Key account management will fail for sure without a strongly committed group of C-level executives. Employees watch C-level executives to determine what the business priorities are. It is very humbling when you are a C-level executive to recognize that. What you say is one thing, but really it's what you do that counts. C-level execs need to lead the key account management process to get the whole organization committed. They are the people that can make major commitments to key accounts and it shows the commitment as a supplier to support those accounts.Read More
All business functions and levels need to be involved in the key account management process to ensure short-term and long-term success. This means that everybody needs to recognize that key account management is not a sales strategy; it is a business strategy. Various business functional operations must execute the promises made by key account managers and must be involved in setting the promises being made to strategic accounts. It's VERY important that the people on the shop floor, quality, distribution, finance and so on buy in to the whole program and participate in it actively. C-level executives must be committed to key account management as a long-term business strategy. Key account management is a process that maximizes the long-term business value of the most important customers.
Many companies who are struggling, ask us about key account management, also referred to as strategic account management. They ask what it is and how can it help them grow their sales and profitability. So we asked Brian Smith to provide a little more in-depth perspective on the topic and he has graciously agreed to write a series of articles for this blog.
Many companies who are struggling with implementing key account management in their organizations. Many of these organizations have difficulty understanding what it truly is, why it is as important as any other business strategy that will help them grow their sales and profitability. So we asked Brian Smith to provide a little more in-depth perspective on the topic and he has graciously agreed to write a series of articles for this blog.
Many business owners think there are a whole host of ways to increase business and fuel their growth. Some thnk that having a great product is the only thing you need. If you build a better moustrap they will come. That may work for Apple, but more often than not, that strategy fails.
Sometimes, desperate times call for desperate measures. That was the dilemma Zeller's, a Canadian discount retailer, found itself in last year. Zeller's had just announced that it was going out of business and had sold many of its store leases to U.S. giant Target. Zeller's found itself trying to sell much of its inventory with very little marketing budget. Faced with a very restricted budget - $400,000 vs. the $20 million marketing budget of other big retailers - Zeller's could not do the traditional TV, radio and print advertising campaigns for its final pitch. It still had to continue to sell product for months to come and do so profitably.