Key account management can make or break your business

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As we enter the “new normal” in 2021, the world of work is adapting. Globally, companies have pivoted to find a path forward. That has led to a large-scale shift to remote work, increased use of digital collaboration tools, and updated office and workplace layouts, among many other changes. If you have a strong and specialized skill set, there’s a job for you to showcase your strengths.

Randstad Canada published a report suggesting that sales professionals, especially those in a leadershp role, are needed across all sectors.

In today’s increasingly competitive market, what sales teams have come to understand is the value that major accounts bring to the table. What was once a significant local account may now be a key global customer.

A few of those major accounts can very easily represent 70 to 80 per cent of a company’s revenue. Such accounts can be hard to retain and even harder to replace. The retention and growth of major accounts makes a critical difference in the success of a business.

There are some common challenges and obstacles key account managers deal with regularly:

  1. Ineffective at ‘Managing Up’
    Even though key account managers serve as crucial sales representatives and team leaders, they don’t always have the support of senior management they deserve. They are often not given the resources and time needed to maintain these important accounts.
  2. Too Many Accounts
    If key customers really mean so much to a business, then having one account manager taking care of up to 10 accounts, or more, is counterproductive. One manager cannot possibly develop the essential relationships, sufficient knowledge of the client’s needs and integrate supplier resources and do it all 10 times over.
  3. Lack of Strategic Partnership
    For sales leaders to successfully manage Enterprise Accounts, they must become strategic partners, not just representatives. If an account manager finds they are struggling to keep an important account, they should strive to become a trusted adviser who finds ways for his client’s business to succeed.
  4. Sales Profile Awareness to Leverage Your Talent
    There are many leadership assessments out there to help you better understand your skillset and strengths. Sales leaders need to understand how to communicate with their team and manage their customers based on expectations in a constantly changing sales environment. Completing such an assessment and learning what new skills you need to acquire, will give you to the confidence to maximize your talents.

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Sanjay Dhebar photoAfter 15 years working in commercial leadership roles in health care and consumer package goods sector along with 10 years leading sales training programs across a wide range of sectors, Sanjay Dhebar collaborated with industry veterans to design a cutting-edge course that gives salespeople the confidence in their present role that will lead to measurable growth as a person and a leader. Strategic Account Management and Client Development (starting April 27, 2021) is a two-day course for sales leaders that will give them the tools, content and understanding that will ensure you have the most up-to-date and relevant learning available to protect your organization’s key accounts.

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