Key Account Management: The Ultimate Guide
by Radhika Pawar creative content writerA
key account is arguably one of your company’s most valuable customers. These
customers showcase value in a few ways. After all, they represent a
disproportionate percentage of revenue, refer new prospects to your company,
and give your business credibility in their industry.
But
‘value’ is subjective, and your company needs a strict way to define and
execute key account management. In this key account management the ultimate
guide, you will learn
everything you need before you finally get started.
What is Key Account
Management?
To put it plainly, key
account management is a business strategy where a company offers personnel and
resources to valuable clients in an attempt to develop a mutually beneficial
relationship. The aim of key account management is to sustain or grow profits
from these large accounts.
Businesses that take
advantage of this strategy reap great sales volume and long-lasting strategic
relationships. Moreover, they stand a better chance to grow revenue from these
accounts through upselling and cross-selling.
Who is a Key Account
Manager?
A
key account manager (KAM) is responsible for being a rep of the business to its
most valuable clients. They are tasked with the responsibility of building
strong relationships with the client, identify challenges or opportunities, and
find ways to maintain success within the account.
Not
only do they find ways to address the client’s challenges and opportunities,
they also create and present reports about the client’s progress to key
stakeholders. The best key account manager should get to know the customer, and
showcase effective leadership of the key account team.
Before
telling your customers that they’re being promoted to key account status, you
need to level-set expectations internally and externally. You can do this by
setting key account management objectives.
It
doesn’t end at that since you should take it upon yourself to deliver exceptional
products and services. Whether you are selling physical products like clothing
or a pioneer of a new software-as-a-service, you want to have a surefire way to
deliver those products to your key accounts consistently.
You
key account manager is responsible for making sure this happens and that the
account is delighted every single time. What this simply means is that they
have to work closely with sales, service, and operations teams to get everyone
on the same page for the key account.
We hope that you’ve learnt a few things from this key account management the ultimate
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Created on Aug 8th 2023 03:56. Viewed 100 times.