What is Key Account Management?
Key Account is a person or a group of people with whom your business has built more than just a standard business relationship, based on the trust level between you and the buyers.
Key account management (KAM) defines the full relationship between your business and the customers you are selling to. It revolves around handling the customers who play a strategic role in the growth of a supplier.
When dealing with multiple individuals, it´s good to record pertinent facts about decision-makers within the account that you’re dealing with.
Our goal is to access information and grow key accounts into profitable long-term relationships.
Two tips that helps you to excel in your key account management:
#1: Using Account Types/Classification for Key Account Management
Be sure to see the difference between a real Key Account and Standard Account. Ideally, for a key account, you have changed the relationship from vendor-buyer to partnership.
One very key reason for doing so is that the better your buyer (and other contacts at the company) succeed, the more your product or service is going to succeed at that company.
Based on this relationship you can cluster your accounts by account types and account classification:
Account Type – is a customer, be it a individual or company, that you are connected to: for example a new customer, existing customer, partner etc.
Account Classification (0, A, B, C, D) – enables you to classify your accounts from 0 (you do not know this account at all) up to D (your Key Account - Partner)
#2: Using Org Chart to Define Key Account Buyers Roles.
The most important factor in Key Account Management is the people involved within the account.
Different individuals may have substantial influence on the purchase despite higher or lower positions in the company. There may also be others outside the company, such as consultants, who are influencing the purchase as well.
By building a Key Account Org Chart you will always know to whom you are talking, where they stand within the order of things, and who must still be convinced in order to bring the sale to a close.
Making notes about each contact’s behavior in Org Chart is also useful, for example:
“Don’t talk to Joe if he’s in a rush and under pressure; he’ll just say no to everything”
or “Friday is a good day to talk to Melinda as she’s always looking forward to the weekend and going to the beach.”
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