Strategic accounts is a common thing in business. Who are the target businesses who should be customers?
In most conversations I’ve been in, many people just see big brand names that seem like they might need a product or service. Many see a logo, a size of company, and mostly think that is enough.
If the movie Moneyball taught anybody anything, it is that there are many key factors that influence an outcome.
Here are some factors:
- Culture fit between the strategic account and the vendor
- Budgets for products/services that the vendor provides
- Company Structure – A big company can be departmentalized so much that certain products and services can’t get approved company wide
- Fit with your product or service
- Growth Potential – It may be better to target someone more off the radar who is growing
- Possibility to be lost to a competitor
These all have significant impact on how well YOU can do in a particular strategic account.
This lesson applies to all sorts of decisions beyond strategic account picking. Those who can see the variables, can also see the opportunities, and by seeing the opportunities you create an ability to capture them. Never be scared to question the conventional wisdom, there is usually more nuance then the surface indicates.