Key Account Management
With greater competition in all markets, companies are increasingly attempting to gain a competitive advantage by forming, long lasting relationships with their strategically important (key) account customers.
While the theory of key account management is straightforward enough, its practical application is not so easy! It requires patience and determination for it to succeed within your own organisation and the support and guidance of an experienced strategic consultant.
Tom specialises in Key Account Management and has presented workshops and seminars in Australia and internationally. Please see a brochure here of a seminar Tom presented in Sydney and Singapore recently.
- Larger, tougher customers with complex organisations;
- Introducing global policies and "rules" for suppliers;
- Demanding higher service levels and more discounts and incentives;
- Knowledgeable about technology, product specifications, the market and your competitors;
- Have high expectations and are lifting the bar on supplier selection;
- Supplier complexity - multiple business units selling to the same customer;
- Products and services alone no longer provide a source of competitive advantage.
Elements of Key Account Management program
- Vision, strategy & leadership – stakeholder buy in;
- Customer segmentation & prioritisation;
- Key Account Plan;
- Appointment of Key Account Managers;
- Training/coaching of Key Account Managers;
- Value co -creation;
- SWOT - Competitive Analysis and Differentiation;
- Knowledge Management Systems - CRM;
- Performance management - KPI’s , reward system;
- Implementation plan and schedule.
How can Richardson Management assist?
The development and implementation of an effective, highly coordinated key account management program involves the following process steps:
- Strategy development & buy in – Strategy development involving all stakeholders to ensure engagement and buy in across the organisation.
- Group coaching – coaching of key account managers and line managers is custom designed to be relevant to your customers, markets, products, processes, company policies and specific challenges. The program is scheduled to ensure a minimum of disruption to normal business operations.
- Implementation – Key Account Management is a company - wide initiative and needs an internal champion and an implementation plan. Richardson Management can guide and support with coaching and mentoring during the implementation which can take from 1-3 years.
What do customers want?
We have researched a number of major companies in a wide variety of industries to obtain their thoughts about the relationships with their suppliers. Many of their concerns are similar. A few of the more commonly expressed concerns are these...
The Key Account Manager
How do you respond to these customer's needs? The answer, increasingly, has been to develop a program of key account management where dedicated key account managers are responsible for the total relationship with each customer.
Contact Tom for more information or to arrange a FREE no obligation discussion or meeting.