Market knowledge is crucial for account managers. But busy schedules and competing priorities often push the task aside.
For time-pressed account managers, incorporating market research into daily activities is essential for staying competitive. Understanding the market is vital to effectively guide clients and develop strategic business plans. The right tools can help you keep up with market trends and drive success for your clients and your organisation.
The Power of Market Knowledge
Market knowledge supports every decision you make. Staying ahead means knowing what shapes strategies and client relationships. Here's how keeping updated benefits you.
What does knowing your market involve?
Staying informed means keeping up to date and even ahead of developments across four key areas:
Local Market: Knowledge of the geographic, economic, and social contexts within which you and your clients operate.
Industry Insights: Have a deep understanding of your industry and knowledge of your clients' industries, including trends and changes.
Your organisation: Understand your company's goals and your role in achieving them. Look beyond your business unit or team to understand the broader business and objectives.
Client Understanding: Recognise the stakeholders within your client's business and their roles, needs and challenges.
Top 5 Market Analysis Tools for Account Managers
Account managers often face time constraints and unexpected client demands. Embedding market research into daily activities is essential to stay ahead of trends in a rapidly changing business landscape. The following five tools, central to our Account Manager training, simplify staying market-informed amidst a busy schedule.
PESTLE Analysis: Harvard Professor Francis Aguilar's PESTLE Analysis framework, developed in 1967, is still widely used. PESTLE helps you systematically think through the Political, Economic, Social, Technological, Legal, and Environmental aspects that may impact your business and clients.
Google Alerts: Create alerts for client names, industry keywords, and specific regions. Choose the frequency of updates to get a summary of relevant headlines without actively searching.
News Items: Regular news engagement prepares you for client interactions and supports your PESTLE analysis with current events.
Publications: Identify respected industry publications. Allocate time to read them.
Relationships: The value of relationships extends beyond clients to industry peers and internal networks. Engage with key people to gain insights into market shifts. Staying ahead often means knowing the changes before they make the headlines.
Turning information into insights and action
The often missed step is applying your research. Consider the potential challenges and opportunities market shifts present and how to convert them into practical value.
Account managers must balance market understanding with their many priorities. Effective tools allow you to integrate market learning into your daily tasks and transform information into insights, driving action that benefits your clients and business. The cycle of learning, understanding, and applying can distinguish you as a leader in your field.
We cover all this in more detail in our 2-day Account Management Training. Leave your details below to join our waitlist and receive further information about the training and when dates will open again.