COO & Co-Founder, DemandFarm
Key account retention, when seen from the eyes of vendor partners, is not just about proving the solution that was asked, but to understand the client’s business and help them grow. But with the fragmented state of data on customers, it is difficult to understand what drives the decision making on the customer’s side. With the right strategy and the right tools, however, key account managers can ensure they have relevant data which allows them to work smart.
With proper data about the client in place, Account Managers can demonstrate value to the key account by knowing their business and industry, helping them set goals, develop corresponding strategies and create a concrete, actionable plan. With properly organised data, even a new member of the accounts team can start on an even keel with the information available. With proper data, reaching out to key accounts regularly becomes a meaningful activity, which works towards enhancing the relationship.
At the end of the day, technology enables us to do what we already do better. People buy from people they trust, and with sophisticated key account management tools – the task of establishing trust can be simplified. Also, with AI and ML being used increasingly in Key Account Management solutions, we are seeing the software provide helpful suggestions, touch points, key focus areas and more.