Why is key account management important? And why should you care?
Let's start with why should you care?
Well, if you don't have effective key account management in place, you could leave money on the table, be helpless to competitor threats and put your most valuable clients at risk of leaving.
That's reason enough in my opinion!
Key account management can become the growth engine of your business if you invest in it.
9 benefits of key account management
- GROWTH. Capture more client spend
2. STRATEGY. Deliver client & company goals for mutual value
3. CONSISTENCY. Harmonise solutions, reduce friction & conflict
4. DIPLOMACY. Connect and engage with decision-makers.
5. COST REDUCTION. Improve efficiency & scale
6. INNOVATION. Create solutions
7. ADVOCACY. Increase satisfaction & reduce churn
8. CREDIBILITY. Increase transparency & information sharing
9. CHANGE AGENT. Push clients to greater performance.
And that's just off the top of my head.
How do key account managers add value to your organisation?
Further reading: 9 Unexpected Reasons Key Account Management is Important