Key or strategic accounts are your most important clients. Not only are they your most important clients, they are also the ones at most risk of attack from your competition. If they are important to you then they will certainly be attractive to your competitors. Therefore, managing and developing key accounts is an essential skill if we want to stay ahead of the competition!
The day to day activities of your second-tier accounts can often distract you from looking after your most valued clients.
Key Account Management (KAM) cannot be left to chance or the potential consequences could be disastrous. Developing strategic account management techniques and key account managers should therefore be a priority in ensuring you not only protect existing clients from competition but more significantly build long and sustainable relationships resulting in excellent customer retention, improved sales, increased margins and ongoing customer loyalty.
Understanding and practicing key account management principles is essential for the long term viability of any organisation operating in today’s dynamic, fast-moving and competitive environment. Equally important is the identification and strategic implementation of KAM principles in targeted accounts.