Recently I was reading a local news source and it had a headline that read Powerball jackpot near $250M sparks sales. Not being a purchaser of lottery tickets, I was intrigued by the headline, specifically the part about “sparking sales”. It stated the following: “Hoosiers are joining the rush to buy Powerball tickets ahead of tonight’s big drawing. The jackpot is expected to reach $250 million – not a record, but enough to spur sales during the recession. Experts say they usually see a bump in ticket sales whenever the jackpot rises above $100 million. Tonight’s Powerball game will be played in Indiana and 29 other states.”
The key to this blurb is the sentence “Experts say they usually see a bump in ticket sales whenever the jackpot rises above $100 million.” This got me thinking, do we live in such a greed-driven society that normal lottery ticket consumers are not as enticed to win an amount of money that is LESS than $100 million?
I would like to think that $60 million, $20 million, or even a measly $1 million dollars would dramatically change the lives of the average lottery consumer. Not to mention, the Return on Investment for the purchase of that lottery ticket would still be staggering! I also understand that the higher the jackpot, the greater the dream and as the industry puts it, “the most important element in lotto is the Dream” and the focus should be directed to the dream and the fun instead of the money and the probability of winning (Saetershagen, 2003). So maybe the increase in ticket sales after the $100 million threshold is because that is where we finally reach the “beyond my wildest dreams” stage.
So how does this align with Strategic Account Management? Well, we strive to exceed our client’s wildest dreams. Actually, I’m just kidding, that is not where I am going with the correlation. More importantly, as a Strategic Account Manager, you oversee a complex, value-driven relationship that has an obvious threshold to it. Meaning there is a point at which the relationship will evolve and the dynamics will change. There will be a greater level of trust established; a consultative relationship between you and the primary stakeholder on the client side will begin to develop. The client will develop a higher threshold as your subject matter expertise becomes more of a known component.
Where is your baseline though, you need to understand where this threshold is for your client. You need to consistently challenge your offering to ensure that it positioned for the greatest level of value and impact, continually drive towards a validated return on their investment. In doing so, opportunities will automatically be created for the relationship to evolve, meaning, from a strategic account management perspective, that beyond the program evolving, introductions to other business units, opportunities for external referrals, feedback on additional internal growth opportunities, etcetera, will all be able to take place.
Are you aware of the threshold of your accounts? Do you continually monitor the fluctuation of this? Start doing so today. It can take the accounts that you manage to places that are beyond your wildest dreams.