Account management is an essential part of most organizations. Acquiring large accounts is expensive, so once acquired the prudent businesses be they small or Fortune 500 make efforts to retain and create loyalty.
A forward-thinking company must separate normal customer relationships from key account management to focus on getting the most value from top customers.
Towards this, creating a strong link with key accounts can lead to exponential growth and mutual success through proper key account management.
Developing strategic and actionable account plans representing both parties’ best interests is the most important way to drive alignment and improve business success for the customer.
What’s the Formula for A Successful Account Plan?
Usually, most companies lack the process or formula for this important practice. Usually, at the beginning of the year, KAMs are asked to make an account plan for their biggest or most high-value accounts. Ironically while account planning is a critical skill, most account managers have never received formal training in this area, so most account plans have basic details only and are filled with past data or financial numbers of products sold, future goals, etc
But account management is much more than that. A successful account planning involves,
- Follow a repeatable process.
- Gather customer knowledge and integrate using core tools, (SWOT, Opportunity Matrix, Relationship Score, Opportunity Tracking)
- Create a vision and validate it with the customer
- Plan of Action and regular reviews
Account plan is made of..
- Strategic Account Profile (Team Roles, Customer Org Chart, Quick Facts, Customer Strategy, Insights)
- Influence & Analysis Tools (Opportunity & offer Matrix, SWOT Analysis, Relationship Score, 3PI (People, Perceptions, Power + Influence)
- Vision & Strategy Outline
- Action & Prioritization Schedule
GrowthAspire FlowKAM Is built to help you manage accounts and manage with a simple structure
Our platform can help create account plans in hours vs weeks and make them real-time dynamic plans with regular reviews vs static plans that go to the shelf after they get created.
JOIN THE FUTURE OF ACCOUNT MANAGEMENT
Don’t let traditional methodologies hold back your potential. Embrace FlowKAM and move towards a more predictive, accountable, and strategic account management process.
Contact us today to schedule a demo and see firsthand how FlowKAM can revolutionize your key account management strategy.
