Most companies often make the mistake of focusing more on revenue than on growth. While revenue is a good thing, it shouldn’t be the only goal of your company. What most businesses dismiss is that increasing growth also increases revenue. One way of doing this is through key account management.
A common definition of key account management (KAM) is to nurture a set of clients that play an important role in both companies’ goal to achieve mutual growth and beneficiary goals. To further understand what this means for you and your engagement with StraightArrow, let’s break down the different elements that define KAM.
1. It’s not all about the money, it’s about the relationships.
It is more than just selling to and contacting the big customers. It’s about understanding the customers that help the organization grow in all aspects. This includes looking at the small clients, who play just as big of a role as the big clients in your organization’s growth. Learn to distinguish which client qualities define your key accounts. While earning revenue is great for your company, nurturing clients who want to learn more and grow with you is even better. In simple terms, this means going beyond a buyer-seller relationship and realizing that if the buyer succeeds, so will your company and its products.
2. Don’t be afraid to invest.
Nurturing key accounts is a long-term business strategy. It requires much time and effort on both parties to achieve their goals. For this to happen, it requires constant realignment of your company’s business processes to your key account’s goals and value. This includes curating your company’s list of important accounts and making sure that quality is chosen over quantity.
3. Your employees must understand the value of KAM, as well.
It's important to have all your employees on the same page and in the same KAM plan because it will help them understand what they need to contribute and how to manage their time with different clients better.
4. It involves the whole company.
To make KAM effective, everyone in the company - not just sales - must practice it. All departments must have one process for key account management because some team members may have different interpretations of the classifications of accounts. Effective communication must be constantly practiced to avoid any disagreements and confusion between the client and your company.
5. It’s a collaboration, not a solo initiative.
Lastly, all stakeholders of the company - marketing, sales, customer service, etc. - must work closely together to see the KAM plan through. Without sales, the account manager’s strategy to nurture their current key clients while also attracting new clients will not be executed. Without account management, carrying out a long-term strategy to nurture clients and develop the company through these clients would be impossible.
It may take some time, but KAM may greatly affect your company’s growth in a positive way. Investing in the right choices will ensure a smooth transition for your organization.
KAM in StraightArrow
Today, StraightArrow follow the KAM approach as we realize it’s value. Our process involve a StraightArrow Inbound Marketer or Project Manager and a Client Relationship Manager - one in charge of daily operations and the other in charge of commercial concerns, respectively. Our inbound marketer, working with a team of creatives, will construct and execute a strategy according to the goals and objectives of our client, which is mostly lead generation.
Your Company and StraightArrow
Here at StraightArrow, our focus is to grow with you as your business partner. Key account management is what we stand for. We invest and deliver quality output to our clients while also growing and exploring opportunities not just for ourselves but for our clients, as well.
Looking to improve your online strategy? We’re here to help. Schedule a consultation with us!