what is key account management? Key Account Management (KAM) aims is to improve the sales relationships with their key customers or strategic customers. The key account management is the key to exceeding customer’s growing expectations, strengthening partnerships, and promoting long-term relationships.
The key account management master data is the set of crucial data that is stored in different systems and used in various sectors of your organization. For simplicity, we can say that key account management master data represents the core(hardcore) of a business, and the account management team of the year is responsible for that. The key account management master data impact the day-to-day of organizations that best describe a corporation.
The benefits of key account management
why key account management is important? The account management team of the year is responsible for the yearly updates and reports. The account management team of the year carrying out an effective solid strategy to carry out good management for companies.
Here are some benefits of key account management that will bring to the company.
- Understanding the needs of key customers
- Estimate the goals and result
- Identify sources of risk, cost, and profitability
- Increase your competitiveness in the market
Key account penetration plan
Account penetration plan is the solid Strategy used by companies in order to achieve their goals. Account penetration plan aims to maintain an organization to the market in which it operates and identifies changing needs. Native Key Account Management and Planning arms sales teams with valuable account intelligence to drive more business and enable them to create, manage, and execute account plans
key account technologies
According to recent data, there are several key account technologies and findings that apply to financial institutions. The main key account technologies for financial institutions are the used of AI to
- attract and retain clients
- fight competition from fintech and technology companies;
- limiting personal interactions with the customer;
What is a key account manager?
The Key Account Manager is more than just selling. The account manager’s job refers to the process of identifying key accounts. A successful Key Account Manager can represent a real and significant advantage for the company’s turnover. The goal of the key account manager is to aligning an organization in an organized form with a competitive strategy and value proposition to key customers, developing skilled people and robust processes, using systems and technology. These are some tasks of key account managers among several other challenges.
Key Account Manager Objectives
The few key objectives of the account manager are:
Working with key customers- maintaining and developing the relationship can be worth with one major account as compared to having a relationship with several small customers. So, the key account manager’s main focus is to develop the strategic accounts.
Deliver strategy- the key account manager’s also responsible for establishing trust with your customer. Because the more you understand your customer’s business goals, the easier it will be to align your goals strategies.
Skills and attributes of a key account manager
- good key account seller should have:
- good analytical skill
- strategic vision
- solve problems quickly and effectively
- having good communication skills
- listen to the customer needs and requirement
- perfect body language during a conversation
Skills needed to work with clients
the ideal key account manager needs to present certain skills when works in sales:
- Understand customer needs
- receptive about customer point of view
- Be honest and Communicate clearly
- Know the service completely
- Manage your sales precisely
Functions of a Key Account Manager and Management
Key Account Manager helps companies to improve their sales relationships with their key customers. it is a daily commitment to customer success that selling is much more than the act of selling. Key Account is the key to
- exceeding customers’ growing expectations
- strengthening partnerships
- promoting long-term relationships.
- high-level interpersonal relationship
- promote Lasting and Strategic Relationship
- perception and ability to negotiate large accounts
So, a key account manager is one of the most important components of building a strong bond with a company. It helps the business to grow healthily and sustainably.
The need for the key account
The work of key account management goes beyond a simple sales technique. The reason that increases the need of key account management is:
- better understand his client’s values
- understand organizational structure.
- a better way of building a strategic plan
- generate trust and create the intimacy of client
- understand the market position, products, and finances of a company
- Gain business objectives with the available opportunities and resource
Tools for key account manager
Some of the account planning tools that are pre-built are:
CRM- serves to monitor communication with your customers
Email marketing tool- use automation for your email marketing campaigns
LinkedIn-It is all about KAM. It keeps up to date with customer’s industry.
Video tool- videos help to strengthen the relationship.
Hence, the Strategic account management is all about strengthening and ties you up with your customers. So that you and your customer relationship becomes stronger and stronger. That helps you to achieve satisfactory results.
What is Sales Account Manager?
The sales account manager is to bridge the gap between the customer and the company.
What does a commercial manager do?
The commercial manager guide and defines strategies for marketing products to increase market share.
How to become an account manager?
For becoming a Professional it is essential you have done graduation as well as have knowledge in sales techniques and customer management services.
What are key customers?
key customers are consumers who are responsible for most of a company’s revenue generation and reduce the risk of internal instability by consequently increasing the company’s earnings.
How to identify your key customers?
It is extremely important to know who are your key customers. Key Account Managers are responsible foridentifying your key customers by analyzing the Billing Analysis and Billing calculation.