Key Account Management

What is effective Key Account Management (KAM)?

The Key Account Management role is vital to an organisation's success. Businesses 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. A number of Key Account Management courses address these exact requirements.

Value 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 activities. In business today, customers expect the best from their suppliers. Key Account Managers must therefore be well skilled and adequately equipped to provide high quality customer service. Key Account Management courses will enable you and your organisation to:

• Improve your knowledge, skills and confidence required for managing strategic accounts effectively.
• Develop key accounts.
• Hone your skills to engage more effectively with key customers.
• Understand the key account management process.
• Develop better long-term relationships and achieve a deeper understanding of your customers.

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.

The benefits of training for Key Account Managers

Developing your key customers offer major opportunities for growing your business. A common rule of thumb is that 80% of sales generally come from 20% of clients, and therefore, organisations dedicate a larger portion of their resources to those accounts.

Key Account Management involves the development of a key account strategic and plan for a specific customer with the objective of maintaining and improving the customer service and relationship over a period of time. One generally starts with a thorough analysis of your accounts and identifying the ones that are highest value or that show the most potential. A strategy then needs to be developed and measurable activities identified.

There are many courses that relate to Key Account Management that will be of great value in this role. Some of these are:

• Presentation skills
• Negotiation skills
• Customer service

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 Key Account Management course will soon have you meeting your objectives.