be effective in today’s world of short attention spans, executives need to take things one step further. These days, interactive multimedia presentations are the easiest way to keep audiences engaged.

Modern digital media like 3D modeling and simulations, infographics, gamification, can all be leveraged to create interactive learning experiences for audiences. After all, the best healthcare presentations don’t simply speak to audiences. They’re customized with specific audiences in mind and built to facilitate participation and thoughtful dialogue.

The idea here is to determine the best combination of technologies to engage each audience and leave them with a “wow” factor that makes them eager to hear more!

4. Identify & Manage Varying Types of Audience Participants

It’s common to feel alone up there on the platform. But presenters aren’t alone – not when they’re familiar with their audience and how they can help reinforce the presenter’s goals. Some audience members may be supporters an executive can turn to for validation; others may be detractors, or “fence-sitters” that jam up a group consensus.

Learning to identify and manage these participants helps healthcare executives retain control during presentations and create better engagement among attendees.

5. Create Purposeful Audience Interaction

Healthcare is a dynamic industry, and healthcare presentations need to follow suit by engaging audience members and driving purposeful results from their participation.

But it isn’t easy to shake attendees out of apathy and get them involved in the discussion, which is why it helps to have dedicated training from healthcare consulting firms on the best way to create purpose-driven interactions in each presentation.

Healthcare Executive Training Begins With Communication

The above are just a few essential presentation skills that effective healthcare executives should know, but they’re only the tip of the iceberg in terms of what’s possible. The Brooks Group provides detailed presentation training through our Carpei Audientiam program, specifically designed to enhance executive presentation skills and the way they connect with their audience. Registration is available through open enrollment sessions here, or by custom course with your organization.

This blog was originally posted on https://thebrooksgrouponline.com/2020/11/5-key-presentation-skills-that-healthcare-executives-need-to-develop-today/