In these challenging times, if you are looking for ideas to improve your business, then best companies focus on their greatest asset — their most strategically important accounts.
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Often when I speak about the power of growth through a company’s major accounts, managers ask what is the secret or short cut to success? My answer disappoints, there is no short cut.
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As shareholders and executives continue to demand growing profits; companies must increase revenue or increase productivity. However, increasing revenue and increasing productivity are getting harder. Can artificial intelligence (Ai) be a way to improve productivity and gain a competitive edge? There are many articles on Ai filled with acronyms or technical terms - machines, algorithms and bots. The robots are coming - are you ready?
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In July, CEO Sigma Healthcare Mark Hooper announced losing a contract worth $1.7 Billion and in the next financial year earnings would half to $50 Million. Sigma distribute products to 400 stores for My Chemist and Chemist Warehouse and could not negotiate a new contract with their biggest customer.
What does this mean for Sigma?
Read More![Focus on Growth_Now! [Part 2]](https://images.squarespace-cdn.com/content/v1/5385613ee4b0883f7108f96f/1521604438735-P19PUZWWDZO07R7PSAHP/Female+bodybuilder+compressed.jpg)
Companies are spending more time on how to compete in competitive markets using value. Four factors give best companies a competitive edge that drives growth:
- Intimately manage your top 10 – 20 key clients.
- Identify and manage your exceptional & strategic suppliers.
- Focus on your unique value proposition for your market – your competitive edge.
- Align throughout the company around the top 3 factors, always— allocating resources, developing talent & managing operating costs— for growth.
In an earlier blog, we explained the first two factors that drive growth. In this blog, we will expand on factors 3 and 4.
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By Stephen Kozicki & Gary Peacock
Over the past three years, the world has changed dramatically, and forever from digital disruption, Brexit and Trump. Your industry and your top clients are feeling the stress as their markets change, fast. These fast changes mean that your business needs to be more agile in response to the market. For companies unprepared for these changes this means lower revenue and lower profits.
Our blogs are usually short and punchy to grab your attention. This blog is a little longer than usual because delivering growth is just too important and too urgent to reduce the ideas down to a page, so we have split it into two parts.
To Grow – Act Now!
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Companies are increasingly finding that their traditional value proposition is falling short. The strength of their brand has less value in the buying process, and competition is intensifying from well-resource established players and emerging niche players. Pressure to reduce prices is now the norm. So, margins are deteriorating and profits are shrinking.
How can you stop this?
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As customers are becoming more sophisticated in their buying strategies, so sales and key account management teams need to be ...
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The business world today is changing and changing fast. Are you aware of all the changes that could affect the future of your business, both within your industry and beyond?
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How can you turn Strategic Account Managment into a growth engine for your business? Research has revealed that ...
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One critical aspect of managing accounts more strategically is to retain them by increasing barriers to entry against competitors. However, what companies’ often overlook ...
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