Why? Because the skills and level of expertise required to be successful in key account management is significantly greater than your lower tiered customers.
Let’s recap some fundamentals of Key Account Management before defining some core areas for key account team training.
What is Key Account Management?
Key Account Management is a way to service your most valuable customers
What does Key Account Management do?
Key Account Management enables you to retain and grow your best accounts
What does it mean to use Key Account Management?
It means you will have greater retention and growth inside your best accounts
Key Account Business Objectives:
- Don’t lose any big accounts
- Sell more to the biggest accounts
- Create more big accounts
Customer indications they’re in need of a key account program:
- Requests support in developing their strategy
- Requests specialized resource support (those that can speak directly to their specialists)
- Requests exclusivity on product rollouts
- When innovation is the focus, they request support/solution architect assistance
4 core areas of key account training:
- Managing KAM Strategy
- Key Account Leadership
- Hiring “A” Player Key Account Managers
- Key account scorecard
- Customer selection
- Account recruiting strategy
- Account planning
- Resource alignment
3. Account Management
- Customer onboarding
- Reporting relationships
- Quarterly business reviews
- Shared resources
4. Account Development
- TAM Analysis
- Customer Marketing
- Executive sponsorship
- Sun-setting customers
When we say put your best talent on your largest and best opportunities, that means your key accounts have your best talent. This is one of the primary reasons you’re not wasting your time on negotiating training, objection handling, etc. The training focuses on those core areas that allow some of your best talent to maximize the return and defend your most important clients.
Key Takeaway: If you’re not investing in the development of your key account teams, where are you investing your training dollars?
Download our our white paper to learn more about growing revenue from key accounts.