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Professional service firms increasingly embrace the practices of
account planning and relationship management; most
still do so too tactically. Only a handful appear to address the
notions of profitability and strategic “fit” in account
management.
Competitively-astute professional service firms build account
plans and manage relationships with clients that most readily help
them achieve their growth goals and maintain a leadership edge in
the marketplace.
- In our 2000 study, only 29% of survey respondents had implemented
a formal account management/relationship management process to
strengthen bonds with clients.
- By 2001, client relationship management (CRM)
had become one of the most popular methods used to become more
market driven (43% said they were creating account management
programs; 41% said they were giving their professionals broader
and deeper strategic planning responsibilities as a means to get
closer to clients).
- Many firms, though, still equated client relationship management
with a CRM software application or “client responsiveness.”
Many still equated account planning with “account service.”
- Keen firms are becoming more incisive about account planning
and client relationship management. Some are already asking themselves:
- External marketplace questions: “What client segments
appear to be growing, shrinking or shifting? What will decisions
about these segments and targets mean to the eventual growth
of our firm? How might our decisions be affected by competitor
activity?”
- Internal infrastructure questions:“What aspects of
our ‘culture’ could reinforce these initiatives?
How many and which of our professionals should be involved?
What kind of operational backing will we give to these programs?
How will we adapt our training and performance measures?”
Case Study
L.E.K. Consulting, a global business-consulting firm, adopted systematic
relationship management processes with strategic account planning
as an end, and a rigorous business development process as the means
to achieve a competitive advantage. Through rigorously standardized
and centrally coordinated processes, and a strong “get-it-done”
commitment, it overcame the episodic nature of the sales cycle.
From 1997 to 2003, L.E.K. Consulting achieved a 12 % annual growth
rate. Ninety percent of its revenues are derived from referrals
and past clients.
Figure 7.1 Client relationship and
account management methods
Client relationship
management is one of the most popular methods respondents
use to become more market driven.
source: Expertise Marketing,
LLC |
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