Strategic account management is an approach to create a robust and mutually beneficial relationship between a company and its key clients. With the focus on creating a win-win situation and encompasses different departments within a company. Well, you may argue that a business should be concerned about improved sales and profits but without proper strategic account management, it may be a mirage. As a business owner or manager, you must familiarize yourself with key tools and frameworks that will help in the overall performance of the business and building of a mutual benefit especially among your key partners and customers. But just like any other management scheme, you need to do your due diligence to ensure that you invest in the right framewok that you can depend on for the success of the organization. The article herein focuses on strategic account management and why it is a high time you considered it in your business.
One of the reasons you should consider strategic account management in your organization is the guarantee of customer retention. Such partnerships not only take care or the business but the interests of the customers as well. Profitable customers or ones with such a potential will feel a sign of belonging and won’t have the need to migrate to a competitor. The other advantage is the fact that you will be sure or revenue augmentation. All you need is to get your key customers to partner with your brand. That way, you can be sure of continuous revenue stream for several months or years. Key account managers (KAMs) periodically monitor accounts to ensure customer satisfaction, and in other cases, stay alert for any account growth opportunities.
It is also important to note that your business stands a chance of spontaneous growth if strategic account management is done well. If your customers are satisfied, you can be sure that they will boast about your company especially on the return on investment it offers. As mentioned above, it is clear that the success or failure of strategic account management depends on a number of factors including the level of experience of the key account managers. Since they are responsible for the monitoring of the accounts, they must be up to date with what’s happening in the world of business competition. Therefore, as you look for an ideal partner, pay attention to critical issues such as familiarity with strategic account management. However, the management of key accounts should not be left to key account managers alone but every employee must play their parts.
For effective management of these accounts, analyze them to identify their weaknesses, strengths, opportunities and threats. This will help you make the right decision when allocating resources. From the discussion above, it is evident that strategic account management is a crucial framework that suits both your business and your customers or clients. With proper research and professional implementation, it is a matter of time before you start enjoying these benefits.