Business Advice – Three Ways to Take Care of Your Key Accounts

Key Account Management (KAM) is of vital importance to your business. It’s an organizational methodology to manage and enhance relationships with your most important customers – your key accounts. If business advice relating to key accounts is ignored, this will have a negative impact on your company’s revenue. The following are three steps you can implement to take care of your key accounts.

1.  Understand What KAM Means

KAM is not a way to find new customers or to increase short-term sales. Rather, it’s a business methodology involving the entire company, not just your sales force. It requires a commitment by all departments to meet the needs of your most valued customers. For example, if a key account has been given priority access to urgently needed products or services, supply chain and operations personnel have to jump in, not sales.

2.  Ensure that All Departments are Familiar with Your Key Accounts

Your key accounts are your existing customers with long-term relationships with your company. They should be regarded as one of your most valuable assets and as an investment in your business’s economic future. Establish parameters to identify them and don’t get pressured to add certain customers just because they play golf twice a month with the CEO.

3.  KAM Needs Top-Level Involvement

The most successful companies of all sizes have high-level executives involved with their key accounts. Each executive visits the key accounts that they sponsor on a regular basis. The goal is to ensure that your business’s key accounts feel valued and significant. Happy customers will keep giving you orders and increase your company’s revenues.

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

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