Account management is the practice of providing customers with service, support and improvement opportunities to increase their consumption of a product or service and maximize retention, cross-sell and upsell opportunities within the customer base.
What is a key account management program?
Key account management (KAM) is the process of planning and managing a mutually beneficial partnership between an organization and its most important customers. Key accounts are significant to an organization's sustainable, long-term growth and require a substantial investment of both time and resources.
What are the 5 key account management processes?
- Step 1: Portfolio vis-à-vis profits. ...
- Step 2: Understanding the Customer entirely. ...
- Step 3: Relationship X-Ray. ...
- Step 4: Draw up a Key Account Plan Blueprint. ...
- Step 5: Get into Action. ...
- Step 6: Resource Planning and Audit. ...
- Step 7: Communicate with internal and external stakeholders.
What do you learn as an account manager?
Strategic thinking skills An account manager strategically develops long-term relationships with clients. While sales professionals typically focus on closing specific deals, account managers need to understand the company's future goals and figure out ways to develop continuous partnerships.Dec 10, 2019
What skills do you need to be an account manager?
- Communication. At the top of the list is communication. ...
- Company and customer expertise. ...
- Strategic perspective. ...
- Leadership. ...
- Skilled negotiation. ...
- Value-based selling.