2. From inception, we knew it was important for them to maintain a proactive approach in order to drive sales velocity and that success would come down to a mix of ongoing customer care and relationship management. Focus on key account management; it is a different business model. For organisations looking to implement key account management, Mark Davies, visiting fellow at Cranfield School of Management, explains the three different perspectives which need to be covered in your approach. Key account management is the process of building long-term relationships with your company's most valuable accounts. The KAM Framework is covered in more detail in the Kogan Page book Implementing Key Account Management. By the way, I should mention at this point that an account management strategy is INTERNAL. You have to model the behavior you want to see in the team and walk them through the process line-by-line, deal-by-deal, stage-by-stage, close-by-close. Managing a strategic account is an important job that requires consistency and discipline. That hit our installation team, our finance team and our shipping department hard. Is there anything we should be getting ahead of? Some owners meet in their own smaller groups within the brand so we usually try to participate. We hope you find these GrowthBits helpful and share them with your network. LLR Partners believes in sharing the wealth of experience and expertise within our portfolio companies, network and teams in order to inspire and help accelerate growth for a wider community of business leaders. There are six distinct roles that must be played for strategic account management initiatives to deliver at peak potential. We preload each opportunity into Salesforce.com in draft form, follow an outbound call plan and then log qualifiers and metrics on each opportunity. Among our key findings are that Top Performers in Strategic Account Management have strategic account managers who: 1. Technology is absolutely critical to that effort. Philadelphia, PA 19104P: (267) 866–7999. Best Practices in Key Account Management JS5990. Organisations that address the challenges (and opportunities) that come with managing customers and successfully navigate through the pitfalls and obstacles, will be on the path to a successful account management organisation. Philadelphia, PA 19104P: (215) 717-2900, For investor relations, finance & administration:2929 Walnut Street Few companies define the roles and play all six well. GAM has since been adopted by medium-size supplier… The first step to changing this is to know what these roles are. Read: The #1 Reason Why Account Development Fails. Sales provides a brief to account managers with details about new customers. SAM Best Practice #6: Validate the Plan. What is your key account management strategy, how does it complement your overall business strategy. That’s how the group moves beyond a strict vendor role to become trusted advisors for our customers. He may only adopt our Drive-Thru Director at first, but our goal is that this will lead to using our full back-of-the-house system as well. And then, the best-case outlook if all goes our way. Strategy Mapper ensures your sellers are executing at peak performance in every selling situation, from key account management, opportunity planning, meeting planning and execution by providing them a configurable, robust and intuitive framework within Salesforce. Companies that fail to effectively execute KAM programs routinely face spiraling customization costs, business unit resistance and limited customer receptivity. We hope you find these GrowthBits helpful and share them with your network. A Strategic Account Management Framework for Customer Success 6. By adhering to this proven process, our account management training enables sales organizations to positively impact everything from customer perception to cross-team collaboration. The ACC command framework provides a standardized way for clients to create and manage accounts. It’s not uncommon for a franchisee to call and ask about our products. For the past twenty years, Cranfield has pioneered the development of Key Account Management research in Europe through the KAM Best Practice Research Club, working with world leading businesses to adopt new frameworks and best practice to fully leverage key relationships and strategies. Drive Value: The best strategic account managers grow accounts because they drive value for buyers proactively. Identifying your key clients allows you to then work with their Architects, Engineers and Contractors, taking a more holistic approach to your specification strategy. In order to maximize success, companies should approach large-scale efforts with a level of discipline... Get the latest growth advice via email twice per month. How to implement a Key Account Management Plan. There are 7 steps that need to be followed for a successful Key Account Management action plan in the pharmaceutical industry: 1. Formalizing our account management team with process discipline, aligning each rep to a specific brand and building out a relevant commission structure has allowed us to motivate the team and commit to a set of common goals. Our model is win anything anywhere and once you’re in, there’s opportunity to add other products to a customer’s suite. We have never wavered from the following routine and, over time, it’s what’s allowed us to be more proactive. Execute a framework for handling the most common issues that arise in a channel or reseller partnership. Here’s some insight into what made our account management framework successful out of the gate: Having a formal, repeatable sales process cuts through everything we do. Even in the cases where we don’t need to sell in the traditional sense, our account management team walks the customer through a sales process start to finish. We also get a lot of inbound requests. Within an account management framework, create the right circumstances for success: a dedicated sales process, a solid commission structure, a fine-tuned business model and a culture of listening. Want to find out more? Key Account Management is a strategic decision The broadened scope of superior key account management is reaching far beyond selling products or services to important clients with high sales turnover. We built out a PowerPoint presentation for them to work from, put up a new website and created new sales and marketing collateral, and in all of it the message shifted from the basic features of SICOM products to actionable ways they make a difference in customers’ businesses. At SICOM, we build and sell technology that helps franchised fast food restaurants such as Wendy’s and Burger King run more efficiently and effectively, from kitchen and back of house operations to customer-facing point-of-sale interactions and digital signage. An account overview 2. Reach out to us any time to discuss your growth strategy. hbspt.cta._relativeUrls=true;hbspt.cta.load(417879, 'b095c50b-5892-40e0-8801-afcd3e5a6445', {}); Register for one of our FREE Business Growth Briefings. To overcome that natural tendency, you’ve got to streamline the peaks and valleys of deal flow. Account management. ACCOUNTS’ SEGMENTATION To sidestep that, we do our best to maintain consistency and create a cadence. 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