What should a strategic account plan include?
Within this phase, there are four key steps.
- Create a Profile. The profile of your customer, client, or partner will share a brief overview of who that person is.
- Develop Trust.
- Identify Targets.
- Find the Opportunity.
- Determine the Value.
- Create Objectives.
- Take Action.
What is strategic account management?
Strategic account management is a framework that focuses on building engaged, mutually beneficial relationships between a company and its key accounts or customers to drive sales growth. Typically managed at the organizational level, strategic account management encompasses teams across departments within a company.
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 is an account management plan?
Account planning is the process of building strategic plans to improve value-driven relationships with your key customers that can help in long-term development and retention, thereby maximizing the revenue potential. Effective account plans help account managers to gain a more in-depth understanding of the client.
What is the purpose of a strategic account plan?
Strategic account planning is a customer-centric approach to identifying priority accounts, capturing and analyzing critical information and developing a strategy to expand and grow existing customer relationships.
How do I write a key account plan?
The following steps highlight the key account planning process:
- Account overview. This is the first step, and here you get to define important information concerning your client that’s relevant to the account plan.
- Action plan.
- Change management.
What is strategic account?
A strategic account is one where the ongoing relationship is critical to success of your firm and (just as importantly) critical to the success of your customer’s firm. An account can be major but not strategic if the customer treats your products and services as commodities that can be easily replaced.
Why do I need strategic account management?
One of the primary reasons businesses implement a strategic account management approach is to ensure that a profitable client, or one with such potential, does not ever feel the need to migrate to a competitor. Key account managers, or KAMs, are those individuals responsible for nurturing important accounts.
What is the role of a strategic account manager?
Strategic accounts managers build and maintain strong relationships with key business clients. They regularly communicate with clients, resolve client queries, and increase revenue by promoting product innovation. They also collaborate with sales teams to generate sales leads.
How do you write a key account plan?
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.
What makes a good key account manager?
So, what makes a great key account manager? They need excellent management competencies including leadership and team building. They need excellent financial and customer acumen. They need to be great strategic influencers at all levels in the customer and internally and across all functions.