More companies are realizing the importance of key account management. It’s not enough to just have good customers and know how they can be retained. We need to have strategies. In most cases, large accounts are the most valuable asset of many companies. We will need to look after our biggest accounts and sales, and learn how to treat them so they don’t think about leaving.
The profile of Key Account Manager (or KAM), is indicated for carrying out strategies derived from key accounts management. This profile is 100% focused on large accounts. He is responsible for the technical and active functions of the accounts. However, he also manages the strategies that will be used.
Managers of key accounts must manage large amounts of data and information. These positions will require the use of CRM platforms. Big Data has made it possible for many clients to process large amounts of data, but we need to be able to effectively handle small-data. Eric Lundquis said, “It’s not about machines. It’s about people.”
It will be possible to imagine a point where customization can be made in the management key accounts to gain the loyalty of the latter.
Indispensible metrics in key account management
Marketing is only as good as its metrics. They are even more crucial when it comes to customer management. We have the power to keep large accounts happy or make them disappear forever.
We must recognize that key account management is crucial when so much is at stake. This means we must carefully examine all data to determine if we are meeting our goals.
We will be looking at the big accounts and all their potentials to discover three amazing metrics that will help us to ensure that everything is working correctly.
It is important to keep everyone with large accounts. Loyalty is important so we will need to set specific criteria and guidelines for each account. We will only need to have the minimum data in order to be able to contact the client, as we’ve said.
We can’t stop trying to attract large accounts that will be managed later. It is difficult to know how to attract these customers. This is where big data can be used to access large amounts of data from many accounts all over the globe. The acquisition of new accounts is almost always based on the way we treat our clients and the experience they have with us.
We can find many data within our clients. The more data we have, the better. Management of large accounts requires us to know how they buy, when they do it, and what they like the best. We also need to know what their feedbacks were. These metrics can be incorporated into a CRM program that allows us to access it in a specific manner. This will make it easier to manage them.
There are many strategies. It is best to first compile all the data available and then to determine what steps we can take in order to strengthen our ties. Christmas baskets for large accounts are a long-standing tradition. We can now be even more creative with the internet.
Management strategies have always been more successful when people are able to build relationships that are close to their personal relationships. It is not wise to be the customer’s best friend on your first purchase. Instead, it is better to start small and build relationships with them.
We often gain loyalty by solving their problems. Our large account management strategies will reward you with quick response times and availability.
To enhance your skills and knowledge in sales and marketing, you could consider a Master’s in Marketing and Sales. Only then can you succeed in a highly competitive market.
