80% of your business comes from 20% of your customers
Imagine landing that one account that single-handedly changes your company’s fortunes. This account could transform your company from barely breaking even to having a wildly successful fiscal year. Or securing that coveted partnership that increases your distribution channels from a handful of outlets to covering the entire nation. This is the significance of major accounts for businesses of any size, ranging from startups to Fortune 500 companies. It’s the big fish that a fisherman reels in to make a name for himself and feed his family for a week. In other words, a major account is a sizeable financial value for both parties in the transaction as well as strategically important.
In the proverbial Pareto Principle (80% of your business coming from 20% of your customers), your major accounts are the 20%. Due to the weight of these transactions, major account captures are typically a longer cycle than your ordinary accounts. They require more attention and nurturing. Therefore, a focus on major accounts must recognize that it is a long-term investment, with the ROI coming with patience and due time. Efficient major account capturing means putting in the due diligence to plan, sell to, and manage these major accounts.
So, with the importance of these major accounts, it is essential that your company’s people and processes efficiently manage these big deals. Managing your relationships within major accounts (or targets) will be important to establish your own credibility and efforts. In a sense, major account capture becomes a way of life for companies. It influences how your company organizes its sales, marketing, and services. With the importance in mind, effectively selling to big companies becomes its own entity for a business.
Find out how VizQuest can help identify, engage and capture major new accounts for your business through our Major Account Capture program.