Tip:  Strategic account managers must possess strong business acumen. Strategic accounts are long-term investments. One of the more popular strategic planning frameworks is the balanced scorecard. Key Account Management a Strategic Imperative In the 1970s, companies like Xerox and IBM started to address their important customers as “Key Accounts”. A sales strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. As a sales leader, you need the revenue from your strategic accounts to achieve your goals. So now you have strategic priorities, it’s time to put them into the strategic account plan. It is easy to get distracted from the fundamentals necessary for account management strategy execution. Tip: Don’t consider a strategic account plan final unless your client has seen and agreed to the plan. To reflect this, a framework of tools to gather and understand customer feedback that can be fed back into developing a strategic account management approach should be deployed. LinkedIn is an amazing tool to help support this activity. APAC: +61 (0) 8 8376 1667, eBook: Growing Strategic Accounts through Customer Co-creation, Copyright © 2020 Richardson Sales Performance. Key account management requires discipline and structure to succeed. Generate leads for expansion. “SAMA provides us access to best practices, training and research in the areas of strategic account management from innovative selling organizations, including our own successful customers who are members as well. Strategic account management is an important job that requires rigor and discipline. Too often, account plans are more fantasy than reality — many organizations go through an annual account planning exercise and then forget to execute the plan. Gartner’s strategic account management insights, advice and tools help sales leaders align around the highest-impact drivers of success when it comes to designing a key account strategy. Which clients would he or she hate to lose? DrupalCon Dublin 2016: Growing your Drupal Business via Strategic Account Management Framework Find the slides here. Yet, key accounts represent the most valuable customers, so you can’t afford to drop the ball. An organization may achieve either lower cost of production or product differentiation as an advantage against its rivals. The strategic account manager also needs to have credibility and the ability to marshal internal resources when necessary. In this course you will learn the sales processes, frameworks and skill sets utilized by top sales organizations in managing channel partnerships with retailers and resellers. Through in-depth research and assessment, strategic account managers find opportunities to drive value for their partners by identifying problems, offering creative solutions, and leveraging partnerships to move both organizations toward their strategic goals. When done right, it is a cross-functional effort to define and create value jointly with major customers. You’re are going to end up with a huge amount of information and a big list of ideas which need to be translated into a strategic direction. Tip:  When thinking about which customers to name as strategic accounts, take your CEO’s opinion into consideration. Too often it doesn't happen at all. Key Account Performance Management framework (Internal) Key Take away: ... John is the global leader of SBI’s account management business unit. The Strategic Management Frameworks Arnoldo Hax Alfred P. Sloan Professor of Management • Porter • Resource-Based View of the Firm ... An integrative strategic framework Adaptive Processes Strategic Agenda Competitive Positioning • Activities that drive profitability Industry Structure Strategic account management (SAM) or key account management focuses on building long-term mutually beneficial partnerships with key customers. At Axelerant, we have discovered that there is value to be generated by maintaining focused relationships with existing clients and partners, when delivering Drupal projects and services. A opportunities 2. Key Account Planning & Management require strategic thinking. Whether you already have a process in place or plan to implement a new strategic account program, use these best practices to put your organization ahead of the curve. Also, implied in the word "driving" is a connotation of proactivity. A Strategic Account Plan Template will enable sales management and account executives to design, develop and execute a cohesive and integrated sales plan that will facilitate the winning of new business (increase market share) and the expansion into existing accounts (expand share of wallet). A SWOT analysis 3. Once you have a strategic plan in place, set a regular cadence for ongoing communication with your key accounts. Keep that in mind as you assess strategic needs and opportunities. Driving Value. By the way, I should mention at this point that an account management strategy is INTERNAL. |, Enhanced Service through Consultative Sales, White Paper: 6 Key Account Best Practices To Help You Execute Your Sales Strategy, eBook: Growing Strategic Accounts Through Customer Co-Creation, eBook: Becoming a Trusted Advisor Can Earn You a Seat at the Table. Opportunities in your client has seen and agreed to the next 1-3.! 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