In the world of strategic account management, the term “account value” is thrown around frequently, as if it were a fixed asset that could be easily calculated and universally agreed upon. But what if I told you that there is no such thing as “account value”? That value is not an objective metric, but rather a perception that resides solely in the minds of individual stakeholders? Understanding this truth is essential for account managers who seek to truly create and enhance value in the eyes of their clients. The most effective way to do this is on a stakeholder-by-stakeholder basis, often by leveraging the power of storytelling to shift perceptions.
The Myth of Objective ‘Account Value’
The belief in a fixed, objective “account value” is one of the most common misconceptions in strategic account management. This concept implies that there is a singular, quantifiable measure of value that applies to the entire account, regardless of who is evaluating it. In reality, this is far from the truth.
The fact is, value is not a one-size-fits-all proposition. What one stakeholder sees as valuable might be irrelevant—or even detrimental—to another. A CFO might prioritize cost savings, while a product manager could be more interested in innovation, and an end-user might care most about ease of use. Each of these stakeholders views the account through a different lens, shaped by their role, responsibilities, and personal goals.
This means that the true “value” of an account is fragmented and varies from person to person. The key takeaway here is that “account value” doesn’t exist in any objective sense; it exists only as a series of perceptions, each unique to the individual who holds it.
Value as a Perception: The Role of Human Psychology
To fully grasp the implications of this, we need to understand how human psychology plays into the perception of value. At its core, perception is a subjective experience, heavily influenced by a variety of factors including past experiences, personal biases, and immediate needs.
Cognitive biases, such as confirmation bias (where people seek information that confirms their preconceptions) or status quo bias (where people prefer things to remain the same), further color how stakeholders perceive value. For instance, a stakeholder who has previously experienced failure with a similar solution may automatically perceive less value in your offering, regardless of its actual merits.
Moreover, the role and background of each stakeholder shapes their perspective on what constitutes value. An operations manager, concerned with efficiency, might view a solution’s speed and reliability as its most valuable aspects. On the other hand, a senior executive might place greater emphasis on the strategic alignment of the solution with the company’s long-term goals. When I used to sell enterprise software, it was challenging to pivot between what IT valued and what the business valued. It wasn’t unusual for these perceptions of value to be diametrically opposed. Addressing one side without addressing the other would be catastrophic. We had to learn to specifically address each stakeholder’s concerns to gain concurrence on large projects.
Mark Twain once said, “the greatest enemy of communication is the illusion that it has taken place.” Too often, we make a presentation and assume that what we said is what was heard.
In essence, value is not a static attribute of your account; it is a fluid perception that varies greatly depending on who is evaluating it. Therefore, understanding and addressing the psychological factors that shape these perceptions is crucial for any account manager seeking to create value.
Creating Stakeholder-Specific Value
Given that value is inherently subjective and varies across stakeholders, account managers must adopt a more tailored approach. Creating value requires engaging with each stakeholder on their own terms, understanding their specific needs and perceptions, and delivering solutions that resonate with them individually.
The first step in this process is to thoroughly understand the priorities of each stakeholder. What does each person value most? What are their key concerns, and what outcomes are they aiming for? For instance, if a stakeholder’s primary concern is reducing operational costs, your conversations and solutions should emphasize cost-effectiveness.
Next, consider the engagement strategies that will resonate most with each individual. This might involve customizing your messaging, adjusting the format of your presentations, or even altering the timing of your interactions to better suit their schedules.
The goal is to create value that is deeply personal and directly aligned with the specific concerns and aspirations of each stakeholder. This tailored approach not only makes your value proposition more compelling, but it also builds stronger, more trust-based relationships.
The Power of Storytelling in Changing Perception
One of the most powerful tools at an account manager’s disposal for shaping and enhancing perceptions of value is storytelling. Human beings are hardwired to respond to stories; they help us make sense of complex information and relate to experiences on an emotional level.
In the context of account management, storytelling can be used to shift a stakeholder’s perception by presenting them with relatable scenarios and outcomes. By telling a story about another stakeholder—perhaps someone in a similar role or facing similar challenges—you can help your target stakeholder see your solution from a new perspective.
For example, if a product manager is skeptical about the value of a new feature, you could share a story about how another product manager in a different company leveraged that feature to achieve significant results. This not only makes the value more tangible but also builds credibility by demonstrating real-world success.
Moreover, storytelling can humanize your interactions, making them more memorable and impactful. When stakeholders hear a compelling story, they are more likely to internalize its message and reassess their own perceptions of value.
Practical Application: Using Storytelling to Enhance Perceived Value
So, how can you effectively integrate storytelling into your account management strategy? The first step is to actively collect stories from across your organization and from other accounts. These stories should highlight the real-world impact of your solutions and align with the specific concerns of your stakeholders.
Once you have these stories, craft them into narratives that speak directly to the needs of each stakeholder. Focus on the challenges faced, the actions taken, and the outcomes achieved. Make sure the story is relatable and emphasizes how your solution made a difference.
When delivering these stories, be mindful of the timing and context. Introduce them at moments when the stakeholder might be open to re-evaluating their current perceptions, such as during a discussion about challenges they’re facing or when presenting new solutions.
Conclusion
In conclusion, the idea of “account value” as an objective, universal metric is a myth. Value is a perception, shaped by the unique perspectives of individual stakeholders. As an account manager, your role is to create and enhance value on a stakeholder-by-stakeholder basis, tailoring your approach to meet their specific needs and using storytelling as a powerful tool to shift perceptions.
By understanding that value is not fixed but fluid, and by actively working to shape it through personalized engagement and compelling narratives, you can transform your accounts from merely transactional relationships into true partnerships. In the end, it’s not about what your account is worth on paper, but what it’s worth in the minds of those who matter most.