The strategic account management process is about building value-driven relationships with your key customers. It is a synonym of Key Account Management. The strategic account manager’s role is to identify those key customers that generate maximum revenue and profitability as compared to other regular accounts. Show These managers act as a bridge between the company and stakeholders on the customer side. The idea is to increase customer lifecycle value by starting small like with a free trial or test project, adding value, and building trust. Strategic account management is a function that more often than not, loses its criticality in the mire of operational account management. While most Account Directors and Managers wholeheartedly agree to the fact that Key Accounts need a different level of investment in terms of time, resources, and frequency, this still remains an area that does not receive its due. The reasons may differ but whatever the reason, the results of not paying heed to Strategic Accounts, are almost always the same – poor. So we know that we simply cannot afford to ignore Strategic Account Management. Account Planning Softwares can help optimize the time and effort in developing strategic account plans. The correct implementation and understanding of strategic account management are paramount to the growth of revenue. But let’s now understand ‘WHY’?
The first step to focusing on your Strategic Accounts is to focus on them, use the right tools and leverage the findings by taking action. Also, learn how to set up your KAM process in 9 steps or read other blogs on strategic account management. Explore the complete guide to Cross-selling and Up-selling to identify unexplored opportunities for your business as well as your clients’ business and grow better in 2021. About The AuthorMilind KattiCEO & Co-Founder, DemandFarm Milind is the COO & Co-Founder of DemandFarm. He co-founded DemandFarm to build smart software technology to bring Account Planning and Relationship Intelligence into your CRM, making Key Account Management data-driven, predictable and scalable. Milind has close to 25 years of experience in sales & marketing. He is an Electronics & Communication Engineer with MBA in Marketing. He enjoys long-distance running, loves reading history, and above all else, he is a humanist. What is the first step in a strategic account relationship?1. Assign dedicated strategic account managers. The first step to a successful program is to assign dedicated account managers who are separate from sales. The best programs don't have managers that must split their priorities or switch focus between making sales and developing strategic accounts.
What makes a strategic account?Definition of a Strategic Account
Amount of revenue doesn't make an account strategic. What makes an account strategic is the synergy between the vendor and the client, i.e. the outcome of the work they do together is strategically significant to both organizations.
What is a strategy account?What is Strategic Account Management? Strategic account management for enterprises (also known as Key Account Management) is a process of building value-driven strategic relationships with your key customers that can help in long-term development and retention, thereby maximizing the revenue potential.
How do you identify a strategic account?Identifying Strategic Accounts. Look Beyond the Numbers. Go beyond the dimension of revenues while identifying and investing in your strategic accounts. ... . Two-way Street. Identifying the customers who would enable you to grow and elevate your business is only part of the equation. ... . Think Long-term.. |