Business Advice – Three more ways to take care of your Key Accounts

Key Account Management (KAM) enables companies of all sizes to effectively manage and grow their most valuable customers – their key accounts. If attention to detail with respect to key account relationships is not followed, there is no way your KAM program will be effective. The following are three more ways to take care of your key accounts and improve your business’s bottom line.

1.  Training Your Key Account Managers is Vital

It might seem obvious to turn your most successful sales personnel into key account managers. However, this is not a good idea. You will most likely promote a bunch of people into managerial positions that are not suitable for them, and, at the same time lose your best sales people. Don’t decimate your sales force – they should be focusing on finding new business. Your key account managers should be dedicated to working with your key accounts. Each of your highly valued customers should be teamed up with an “inside person” in your company, someone they can develop a trusting relationship with and who will respond to their needs.

2.  Regard Your Key Account Management Team as Important

Don’t just regard them as some kind of  “super” sales force. They are charged with building and cementing long-term relationships with the core of your business – your key customers.

3.  Your KAM Program Should Not be Static

Key accounts can be added, and former ones “demoted” if they no longer meet your parameters for providing long-term value to your business. In addition, seek out best KAM practices both within your company and from external organizations. Regularly review your KAM program and update it where necessary to improve its performance. It should reflect the needs and concerns of your key accounts. A customer who feels important and valued will continue to do business with you even in uncertain economic times.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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