What are the 5 key account management processes?
Key Account Management Process
- Step 1: Portfolio vis-à-vis profits.
- Step 2: Understanding the Customer entirely.
- Step 3: Relationship X-Ray.
- Step 4: Draw up a Key Account Plan Blueprint.
- Step 5: Get into Action.
- Step 6: Resource Planning and Audit.
- Step 7: Communicate with internal and external stakeholders.
What should an account manager do?
Account management responsibilities include developing strong relationships with customers, connecting with key business executives and stakeholders and preparing sales reports. Account Managers also answer client queries and identify new business opportunities among existing customers.
What is the most important role of an account manager?
A key account manager’s main role is to retain top customers and nurture those key relationships over time. Ideally, they become a strategic partner and advisor to the client, discovering new opportunities to work together for mutual benefit.
What is strategic key account management?
Strategic account management (also known as key account management) is a process at the organizational level that goes beyond sales to encompass building strategic, mutually beneficial relationships between the company and its key customers.
What makes a good strategic account manager?
Strategic account managers should be both analytical and personable. They need to build rapport with customers, think strategically about partnership opportunities and solutions, collaborate and communicate with high-level stakeholders and decision-makers, and lead a cross-functional team.
What is the future of Account Manager?
The Future of Account Management examines: the urgent need for change within the discipline that has been made even more immediate by COVID-19; the risks of account management being squeezed out of the business; the sense that account management has lost its focus and definition of its role to both clients and …
What does good account management look like?
A good account manager is knowledgeable and understands the goals and priorities of the company. They embrace and display its core values. They know how to successfully compete against others in the same market by articulating the unique value or distinguishing quality of the company’s products or services.
How do you plan an account manager?
Strategic account management best practices
- Assign dedicated strategic account managers.
- Develop selection criteria for key accounts.
- Polish the handoff from sales.
- Create a comprehensive customer profile.
- Conduct a needs assessment.
- Draft a strategic plan and proposal.
- Set a cadence for contacts, meetings, and follow-ups.
How many clients should an account manager have?
Since 2013, the average number of customers per key account representative has stabilized at around 40 customers, according to the Account Management Assessment.