Nurturing Key Accounts – a clear path to economic success
Providing Key Account Management to the most significant customers or ‘Key Accounts’, enables the organizations strengthen significant relationships, hence generating long-term results for both sides. As a result they help the organization to move up their value chain.
Key Accounts can be best described as:
- Biggest revenue earners: Key Accounts are the biggest revenue earners for your business as they contribute the major chunk for your overall revenue.
- Best strategic fit: Key Accounts are also the best strategic fit between the company and the customer. The main focus of Key Accounts is on customers. You might have a great account plan, but if the customer satisfaction is not up to the mark, you are lacking somewhere in strategy.
Source of long-term business:
- Key Accounts are expected to be a part of your long-term business plan, basically because of the revenue potential and the everlasting relationship built with the customer.
Give your Key Accounts the best shot
Sales automation tools, in-house templates, custom software cannot address the complexities unique to Key Accounts. Neither they are designed to help manage and grow large, complex, global accounts.
One needs to understand, that Key Account Management is not just ‘big selling’, but much more than that. To be successful, KAM Tech requires commitment at both organisational and operational level. For outstanding results, organizations need to have great relationships with top accounts and that is possible only with a robust and structured management process.
KAM Tech delivers sustained business impact on your most valuable strategic clients
Key Account Managers need to understand the pulse of their businesses, by knowing what is happening in the businesses of their key customers. It is only then that a Key Account Management software can have a sustained impact on the growth of the top clients. These business impacts are diverse and multifarious:
KAM Technology provides you with a great opportunity to increase revenue, by helping you realise the buying potential of your client. By dedicating resources and bringing transformation on these accounts, you can increase revenue from these accounts. At times, the revenue can even multiply several times.
Moreover, any discussion regarding KAM is incomplete without a word about building relationships. Needless to say, the secret to growing profitability in these challenging times is to build close relationships with your top clients. Once you have built relationships with your Key Accounts, you can always leverage that relationship to know about their requirements, and pitch in your products that satisfies their need.
Another opportunity is with the amount of analytics data you have got with your Key Account Management software. You can always have an insight into what could be more valuable for the client, and develop such products (if it does not exist already), and pitch it to your client. This way, you are not just boosting your revenue but also adding value to your client, and helping them grow.
With Key Account Management software, you can make use of the whitespace to realize every possible opportunity to grow. You can build robust annual plans, track your progress, and take decisions accordingly for favourable outcomes in terms of revenue growth. For instance, see how whitespace analysis and analytics data in DemandFarm’s Key Account Management software can help you.
Reducing Sales Cycle:
KAM Tech really helps in reducing the sales cycle by providing a clear picture of every member at client’s end. Once you know the right people at the client’s organisation, you have an answer to all the questions on building relationships. You know whom to connect for what purpose, and what means to be used in order to build connections.
With Key Account Management, you have a set process to be followed when required to do the same task again. Such institutionalization of processes ensures that nothing is lost in the translation phase of work, and all the boxes are checked.
All the data are available in one single place for all the team members to refer to whenever needed. Not to forget, that all these can be shared and collaborated, and enriched strategies can be made on basis of that.
Key Account Management software also comes with a multi dimensional view of the key account’s revenue, profitability, deals in the pipeline, relationship strength and health, untapped potential, share of customer’s purchase and more. This does not only helps in taking timely decisions, but also in reducing the sales cycle as an effect of that.
KAM is not just a role but a business initiative! KAM involves augmenting a brand orientation with focus on customer portfolio. It brings a change in mindset, company mission, organization structure, IT systems as wells as job function and skills. It is a departure from an earlier approach, which was centered around customers alone and not brands.
Key Account Management plays a great role when it comes to improving the efficiency as well as effectiveness of Account Managers. With Key Account Management Technology, Account Managers can focus on strategic activities only, and automate the repetitive or operational tasks that don’t require much attention.
The biggest problem faced by Account Managers is handling and managing complex data spread across various spreadsheets, documents, and presentations. Key Account Management software tackles this easily, by ensuring that you have a streamlined data management system, and an option to generate and share report in one click, thus saving time as well as the undue headache that complex data can give.
Many a times, you find yourself stuck with some information that only Account Managers can provide, if you’re lucky. This increases a lot of dependency on Account Managers, and an unnecessary waste of time of an important resource for the company. If you deploy KAM Tech at your organisation, you get an overall view of all your important data at one single place. KAM Tech lets you use existing data for insights rather than spending time on creating new data every time.
Key Account Management – Way Forward
By undertaking an ongoing exploration with KAM, making multiple investments to understand the need of complex customers, organizations can reap huge benefits. KAM needs and technologies are constantly evolving and new tools will be required to meet the varying needs of customers.
The job of the KAM teams is to identify and enhance the sources of value for customers and help deliver that value in order to have significant business impact, and they must be equipped to do so!