What is Your Strategy to Manage Key Accounts and Why You Need One?
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The document outlines the importance of having a key account strategy, detailing its impact on revenue generation and relationship building with customers. It emphasizes the need for a structured approach to managing key accounts, including stakeholder identification, opportunity planning, and measurement of success. Key components such as goals, initiatives, and deliverables are presented to aid in developing an effective key account management plan.
What is Your Strategy to Manage Key Accounts and Why You Need One?
- 1. What is Your Key Account Strategy and Why Do You Need One? Be More Strategic with Your Key Accounts 4/25/18 1
- 2. Agenda What’s in it for you? Strategy Overview Using Strategy Mapper to build out a Key Account Management Plan What’s on your mind and comments 4/25/18 2
- 3. • A careful plan or method for achieving a particular goal usually over a long period of time • The skill of making or carrying out plans to achieve a goal Strategy Merriam Webster definition 4/25/18 3
- 4. 1.Where will you store the strategy (plans)? 2.Who has input into the strategy, who owns the plans? 3.How easy will it be for your teams to adapt? 4.How dynamic is the strategy, can it change as your organization changes? 5.Can it adapt as the customer landscape changes and evolves? 6.Does it help drive revenue and success? 7.How are you going to measure the success of our strategy? 8.Do you need different strategies based on type of customers and geos? 8 Things to Think About When Creating Your Key Account Strategy 4/25/18 4
- 5. 1.Your competitors have a strategy 2.Companies with a key account strategy drive more revenue from those accounts (up to 67% more) 3.Allows your teams to focus on what is important to build long term relationships 4.Success is easy to track and is measurable 5.On-boarding new teams members is 30% faster, meeting their revenue targets faster 6.Builds knowledge and deep understanding of your customers (trusted advisor not just another vendor) 7.It builds consistency among teams 8.You manage the customer, not the other way around 9.You become part of their team Why You Need a Strategy for Key Accounts 4/25/18 5
- 6. “KAM is about changing the way people work — it is not just a sales technique.” Lynette Ryals Harvard Business Review Key Account Management 4/25/18 6
- 7. Key Account Opportunities Stakeholders Child Accounts Initiatives SBUs Problem Resolution (Cases) Components of Key Account Management Key Account Management Relationship Revenue Personal Relationships Relationships (additional revenue) Pre-Pipeline Relationships (additional revenue) Potential Conflicts
- 8. •Goal and Objectives •Meeting Attendees (Stakeholders) •Actionable Intelligence •Tasks (ToDo’s) •Stance (are they going to buy) •Role(s) •Relationships •Org Map •Strategy to Win •Tactics •Milestones •Red Flags / Risks •Stakeholders •Goals and Objectives •Initiatives •SWOT Analysis •Revenue Trending •Red Flags / Risks •Stakeholders Account Management Opportunity Planning Meeting Planning and Execution Stakeholder Management Four Key Parts of Key Account Strategy 4/25/18 8
- 9. At a Minimum You Must Answer….. • What are the Customer’s Goals and Priorities? • How are you going to drive revenue, what is your strategy? • What is your value proposition, what sets you apart from competitors? • What is going right in this account? • What can you (the team) do better in this account? 4/25/18 9
- 10. Account Management • Goals and Objectives • Initiatives • SWOT Analysis • Revenue Trending • Red Flags / Risks • Stakeholders 4/25/18 10
- 11. Opportunity Planning • What are the customer’s requirements – do we meet them • Who are the stakeholders (influencers) have they been identified • Do we have a champion (where are they in the food chain) • What are our milestones, how are we going to track progress • Red Flags / Risks 4/25/18 11
- 12. Meeting Planning and Execution • What are the critical business meetings you need to have… • Strategic Planning Session • Road-map • Executive Briefing • Initial Demo • Start / End Trial, PoC or PoV • What is the cadence of the meetings 4/25/18 12
- 13. Stakeholder Management • Who you know • Who you don’t know • What happens when your main contact is no longer there • You have to be the go-to partner (trusted advisor) • Never underestimate leverage and power of consultants 4/25/18 13
- 14. Deliverables • Action Plan • An Action Plan must include the following: what must to be accomplished, based on your plan. It does not include what has been accomplished or completed. In addition, key players (stance and role) are included. This is a very short and to the point document. • Playbook • The playbook is the entire plan in a PDF or other readable format. Playbooks are great for in- depth account reviews with your team or management. • SWOT+ Analysis 4/25/18 14
- 15. •Goal and Objectives •Meeting Attendees (Stakeholders) •Actionable Intelligence •Tasks (ToDo’s) •Stance (are they going to buy) •Role(s) •Relationships •Org Map •Strategy to Win •Tactics •Milestones •Red Flags / Risks •Stakeholders •Goals and Objectives •Initiatives •SWOT Analysis •Revenue Trending •Red Flags / Risks •Stakeholders Account Management Opportunity Planning Meeting Planning and Execution Stakeholder Management Four Key Parts of Key Account Strategy 4/25/18 15
- 16. Key Account Management – The Strategy Mapper Way • Let’s review and build a Key Account Plan 4/25/18 16
- 17. Questions – What’s on Your Mind 4/25/18 17
- 18. Call to Action • Schedule Your Demo @ https://www.pointntime.com • Start Your Fully Supported Trial from Salesforce AppExchange – search Strategy Mapper • Contact • sales@pointntime.com • Travisd@pointntime.com • Call: 214.509.8664 • For help building strategic selling capabilities contact • anna@leadingedgecoaching.co.uk • www.leadingedgecoaching.co.uk • Call: +44 (0)1488 638119 4/25/18 18
Editor's Notes
- #9: When people normally discuss Key Account Strategy they only focus on the Key Account Management part. However, there are four key parts, the account management is just one. All must planned and executed successfully to drive revenue and build success. One is no more important than the other, if you fail at one it can lead to disaster.
- #16: When people normally discuss Key Account Strategy they only focus on the Key Account Management part. However, there are four key parts, the account management is just one. All must planned and executed successfully to drive revenue and build success. One is no more important than the other, if you fail at one it can lead to disaster.
- #18: In closing, by creating a key account plan allows you to work strategically with key accounts, you become a 'Trusted Advisor Not Just Another Vendor". We would love your feedback and what are your requirements for key accounts. If your moving to managing key account strategy and working on your requirements, give us a call we would love to assist in your success.