When it comes to key account management skills, it is important for you to focus on the total value of the customer or the account that the customer brings. Besides looking into the volume of sales and the profits, it is also important for you to check on the geographical location of the customer and check if you are able to establish a strong relationship or not. There are other associated factors that influence key account management and they include the potential of growth of the relationship, its complexity, service and in some specific cases the value that is more important over the other factors that have been discussed above.
Account management specialist in the USA Lewis Daidone gives you 7 tactics via which you can build effective account management for sales. He says that the following 7 points should be given attention to in a sales program-
It is important for you to establish a single point of contact- this is the key account manager. You should always delegate internal staff to support you when you are managing the key accounts of your company. The staff should always give you a report to help you track progress.
Give discounts or rebates for volume sales– You may also give price incentives as this is the standard and in truth everyone expects it too. It is not unusual for you to render discounts and rebates. Everyone does it and of course you will not be an exception.
Ordering program– It is important for you to establish a priority ordering program for your key accounts. This means you are permitting a restricted access to the online ordering system for your priority customers.
Customization- You may customize product or service for the key account- this means you may deliver private labeling, change some actual features of the service or the product for your key accounts.
Match the key account with the relationship of your sales– In case the key account sells by the carton, piece etc, it is important for you to ensure that your system permits the same sales units and if needed, it should also have the scope to multiply as well
Setting up cross teams– It is important for you to set up cross teams and other initiatives for the improvement of service like product development teams, teams for the improvement of quality, branding and more.
Integrated services– Besides all of the above, it is important for you to provide integrated invoicing, re-order points, fulfillment and delivery.
Lewis Daidone says that you will receive a host of benefits when you incorporate the above points in a key account management for sales program. It also improves the efficacy of the organization and can streamline processes. Communications become focused and targeted sales plans are completely optimized. Businesses are also able to increase profits and value the moment they implement the above 7 tactics in their account management programs for sales.