What is effective Key Account Management (KAM)?
The Key Account Management role is vital for organisational success or failure. Key Account Management has its origins when business suppliers realised that not all their clients were equal, as some represented a relatively high proportion of sales and revenue.
When working in an account management role, it is vital to employ practical approaches to your planning, analysis and methods in order to stimulate closer relationships with your strategic accounts.
Given that 80% of sales generally come from 20% of clients, organisations naturally dedicate a larger portion of their resources to those clients representing the most value. Value in this case needs to be measured not simply in terms of direct contract value, but also in terms of future earnings, headlines generated, brand management and even additional clients that can be brought on board as a result.
Effective Key Account Management reaches inside both the seller’s and buyer’s organisations, making the KAM role more complex and difficult than regular sales activity. In businesses today, stakes are high and powerful customers expect the best from their suppliers. Key Account Managers must therefore be well skilled and adequately equipped to treat them appropriately. Effective KAM will enable you and your organisation to:
- Increase your ability and confidence in managing strategic accounts
- Enhance your skills in interfacing more effectively with key customers
- Have a deeper understanding of your customer and better long-term relationships
- Apply our best practice planning template during the course to a key account of your choice
- Gain a deep understanding of the total process of key account management
- Learn to focus your time and attention appropriately in the development of key accounts.
Key Account Management courses in London
Key Account Management courses in Birmingham
Key Account Management courses in Manchester
Customer Service training
Key Account Management Course Methods
Key Account Management courses come in a vast range of formats to suit you and your organisation.
After you have found a course that meets your needs, ask the course provider for more information about their course teaching methods. For instance, key account coaches and trainers can come to your office (in-house training), you can attend an open course with delegates from other companies or you can take an online/distance course.
Points to consider regarding your key account management course are:
- Where will the course be held? In-company, in the student's home, at one of the course providers’ locations, or online?
- How will the course be run?
- Can the course accommodate your specific industry?
- Will the expected finishing level of the course match your requirements?
- What qualifications does your course teacher have?
- What experience does your teacher have in your professional area?
- What opportunities for organised social interaction for continued learning are provided?
Online key account management course
In-house key account management training
Open / Public key account management courses
The benefits of training for Key Account Managers
High-involvement relationships with key customers offer major opportunities to grow business and move forward in the market, and to save costs for both sides. Building these key account relationships requires innovation, major investment, and high running costs. Generally speaking, the capacity for high-cost, intimate relationships is often limited, so the first, crucial decisions focus must be on the selection and prioritisation of key accounts.
The competitive differentiation derived from Key Account Management has been the subject of extensive research, but undoubtedly requires a solid methodology for analysing, identifying and prioritising key accounts - to achieve this your Key Account Managers require sufficient training on a regular basis.
KAM is about developing a strategic key account plan for a specific customer using the best practice available, and the maintaining and improving the customer service and relationship steadily over a period of time. Key Account Management in the early stages requires a trained delegated who is competent in carrying out a rigorous analysis of the customer including:
- Identifying and prioritising key accounts and measuring their profitability
- Developing a deep understanding of the customer
- Developing customer-focused strategies
- Pricing for key accounts
- Contact management and communication
- Commercial strategies for key accounts
- Conflict management and negotiation
- The internal selling role of the key account manager
Communication Skills Courses
Sales Coach / Manager Training
Customer Service Courses
Customer service relates to the service provided to the customer before, during and after a purchase, with the aim of enhancing customer satisfaction, increasing customer loyalty and increasing customer retention.
Customer service and the delivery of efficient customer service are both vital to ensuring customers become repeat business and that existing customers do not defect.
Organisations must ensure they have clearly understood customer service policies, which are supported by the different management levels. The organisation’s customer service policy should aim to give well set customer expectation levels and ensure that those expectations are successfully met by the entire company.
Customer service training is vital for all levels of organisation, from customer facing staff through to management in order to set the right customer service direction for the organisation.
Customer Service Courses
Know your own skill level and your own goals
Before taking a key account management course, consider your own proficiency and your ability and confidence to manage these functions in daily or business situations. The other essential consideration before deciding on training is to know your needs.
Take into account the areas you wish to improve in and note down any specific requirements you have in your role. Browse the different course proficiency levels and talk to the course providers about your own sales goals and if they can focus on your professional area.
Whatever your needs, you can be confident that the right content in your training or course will soon have you meeting your objectives.