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Relationship Management of Accounts Manager

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Added on  2019-10-18

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This article discusses the roles and responsibilities of an accounts manager, building relationships with clients, networking in sales, and consultative selling. It also includes a case study of XYZ organization and the approach to building a relationship with them.

Relationship Management of Accounts Manager

   Added on 2019-10-18

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Relationship Management of Accounts Manager Accounts Manager is one of the key personnel in a company who is responsible formanagement of sales and relationships with clients of the company. Accounts Manager is notsomeone who looks after accounts of the company rather he/she looks after the client’saccount which he/she is assigned with. Accounts Manager is like a thread between thecompany and the client. An Accounts Manager can be called as “communicator, relationship manager, advisor, salesrepresentative or executive and business development manager.” These all positions areassociated with an accounts manager because of multiple role playing. Here are some of the key roles and responsibilities that he/she plays- [Payne, A.,et.al2006]Generating sales and revenue for the portfolio offering of the organization and meeting thesales target. Identifying new business opportunity (new client) and setting up meetings.Identifying new sales opportunities in form of up-selling or cross selling from the existingclient base. Keeping records of sales, revenue and details of transaction of clients Establishing long term relationship through feedback and after-sales support system Manage and resolve conflicts and doubts of clients. Interact and support the sales team and other departmental team to retain clients for long. Helps in preparation of budget, financial planning and portfolio management of client. Accounts Manager Client Company
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Although the roles and responsibilities varies with the nature of business, but these are some ofkey roles that an accounts manager plays. [Mendoza, L. E.,et.al2007]Task-1- Building Relationship with Accounts As an accounts manager of a financial firm which deals with mutual funds, shares, bonds andother financial instrument, I am presenting my approach to build relationship with customers.To explain it properly, I am taking XYZ organisation (a reputed FMCG company in Australia) asthe case under study. The relationship building starts with collection of general information of the client. General information of client Any business organization runs successfully only when the organization is able to retain the keyclients that are giving majority of business revenues. For my firm, XYZ Company is one of thekey client which gives around 10-15% of total business revenue every year. The client enrolledour service a year back and has been consistent with us in various financial assets offering. Here are the general information we require normally from the client- [Peppard, J. (2000)]1.Client’s name, nature of business, registration, operation, key personnel details etc. 2.Business revenue such as sales and services and Profitability figures (ROI, ROCE, EPSetc.) 3.Client’s financial credibility- Balance Sheet and Cash Flow Statement 4.Client’s area of interest in portfolio investment 5.Client’s customer base or key customers (if any)6.Legal records 7.Corporate reports etc. [Buttle, F. (2004)]Apart from that, some other information is also collected such as future planning and budgetingof the client with respect to portfolio management. In addition to general information, I prepare a consumer attractiveness factor index to get theknowledge about whether the client is a good prospect or not for our business.
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Customer Attractiveness Factors (CAFs)WeightCustomersAttractivenessFactor1 Growthpotential(Turnover orprofit)2 Access tonew marketsor marketsegments3 Access tonewtechnology4 Reduction ofcompetitorsmarket shareor stronghold5Enhancementof your brand6 ContributiontoorganisationallearningTotalAverageScore: (Total of allscores dividedby number ofcustomersrated)
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[Lucas, S.,et.al2006]Information about competitors Our organization is not the only one who is offering the financial products. There are severalother firms who may have similar or better offering to our firm. Thus to retain a key client, it isimportant for me as accounts manager to keep an eye on competitor’s action. To assess ourfirm’s capability with competitors, I follow 3 important strategic techniques which are-1.SWOT analysis 2.VRIO framework 3.Relative Strength Factors matrix [Fincham, R. (1999)]SWOT analysis- This analysis is based on identifying the key strengths and weaknesses of myfirm that lead to grabbing the opportunities in market and managing threat situations for thebusiness. (Source-Wikipedia.in)VRIO analysis- This analysis I apply for identifying the competitive potential of my organizationwith competitors. This includes resources and capabilities that are put under 4 categoryquestions which are- Valuable, Rare, imitability and exclusivity to Organizational setting.
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