There's more to key account management than meets the eye. Here are 9 unexpected benefits of key account management and why they're important.
If you don't have a key account management strategy in place, you could be leaving money on the table or leaving your client at risk of defection. And we don't want that.
Account growth, renewals and advocacy are difficult for indirect suppliers to achieve because procurement is focused on spend management.
Key account management to the rescue!
CHAPTERS:
00:00 Introduction
00:51 What is Key Account Management?
01:23 The benefits of Key Account Management
03:32 Studies confirm benefits of key account management
03:50 Conclusion
I like to say key account management is simply optimising the partnership between you and your clients.
But if you want details, this definition from Gartner says it all:
"Key account management (KAM) is the process of planning and managing a mutually beneficial partnership between an organisation and its most important customers. Key accounts are significant to an organisation's sustainable, long-term growth and require a substantial investment of both time and resources."
Key account management is a critical step on the path to differentiation, optimise business results (I said that already but it's worth repeating) and secure revenue growth.
• Strategy.
• Innovation.
• Business growth.
• Cost reduction.
• Diplomacy.
• Change Agent.
• Customer retention.
• Consistency.
• Credibility and trust.
The numbers don't lie
A Gallup poll in 2019 found that when B2B companies implement key account management, they have higher levels of revenue, profitability, the share of wallet and lower levels of churn.
50% higher revenue/sales
34% higher profitability
55% higher share of wallet
33% greater likelihood to be the first choice for future business
63% lower customer attrition
32% few days sales outstanding.
Source: Analytics and Advice for B2B Leaders, 2019, Gallup Inc.
Key account management shifts clients' focus away from cost control and toward collaboration. From price toward value.
Through good planning, building influential relationships and leveraging expertise, key account managers become trusted advisers to their clients and create mutual growth opportunities.
So what have you got to lose?
⭐
Warwick Brown
Founder | Account Manager Tips
NOTE: The video and description may contain affiliate links. If you click on a link, I may receive a commission. Money earned helps to support my channel.
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