“Nothing is more important than the customer relationship.”Most businesses will have a customer base and it is very important to value them as an asset.The sales process does not stop when the purchase is done. There are many chances of losing customers even after-sales.
As most of the sales come from the existing customers, businesses should properly pursue a record for the existing customers.
What is Key account management (KAM)?
KAM is the process of establishing long term business relationships between an organization and it’s valuable customers.It is vital for an organization’s sustainability and long-term growth. Also, it helps in boosting profitability and customers loyalty towards the organization.KAM focuses on the future to drive more sales from the already existing customers in the business.You must have a dedicated and distinct plan and process to maintain all the accounts of beneficial clients. Let us see the top best strategies for managing key accounts.
Selection of the key accounts
Assigning the right key account managers
Creation of customer profile
Formulating strategic plan
Schedule regular meetings and follow-ups
Assess the account performance
Selection of the key accounts:
Key accounts are those that help in achieving the company’s goal and objectives. All customers are valuable but only certain customers are considered to be key accounts that are based on their contribution to the company.There are certain criteria on which the key accounts are selected.
Some of them are revenue potential, growth potential, product fit, solvency, potential channel partnership.
Assigning the right key account managers:
Key account management has to be handled by someone who is in a higher position in an organisation as it involves the expertise to understand and implement the organization’s strategic vision and objectives.
The key account manager will require support from the cross-functional teams for the execution of deliverables related to the client’s account.
Creation of customer profile:
Once all the key accounts and managers are identified, the next step is to create a comprehensive customer portfolio.It is necessary to know everything about the client who helps in the growth of the company.The intention is to identify your client’s pain points and areas of improvement.
Formulating strategic plan:
A strategic plan helps in having a roadmap for future years with the client.The proposal can be done after analysing the opportunities where our company can provide them with the needful solution.
It should address all their needs and understand that the company is interested in their success.Schedule regular meetings and follow-ups:It is so important to have regular communication with the client once in a while.When the strategic plan is ready, you can schedule all the upcoming meetings with the client.Following up with the client is necessary to get updated with the progress and changes that happen on the client’s side.
Asess the account performance:
It is easy to measure the performance by using a CRM tool which can help in tracking the client’s activities and communication.
This also helps us to improve by collecting feedback from the client. Constant measurement of account engagement and loyalty will help in retaining them. When a customer is found to show a low engagement rate, more importance can be given to those to get connected more.
Key account management strategy not only helps to improve customer satisfaction but also provides opportunities to grow further. It derives more sales from the existing customers and helps to maintain a healthy partnership with the clients.
“A plant grows only when it is watered regularly with love”
So do the key account customers, only when they are satisfied and taken care of, they tend to repeat their purchase.
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