What are the most effective account planning strategies to differentiate your business from competitors?

2 Define your objectives

The next step in account planning is to define your objectives for each account. You need to set clear, specific, measurable, achievable, relevant, and time-bound (SMART) goals that align with your account's goals and your business strategy. You also need to establish key performance indicators (KPIs) and metrics to track and measure your progress and results. Your objectives should focus on how you can deliver value, solve problems, create opportunities, and enhance relationships with your accounts.

3 Develop your action plan

The third step in account planning is to develop your action plan for each account. You need to outline the strategies, tactics, and activities that you will implement to achieve your objectives. You also need to assign roles, responsibilities, and timelines for each action item. Your action plan should be based on your value proposition, competitive advantage, and differentiation factors. You should also consider your account's preferences, expectations, and feedback. Your action plan should be flexible, adaptable, and responsive to changing situations and needs.

4 Communicate and collaborate

The fourth step in account planning is to communicate and collaborate with your accounts and your internal team. You need to share your account plan with your account contacts and get their input, feedback, and buy-in. You also need to communicate regularly and consistently with your accounts to update them on your progress, results, and challenges. You should also leverage various channels and formats to communicate, such as emails, calls, meetings, reports, presentations, and newsletters. Additionally, you need to collaborate with your internal team and other departments to ensure alignment, coordination, and support for your account plan.

5 Review and revise

The fifth step in account planning is to review and revise your account plan periodically. You need to monitor and evaluate your performance and results against your objectives, KPIs, and metrics. You also need to collect and analyze data and feedback from your accounts and your internal team. You should also compare your performance and results with your competitors and industry benchmarks. Based on your findings, you should identify what is working well, what needs improvement, and what needs to change. You should also update and adjust your account plan accordingly to optimize your outcomes and value.