Challenge: A US based BPO’s Key Accounts were seeing less than expected growth due to a number of threats. These multi-national companies were getting more complex and bureaucratic, with fewer purchases being made across the organization. Improving off-shore options were giving clients more options at better price points. The BPO had to develop a proactive strategy to combat these threats and find new opportunities for growth.
Solution: The BPO developed a strategy to defend and grow accounts through disciplined account planning and development. Key Account Managers (KAMs) presented plans to the executive team for how, when, and through what activities they would grow revenue. Account Development had three key components:
- Whitespace analysis: Revenue Operations provided whitespace analyses of key accounts, to increase visibility into where there was opportunity in the account. Account reviews focused on the opportunities being pursued, and where future growth would come from.
- Evidence gathering: KAMs coordinated with the account team to uncover evidence from within the account that more problems existed they could solve. The evidence was brought to sponsors to help generate new opportunities.
- Relationship Mapping: Account plans identified Buyers and influencers by Storyboard that could purchase additional solutions. KAMs assigned relationship owners from within their teams to be responsible to seek out and develop and monetize those relationships.
Results: The BPO grew it’s book of business 5% in a market declining 1% per year. Keys to success included:
- 10% increase in share of wallet due to KAM’s ability to go deep and wide in each account
- 80% increase in pipeline coverage due to more deals per account being generated, at higher average deal sizes