Key account management

Key Account Management

Focusing on the development of strategic account plans to reach sales targets and improve profits, the Key Account Management program introduces a critical tool kit that enables business teams to successfully plan, understand and build sustainable relationships with their key accounts.

The Key Account Management program demonstrates how to prioritise different customers and major accounts to increase the return on your investment. Participants will learn how they and their teams can better allocate time and resources to generate even greater profits.

Focusing on the development of strategic account plans to reach sales targets and improve profits, this program introduces a critical tool kit that will enable business teams to successfully plan, understand and build sustainable relationships with their existing accounts. To ensure the program is immediately beneficial, it is designed with built-in action steps and key performance indicators.

While the 80/20 rule of revenue split still applies for some organisations, for many, that rule has changed forever. Customers have become more sophisticated in their buying strategies. Consequently, successful sales teams need to become more sophisticated in their account management strategies and rethink and adapt their approaches for each customer and scenario.

Satisfied customers can lead to increased profits, yet creating satisfied customers is not as simple as lowering prices and offering incentives. Organisations must build relationships with their customers, understand their changing needs, increase their loyalty and anticipate the expectations of prospective customers.

Content

How to develop criteria for major account status:

Applying the framework to your business
Completing a competitive market segment and trends analysis
Understanding the key reasons for major account failure
Understand the process in developing a major account:

Defining valued-added for your accounts
Auditing value-added for your business
Selecting criteria for major accounts
Increase sales by identifying the four key requirements of a major account:

Establishing the four critical factors in your major accounts
Developing steps to build a major account program
Building a lasting sales relationship with your major accounts
Key financial measures for your business:

Applying financial rigour to each account
Examining ways to increase account profitability for your business through the client
Develop structured ways to increase account share:

How to devise strategy for account share
How to increase share of wallet
How to utilise cross-functional resources
How to develop major account strategy

Gaining an initial sale with a client organisation is the first vital step in building a relationship between your organisation and another. The way that a relationship develops is a crucial aspect in cementing your ultimate success with that client. This program explores the skills and knowledge required to negotiate the sale details, strengthen client relationships and self manage your day to day sales role to accommodate the balance of tasks which enhance both commitment and relationship.

Content
A review of basic concepts
Sales negotiation skills
Time and territory management
Reading buyer needs and signals
Managing the sales role
Account management strategies
Following the sale and relationship

Learning Objectives
Responding to client needs
Negotiating successful outcomes
Strengthening client relationships
Delivering to established expectations
Handling client feedback
Individual sales planning
Managing paperwork and time
Managing stress in the position

Sustainable competitive advantage for most businesses can no longer be achieved through product/service differentiation. Sales teams in the new millennium need to manage the 20% of customers (who drive 80% of profits) in a consultative manner, underpinned by a thorough account management process and system. This is no longer a fad or a slogan; it is a fundamental success factor for most of today’s business models, whether direct to end user, or via supply chain partners.

This course will help account managers and sales people to develop the strategies and skills to maintain and grow the business within their key accounts, by building trust and commitment to joint action programs, and installing an integrated approach. Taken to their logical extent, the methods covered will effectively lock out your competition from your most precious resource �your customer base.

Content
Account management processes
Account management implementation
Handling interpersonal relationships
Creating account management support infrastructure
Establishing account management in a supplier organisation

Learning Outcomes
Identify the advantages of integrated account management
Determine the immediate and longer term business goals of a client
Conduct a comprehensive SWOT analysis of a key client
Define what customers value about a product and/or service
Understand the principles of product differentiation and repositioning
Identify strategies that will boost retention and loyalty
Set up an account management plan with a new client

Whatever business your organization is involved in, there will be a few major customers that contribute the most in terms of sales, though not necessarily profits. These customers are referred to as key accounts - customers that organizations must retain or secure in order to pursue a growth strategy.

There is a dire need to recognize that the competencies required to manage key accounts are different from that of the more conventional accounts. In addition, there is a lack of information regarding benchmarks in this important aspect of marketing activity.

OBJECTIVES

This intensive programme equips you with the competencies to:
· master the key account management strategy to develop and retain key accounts more effectively and profitably
· identify and classify key accounts
· key account penetration and maintenance process
· define the competitive edge
· select the winning accounts

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