Key Account Management Software: 4 Features to look out for
Key Accounts are complex, global entities and it would be impossible for even the most accomplished Key Account Manager to keep track of and govern the Account manually. There is a need for software and tools for Key Account Management to help the Key Account Managers realize the optimal potential of the Account. To that end, here is a round-up of some of the must-have features of a KAM Enablement technology – whether it is a tool, software, or app:
1. Visual Representation to aid Strategic Decision Making
Because of the way the human brain processes information, a visual representation always helps in simplifying complex data. Visualization is a quick, easy way to make strategic decisions in a universal manner, and execute accordingly. When it comes to key accounts, you need to have a landscape view of available white space opportunities and scope continuously for business and value creation opportunities. A visual representation in a KAM technology enabler or software can not only help you see the bigger picture, but also analyze and improve your selling points, and explore opportunities with existing key accounts.
2. Organizational Hierarchy
In B2B selling, you are not selling to one person. It is usually a group of decision-makers, who influence the deal based on their position within the organization. In-depth awareness of the organizational hierarchy is, needless to say, a must.
A comprehensive account management would go beyond to even highlight formal and informal affiliations, disposition towards the brand, etc. It will indicate which relationships need nurturing, by whom, in a timely way.
A Key Account Management Software should clearly indicate whom to connect with, at each stage of the selling process, with an added option to make behavioral notes about each contact, so you make the most of the time invested in building relationships.
3. Data Consolidation and Management
Imagine a situation where half of your key account’s data is in spreadsheets, and the other half is spread over PPT’s and word docs, and elsewhere. How inconvenient would that be?
Key Account Management software must provide a consolidated platform, which collates data from varied sources, in a consistent format, in one place, so that the right internal stakeholders can access them and be on the same page. With a central repository that everyone can access in real-time, the additional headache of version control is avoided. It will help you focus, and invest your valuable time in strategic account planning and collaboration, instead of laboring over data collation and documentation.
4. Analysis and Tracking
When you are managing Key Accounts, you need to keep track of Key account Plans and goals. A Key Account Management Software must help you with an actionable approach to tenure-based plans, along with easy-to-access tabs on the account plan screen.
A good module that can help achieve these must provide you with insights to check progress on activities so that you can make the right strategic calls at the right time. In an ideal key account management software, your company’s sales process is expressed visually in a pipeline form, showing where all deals stand in which stages, and each stage subdivided into activities and tasks. Learn more about how KAM Enablement will help you grow your business in 2017. Download the e-book here.
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About the Author
CEO & Co-Founder, DemandFarm
Milind is CEO & Co-Founder of DemandFarm. Having practiced and evolved the ‘account farming’ principle for over a decade he established DemandFarm and is passionate about delivering the best B2B key account management tool to serve the needs of key account managers. Milind also serves on the Board of LeadEnrich & is a Strategic Adviser.