Introduction
In Sales you sell in Key Account Management you help customer buy !
KAM is specific to existing customers in B2B companies with complex solutions, multiple offerings, and long-term repetitive engagements.
KAM requires a deep understanding of customer domain, situation, challenges and then stitching a solution. In Sales, one would be offering a suite of products already available.
Stages of Relationship with Key Accounts
- Tactical Relationship:
- Cooperative Relationship:
- Interdependent Relationship:
- Strategic Relationship:
Key Account Management Strategy Analysis
- Strategic: Invest mindshare and ensure profitability
- Star: Invest time & money. Need not be profitable yet.
- Status: Maintain the status quo.
- Streamline: Manage for profitability.
Developing Key relationships
- Marketplace
- Strategies
- What customers want
- How it adds value in its business
- Where it makes its money.
Role of Key Account Managers
Implementation roles-
- Expert in the customer
- Value developer
- Point of accountability.
Facilitation roles-
- Boundary spanner
- Conduit
- The focal point of contact.
Relationship building
- Hunting v/s Farming
- Measuring the stability of the relationship
- The trusted advisor role
- Cross selling techniques
Key Account Management Best Practices
- Focus on customers that matter most
- Relationship is the key
- Looking for opportunity
- Key Account Management Business Impact
- Key Account Retention
- Increased revenue
Princeton Academy resources https://princetonacademy.in/resources/