THE IMPORTANCE OF KEY ACCOUNT MANAGEMENT
It is vital that every business understands the importance of Key Account Management. Not every company or individual you are selling to is a Key Account for your business. You may think that every new and existing customer, as well as every partner involved in your business, is as important as the next. You would be a foul to think this however. It’s imperative that you recognise the difference between a Key Account and a Standard Account. It’s this knowledge and using it effectively which will assist in growing your business and making it a bigger success.
Key Account Management (KAM) is all about creating and developing long lasting business relations with company’s you trust. KAM is not just about selling products to big customers. It’s much more than that. It’s about recognising who plays a strategic role in the growth of your business and recording the information. By recording this essential account information you’re able to communicate more effectively and efficiently with your customers. This then leads to growing key accounts and eventually profitable, long term relationships.
When a business first makes contact with a new customer, a vendor-buyer relationship is formed. It is not until the relationship has significantly developed and the dynamics changed that the relationship will alter. It’s this shift which could potentially result in them becoming a Key Account.
Key Account Management Software
Having an efficient software to record such vital account data is imperative. Key Account Management Software helps you to be more strategic and proactive with your most important customers. It helps you to identify and track your customers goals, map your customers organisation and keep contacts. It also allows you to create clear actionable account plans and find opportunities for future growth.
Key Account Management Software can help you pinpoint and mitigate risks, as well as capture notes and activity. It also allows you to see exactly where you stand with each and every customer. The Account Health Scoring is a fantastic tool which allows you to clearly see which accounts require a little extra attention. It allows you to better manage risk and measure satisfaction too. With a higher health score there is a much higher chance of renewal and upsell.
The software can fully integrate with your Customer Relationship Management (CRM) system as well as other software. Salesforce, Zoho, Hubspot and Slack are just a few of the systems this software can integrate with. You’ll be able to effortlessly extract existing customer records and contacts from your CRM. This is a huge advantage to any business because it means there is no need to enter duplicate data onto two or more different systems. Your team will love you for it too!
Voice of Customer
The Voice of Customer (VOC) provides insights for Account Management and Customer Success teams. It helps you capture key data on client expectations and initiatives. This highly useful feature allows you to gain in-depth insights on your most valuable clients. You are effectively handed a roadmap for your VOC process, starting with a detailed overview of the contacts that matter most. You are able to rank and score your contacts to spot areas of risk and opportunity.
A selection of relevant and impactful VOC questions come with the software, which you are free to use, edit or create your own. The Voice of Customer guides you to align your value proposition to their unique needs and challenges. It helps you target the perfect audience for your business. With every customer being completely different, this tool is invaluable to any business. After all, the better you can speak their language, the more they will trust you and the less likely you are to loose them. This will in turn generate a better business relationship for B2B companies.
Create action oriented, customer account plans that deliver every time. Having a awesome plan in place, which you know is going to be powerful and achieve results is key. By integrating the software’s proprietary technology into your key accounts ensures that everyone is happy. It’s a win-win for you and your customers.
Maintaining excellent communication between you and your customers is vital to develop good B2B relationships. What better way to do this then share your statue reports with your customers. This allows them to know what you’re up to, appearing transparent and trustworthy. Clients are constantly updated and kept in the loop. Of course, there will always be the need to keep some things private. Fortunately, this is possible too, using the Key Account Management Software.
Performance Metrics & KPI’s
The Key Account Management Software allows you to set your customer KPI’s, extracting data from a variety of sources into one place. From a single dashboard you’re able to view the most important customer metrics. By accurately measuring these metrics and KPI’s you’re then in a position to focus on actionable changes which will drive growth and improve results.
Keeping a close eye on your metrics and performance over a period of time is easy. You can compare specific periods and dates, easily identifying trends and checking your customers’ progress towards their goals. Colour coded charts and graphs as well as detailed diagrams help clearly display all these details in one place.
Analysing your customer base and behaviour patterns is essential. Using the statistics and data collected on the software you’re able to analyse a cross section effortlessly. This enables you to identify risks and areas which need improvement. All which play an essential part to mould your account plans.
Key Account Management best practices is another useful feature included in the software. The easily accessible advice and tips will help guide you towards being a more strategic and proactive Key Account Manager at the top of your game.
Integrating a Key Account Management Software into your business is a must-have and essential for optimal B2B growth. Power your business with the best software available on the market today and watch your productivity, revenue and capabilities grow from strength to strength.