We continue to refer to the 4 phases within Key Account Development in order to up-sell and cross-sell within a key account.
There are 3 key strategic activities required in Consideration:
- Establish the complexity of the problem
- Establish the complexity of the solution
- Establishing a “value hypothesis” defining what it’s costing the client to continue down the current path
Consideration may be the most difficult of all the key account development phases. In order to exit this phase in Key Account Development, the following 3 criteria must be met:
- The client must provide the current path cost estimate
- The client acknowledges they cannot capitalize on the opportunity themselves
- Hard evidence exists to support the problem
A few of the tools commonly utilized to support the ability to establish the complexity of the problem and the possible solutions are the Venn diagram and the Fishbone.
Draw 4 circles or print out one of the many templates online.
- First circle: list all the possible issues relating to the problem
- Second circle: list the various levels of awareness for each possible problem
- Third circle: list all the possible solutions to the problems
- Fourth circle: list the consequences of inaction of the problems (high, medium, low)
- Most Venn templates provide the intersection of the 4 circles, within this area list the common issues/awareness levels/solutions/consequence of inaction. These common items become the source content for determining cause-effect and eventual methods you will use to educate the customer
The Fishbone or often referred to as the story telling job aid is utilized to expand your thinking to discover all the possible problems a client might have (unknown, unexpressed or expressed). The Fishbone takes the output of the Root Cause Analysis and further explores the cause & effect.
My next posting will explore the Preference phase within Key Account Development where we will:
- Help our clients connect the solutions to the problems
- Confirm that the client understands the upstream & downstream impact of each solution
- The metrics selection to be utilized to measure improvement.