Account Management Archives

Team Building Inspiration for your Key Account Managers

We talk a lot about customer engagement here at Kapta, and there’s good reason for that: Without customers, you don’t have a company. Period.

But internal engagement matters, too. The bigger and more demanding your book of business gets, the more you need cross-functional teams to keep your clients satisfied. And it’s not enough that they just be cross-functional; they need to be highly functional.

Employees are higher functioning and more deeply engaged when they’re able to use their strengths to be successful at an organization, and when they’re able to work more productively with their team.

So we’re taking a break from our client-facing content to look inward, and offer some inspiration around team building. At its heart, team-building is about connecting to coworkers as people. The goal isn’t for everybody to be best friends—it’s to help your teams understanding how individuals think, process, prioritize, and work, so they can communicate and collaborate more smoothly and effectively.

Often, the simple fact that coworkers are people, too, gets lost in the day-to-day stress of deliverables. Team-building is about stepping out of everyday work, however temporarily, to gain perspective and check in as a team. There are many ways to do this; we’ve grouped them into 3 main categories:

Routine, onsite check-ins
Offsite retreats or workshops
Social outings

We’ll take a closer look at all three so you can evaluate what might work best for your next team-building event.

1) Routine, On-site Check-Ins

We go to meetings all the time. Status meetings. Client meetings. Meetings to review deliverables. In fact, it’s not uncommon for teams to complain about the sheer number of meetings they have to attend every day, especially if there’s no time set aside to just work.

With that in mind, it’s good to be judicious about adding more meetings to the calendar; however, it’s also important to set aside time for team check-ins. In other words, meetings that aren’t about any specific client or deliverable, but rather a general opportunity to get together and share positive feedback.

We find every 4-6 weeks is a good interval for meetings like this, and there’s no reason not to serve food and drinks. Monday morning with coffee and breakfast burritos; Wednesday lunch; or Friday afternoon with chips, dips, and beer. Food and drinks set up a pleasant space that’s unlike most of the other meetings your team will attend that week.

Within each meeting, the goal is to provide opportunities for the team to express appreciation and positive feedback for the work their colleagues do. Rather than leaving this open-ended, which may result in more superficial comments, structure the conversation around Team Norms.

Team Norms are values each team agrees to early in their work together. These values should feel like a natural expression of the company’s values or culture as a whole, but they are tailored to specific teams or work groups, so they can be a little more practical and specific. Some good examples of Team Norms include:

We encourage constructive feedback, because it gives people a chance to be more successful, sooner.
We don’t fight amongst ourselves. Different functions have different priorities, but we are all working together to accomplish the same task.
We do not email each other on evenings or weekends unless we’ve talked about it ahead of time.

It’s important when establishing Team Norms to get buy-in from the team as a whole, and to keep the list to about 5. Nobody needs a Team Constitution—just a few, key, shared values to help guide the culture of a specific working group.

Once those are established, your monthly team check-ins can include a chance for everyone on the team to share an example of how a teammate exemplified Team Norms. These kinds of check-ins reinforce shared values and give the team regular, quick chances to show their appreciation, which can help keep lines of communication open and smooth as work continues. And, since they happen onsite in the course of the normal work week, they are often relatively inexpensive and easy to schedule.

2) Offsite Retreats and Workshops

Occasionally, you need to step even farther out of context to get your team thinking differently about their coworkers. This is where it can be useful to go offsite, or bring in 3rd party groups to facilitate workshops.

Unlike regular team check-ins, which are structured around Team Norms and include appreciative remarks about work, offsite or 3rd-party facilitated workshops should take your team to a completely different environment. These exercises help people step outside their normal day to better understand themselves and their own strengths, as well as the strengths of their teammates; a good facilitator will then help your team apply what they’ve learned to their workplace environment.

Some good examples of activities like these include Tangrams, Liberating Structures, and DISC. In Tangrams, the team creates images out of geometrical shapes, learning along the way how many unique ways there are to tackle a problem, and how a high-functioning team needs different kinds of thinkers to thrive. Liberating Structures are designed to boost engagement and inclusion, with a focus on creating a culture of innovation within an organization. And DISC is a personality assessment, designed to build nuanced profiles for each team member, illustrating how they work as individuals, and how they can better relate to each other. In all cases, a skilled, 3rd-party facilitator is key to making the experience engaging, meaningful, and valuable for everyone.

In all the examples above, teammates learn more about what makes each other tick: How they function, how they think, and how to create a smoother, more satisfying work environment. It’s not just about making people happy at work; it’s about making teams more effective.

There are also options that get your team out of the office and moving around, without the same level of in-depth reflection. A good, old-fashioned ropes course can build leadership skills and strategies, as well as trust and communication. If it’s winter or if your team is decidedly uninterested in dangling from moderate heights, Escape Rooms are fun and social, and require teamwork, creativity, and communication. Neither ropes courses nor escape rooms are necessarily designed to crystallize clear learnings about your coworkers’ strengths or your team’s dynamics, but they are more than just a social outing in that they demand cooperation among the team.

Offsite or 3rd-party moderated team building workshops necessarily require more investment than in-line meetings. However, they are a worthy use of time and money, especially if the team is coming out of (or looking towards) a particularly stressful set of deliverables.

3) Go Social

Sometimes you just need a break. No workshops. No puzzles. No meetings. Just time outside the office to reconnect as people, and remember that even if so-and-so sent an annoying email about such-and-such, or handled a situation poorly, you still mostly like them as a person.

The options here are endless: Top Golf, arcades, bowling, or just a nice happy hour at a nearby bar. Social outings can’t tackle the deeper level of who we are, how we work, and how we can work together better, but they’re a nice release valve when things are stressful, and an important reminder that relationships matter.

Conclusion

Ideally, your team-building strategy involves a mix of all these elements. Periodic deep-dives, offsites, or 3rd-party workshops to learn more about each other and how to work together better. Regular check-ins to make sure the way you’re working day to day is reflective of the values you share and the people you are. And the occasional social event to lighten the mood.

It can be easy to dismiss the time or money it takes to stop working and, as Socrates advises, “live an examined life.” But it’s not just about internal satisfaction, though that has its own merit. When a team is high-functioning internally, they can be high-functioning externally, too. Teams with strong internal relationships are better poised to build strong client relationships, and clients recognize when a team has good chemistry, just as they recognize when a team is falling apart.

So make a plan for team building in the coming year, and let us know what you do, and what kind of results you see.

Career Paths for Successful Key Account Managers

September 26, 2017/in Account Management /by Christine Smith

Success as a Key Account Manager can be difficult. It’s a demanding position, but it may lead you towards great opportunities within an organization. Key Account Manager is a position set to gain more traction over the coming years, with an increase in these types of positions being created and advertised in major industries. If you take a Key Account Manager position, what kind of career path can you expect? What does it take to begin a career as a Key Account Manager?

Requirements for Key Account Manager Positions

To become a Key Account Manager, you need to meet bring a number of specialized skills to the table. This is a highly competitive environment with high stakes and a potentially immense impact on the future of the organization. These are some of the normal requirements for the Key Account Manager position in the average company:

Bachelor’s degree or higher in a related business field

Qualifying fields may include business administration, sales, marketing, communications, business management, or otherwise.

Marketing, sales, or account management experience

3 – 5 years of significant experience is usually recommended. It’s beneficial for you to have experience working with CRM systems or working in a junior position in a key account management department.

Collaboration and interpersonal skills

This position requires you to create and maintain a partnership with 1 or more key accounts. You will need to have strong interpersonal skills and the ability to collaborate well with those in another company in order to succeed.

Written and spoken communication skills

A large part of your job as a Key Account Manager is to facilitate communication between all parts of your organization and your key accounts’ organization. To accomplish this, you need strong communication skills yourself in both writing and speaking.

Strategic thinking and sales

You must be able to think strategically to create win-win scenarios for all your key accounts and your organization. Creating these mutually beneficial circumstances requires careful planning and strategic thinking in the areas of operations, sales, and more.

Analytical skills

To take advantage of any opportunities presented to your partnership, you must first know the opportunities are there. As a Key Account Manager, you must have the ability to analyze threats and opportunities in your industry as well as your key accounts’ industries. Financial analysis and competence may be an added benefit for Key Account Managers to be successful.

Business development

Part of building a strategic partnership is gradually increasing and expanding your business with key account clients. Business development skills help you continue expanding key accounts to grow your organization’s profits gradually.

Potential Career Paths for KAMs

Upward movement is an important part of your career. Before you take a specific job, it’s good to know what kind of upward mobility options you have in that specific career path.

Mobility depends on the size and scope of the organization. Larger organizations with well-established key account management departments will have a clear career path through that same department. But, not all companies are large enough to devote that many resources to a key account management department or to have multiple levels of management in that department. If the scope of the company is more limited, you may also have fewer options for vertical movement out of your department.

If there is no direct path within the key account management department itself, what other options do you have? Because of the wide variety of tasks a Key Account Manager does, there are a few different options for potential career paths:

Sales

The simplest path for most Key Account Managers is upwards through the sales department. While key account management is not strictly a sales department function, it’s usually related to that department. If not directly affiliated with sales, Key Account Managers do generally have to work closely with the sales department in order to create a strong strategic partnership with clients.

There are career paths into managerial roles in the sales department. It’s possible to jump into a more senior sales position from a Key Account Manager position, especially as a regional or national sales manager. From there, you may be able to go on to director of sales or VP of sales.

Account Management

Regular account management departments perform similar functions to key account management departments, but with a less personalized approach and a wider selection of clients. This makes a Key Account Manager a good candidate to move to a more senior position in the account management department.

This would typically mean going into a managerial position such as a senior account manager or national account manager. Both of these roles are traditionally above a normal Key Account Manager in an organization. However, account management may not exist in the right capacity to allow for this career path in some organizations, especially smaller organizations.

Business Development

Because one of the critical duties of a Key Account Manager is to understand their key account clients’ needs and organizational structure in depth, moving to business development is possible. This deep understanding of key accounts can help you to find and approach potential business leads for your own organization, or to direct a team of business development agents.

You may be able to move up as a business development manager or director. Depending on how senior of a position that is within your organization, you may also be able to move to a more senior marketing or sales position from there.

Operations

In some cases, Key Account Managers may be able to move to operations manager positions. This is not as common, because it usually requires a larger horizontal leap than the other career paths. Operations and key account management do not have as many common traits as the other career paths listed, making it a more difficult transition in larger organizations.

Smaller organizations may offer this option more frequently. Since there may be fewer opportunities for upward movement, those positions may become available to managers in a wider range of disciplines, such as Key Account Managers.

There are many options for advancement as a Key Account Manager. Your specific upward mobility path will depend largely on the size and type of company you join, but the skills you develop in that position are applicable in other areas around the organization.

How Secure Are Your Key Accounts?

February 8, 2016/in Account Management /by Alex Raymond

As a key account manager, it’s important to always keep this question in the front of your mind: How secure are your key accounts?

The truth is that you have an incredibly important job in your B2B organization. If you are a key account manager, you are responsible for maintaining ongoing relationships with your company’s most valuable customers. Each day, you must man the front line of your company and ensure that your key customers are satisfied and supported.

It doesn’t matter what you sell, your company is more profitable when you can establish and maintain positive, long-term relationships with your clients. Once the sales team closes the deal, the key customer comes to you, and now, you must ensure that they receives the kind of value of service that makes them want to continue in the business relationship for years to come.

Nurturing Your Key Accounts

There is a lot of pressure on you, as an account manager, to nurture your key accounts. That is, after all, the key to building healthy and happy customer relationships.

These are your company’s most valuable and important clients in your hands. Depending on your market, they are the most recognizable brand names or the ones with the highest volume of customers. It’s crucial to have a sense for how secure your relationships are with each of your key accounts. Some issues that endanger the security of your relationships with key accounts are competitor threats and problems that customers fail to mention. Here are several issues to monitor.

Your key accounts are exploring other options.

Often, key customers research the prices that your competitors charge. This is to be expected. They want to verify that they’re getting both quantity and quality from your company. If a competitor offers a lower price and the customer feels the quality of the product or service is equivalent, then he or she could easily jump ship.

Keep research on hand to show how your pricing structure stacks up against your competitors. If your key customer brings you a competitor’s quote, try to match it or be prepared to explain to them how they’re getting more value for their money with you.

Competitors are trying to seduce your key accounts.

Sales representatives from competitors may aggressively contact your customers and offer them special perquisites to earn their business. This might include taking representatives from customer firms out to lunch or on trips and offering temporarily lower rates for switching providers. Your company must offer a higher quality of service, so customer account contacts are not tempted by these competitor tricks.

Key customers aren’t telling you when they are displeased with your service.

Commonly, disgruntled customers will not come right out and tell you that they are not happy with the service they are receiving. There are many potential sources of a customer’s unhappiness. You could have a weak link on the account management team, a person who offers a lower level of service than a long-term customer has typically received. Or, a customer does not know how to correctly use your product or service and is afraid to ask for help.

Conduct random and frequent phone calls to your key accounts to see how they are feeling about their relationship with your company. Is there anything they need from you that they’re not getting? Do they feel that they are receiving the level of service that was promised to them?

Account managers aren’t following up regularly with key customers.

As an account manager, it is your job to maintain regular contact with your key accounts. This ties right in with the previous point. When you make a concerted effort to stay in touch with your key accounts and encourage a positive, mutually beneficial relationship, you are more likely to have an understanding of where your relationship stands.

It is not enough to only call once every couple months, when it’s time to make a sale. You need to position yourself as a resource and a partner in the success of your key customer’s business. Contact your key accounts regularly to inquire how they feel about your product or service. Take the time to get to know your key accounts and what they need from you to reach their business goals. If you aren’t talking to your key accounts, you’ll likely be surprised when they decide to leave.

Your key accounts require continuous service. Personalized contact through phone calls, emails, letters, and site visits can satisfy your most valuable customers’ needs. When these strategies aren’t possible, generate emails and mailings to keep customers informed. Give them updates about your products or services. Send them special offers that encourage them to scale up or scale down based on their changing needs. Thank them personally when they refer new customer accounts to your business.

In the long run, you’ll feel more secure about the relationships with your key customers when you are doing everything in your power to ensure their overall success.

How to Keep your Key Account Managers from Only Chasing Checks

January 18, 2016/in Account Management /by Alex Raymond

Your key account managers are the unsung heroes of your B2B sales. They are the primary point of contact for all of your most important accounts and therefore, have the greatest responsibility to provide a high level of service and value to those customers. In many ways, the long-term success of your business hinges on the success of the relationships your key account managers nurture with their clients. It is their job to ensure the customer feels happy, supported, empowered, and inclined to continue doing business with your company, now and into the future.

However, when you speak to customers, you often hear complaints that key account managers are only heard from when it’s time to renew a contract or pay an invoice. There is a disconnected feeling, and while the customer may understand the value of what is being provided, they don’t get the feeling that someone is on their side and working to help them achieve their goals.

The Impact of Key Account Managers Chasing Checks

The impact of your key account managers being driven only by a check is significant, and overtime, it will show in customer retention. Your customers will begin to view your team as reactive and haphazard, rather than proactive and strategic.

Instead, they want to feel as if you are ahead of the curve, always looking to improve and enhance their business as well as yours. Key account managers that are chasing checks only have low value interactions that decrease trust and make the customer feel unworthy. They begin to see that interactions only occur when payment is owed. Your business will begin to be seen as replaceable and just another commodity vendor, not a trusted advisor. If you want to truly make a difference and have a long-term impact for your customers, your key account managers need better training.

The Solution is Arming KAMs With the Tools They Need

Of course, the solution to decreased trust is to rebuild it with current key customers and establish it from the beginning with new ones. Arm your KAM’s with the tools they need to provide this effectively.

Give KAM’s incentive to have strategic conversations with customers.
Prioritize goal discovery and uncovering key initiatives from customers.
Strive to understand the problems your customers face and how you can help get them resolved.
Build a communication cadence and strive to interact with customers in a way that adds value and makes them feel less stressed, better equipped and aided in their problem solving.
Link back to their goals during interactions to help customers see the strategic and value-added approach of your business.
Connect customers with tools and resources outside of a KAM’s job scope. Customers will see and appreciate this dedication.

Training your key account managers in this direction will benefit your business, your customers and your managers themselves.

Manager Incentives

To further encourage these interactions, you can incentivize this communication. For instance, managers can keep record of problems they are able to help customers with, so that future customers can benefit. Through these records, you can award bonuses to managers that are able to help key accounts achieve their goals most effectively.

Schedules

A schedule will help key account managers stay on track with regular outreach to clients. You can give your managers a schedule to follow that shows how often they should be reaching out via email or phone for strategic talks. Ultimately, these are the calls that make customers feel important, and by scheduling this communication for your key account managers, they will see the importance of it as well. Reaching out only when money is owed or contracts are due is unacceptable. However, key account managers will likely revert back to bad communication habits and customer relationships will deteriorate, without the right schedule in place.

The key to knowing how to keep your key account managers from just chasing checks is in better training. Account managers need to understand the importance and value of interacting with customers positively, in a way that connects with their goals and needs. Through these interactions, key account managers, and your business as a whole, will have better customer retention and long-term sales.

Why Your QBRs Suck

December 22, 2015/in Account Management /by Alex Raymond

It’s the end of the year again and all of your top customers have had their Quarterly Business Reviews (QBRs) with your organization. As usual, you gathered your customers and some of your top executives to:

Discuss status of the project
Review outstanding bugs and issues reported
Share your upcoming product roadmap
Agree on a series of vague and non-specific follow items

Phew! You’re all done – time to wrap up the year and start planning for 2016. Good job, Key Account Manager, you completed all of the year’s QBRs.

I hate to tell you this, but…your QBRs suck.

They are a waste of your time, your customers don’t get any value out of them, and they are hurting (rather than helping) the relationship with your biggest customers.

How do I know? We asked your customers. Over the past six months, the Kapta team has conducted over 100 interviews with CIOs and CMOs (big buyers of products and services at most organizations).

Specifically, we asked them about their relationships with their vendors, what they like and don’t like about QBRs and status review meetings, and what vendors could improve.

The results were astounding, and not good news for most Account Managers. Only 28% of respondents considered QBRs “valuable” while 31% considered them “not valuable” and 41% called them “neutral.”

Here are some of the quotes we heard about QBRs:

“They are a waste of time.”
“Take too long.”
“I ask my vendors for 4 charts and they show up with 55 PowerPoint slides.”
“I’ve started delegating these meetings to my staff because they just aren’t important to me.”
“The conversation is way too tactical, not strategic at all.”
“They haven’t done their homework. Their executives show up and ask the same questions ever time.”
“The vendors just talk, they don’t ask questions or listen to what I need.”
“Who says these meetings have to be every 90 days? Sometimes I need a vendor communicating with me much more often, sometimes much less. But they never ask how I want to work with them.”

Ouch! That’s not the type of feedback you’d expect from customers, especially given how long you spend preparing for the meeting. [On average, vendors spend 15 to 20 hours preparing for each QBR meeting with a strategic customer.]

Here’s why your QBRs suck: you don’t know enough about your customers. There, I said it.

This is what I mean. You probably think you’re proactive, always on the ball, value-added and responsive. And I’m sure you are. But you also aren’t moving the needle for your customer, and you aren’t challenging them on how to improve their business. If you’re not challenging your customers’ thinking, you aren’t considered a strategic partner or trusted advisor. And that puts your relationship (and business) at risk.

It starts with knowing your customer. Take a step back and ask yourself, how well do you know your customer’s goals? Do you know their team objectives and KPIs? Major company initiatives? How your individual customer sees your product or service helping them to achieve their goals?

Until you have the answers to these questions, you just can’t engage in a meaningful strategic dialog with your client. But once you do, your relationship with change.

Through our surveys and interviews with buyers, they told us specifically what they are looking for in QBRs and update meetings:

“Strategic guidance, not just reviews of bug lists and problems.”
“Bring the conversation back to why we bought from them in the first place.”
“Bring me ideas to make me and my team look like heroes.”
“No bullshit. If something isn’t going as planned, own it and show me how you are going to fix it.”
“I want vendors to update me on how their service is helping me to meet MY goals, not theirs.”

This can be the year you take your QBRs to the next level. The next time you have a meeting with a key customer, ask these critical questions and notice how much more strategic the conversation gets:

Why did you buy from us?
What goals are we helping you achieve?
How can we add even more value to you next year?
What should we stop/start/continue doing?
What feedback do you have on last year’s QBRs?
How strategic is our partnership to you?

The answers to these questions will drive your customer engagement strategy for the year and will provide a clear roadmap on what actions you need to take in order to become a more trusted advisor. Pay attention to the answers, and to the nonverbal cues (like body language and tone of voice) that come with them.

The key to running truly great QBRs is to deeply understand your customer and link your work back to their success. This blueprint will allow you to significantly increase the value you provide to your key accounts.

Next time you’re preparing for a QBR, come back to this list. Let us know your feedback!

Curious to see how you can take your Key Account Management skills to the next level? Download this helpful ebook on how to create powerful engagement plans for your key accounts or sign up for a demo of Kapta.

Keys to Account Management with Ed Powers

November 23, 2015/in Account Management /by Alex Raymond

How to Protect your Revenue in Uncertain Economic Times

November 11, 2015/in Account Management /by Alex Raymond

The State of Affairs

I’m sure you’ve noticed that words like “recession” and “slow-down” are becoming more commonplace as business confidence wobbles and volatility in capital markets increases.

Those unlucky enough to run businesses during the 2007-08 crisis know exactly what comes with a recession—tough times and high risk. Consumer spending slows, new business disappears, and profit margins dwindle.

For business leaders, it takes guts, grit, and determination to survive economic perils like recessions and depressions.

It takes something else too—existing customers.

Existing customers are the fruit of time, money, and careful cultivation. They are an existing asset, an investment in your economic future, and that makes them immensely valuable for your businesses, be it large or small.

During times of slow or regressing economic development, new revenue sources dry up, making the preservation of existing resources absolutely essential.

How important are existing customers to the longevity of your business? Let’s take a look…

Why Do Current Customers Matter?

Higher close rates

It shouldn’t come as a surprise that it’s far easier to sell to an existing customer than a brand new prospect.

They know you, your business, your products, and your services. They already see the value in what you provide and are willing to hand over money in exchange.

There’s a sense of trust that creates comfort and security—two things integral to securing “wins” during tough economic times. Because your value is proven, your close rates can remain resilient even in the face of a recession.

Spend more, spend faster

Current customers have an established relationship with you and your business. That relationship means more comfort and less resistance to spending.

Data from marketing consultant Laura Lake suggests existing customers spend nearly 1/3rd more per close than new customers.

Not only do they spend more, existing customers spend faster, with lower turnaround time between proposal and close.

As pointed out by sales consultant Ago Cluytens, roughly 50% existing clients will sign-off on a deal in the same fiscal quarter they are presented with a contract.

When dealing with brand new customers, that percentage takes a 30% nosedive.

In spite of these findings, many B2B sales teams still invest more energy in targeting new prospects than they do upselling and retaining current clients.

Shifting your company’s focus to existing customers will increase the size, scope, and frequency of the deals you close. And when the door closes on new business opportunities, you can always mine existing clients to find the revenue you need.

High profits, lower costs

New customers cost money – lead generation, marketing, sales teams, onboarding – and when your business is spending money to make money, your profit margins are taking a hit.

Existing customers, however, are cheaper to win which means “big gains to your profit margins.”

A study by consulting company Bain and the Harvard Business School suggests new customers are actually unprofitable for the first 12+ months of any relationship. According to the research, it’s only later on when “the volume of purchases rise, do relationships generate big returns.”

Translation?—by keeping current customers happy and retargeting sales efforts at those existing clients, your company can significantly and “simultaneously reduce costs [thereby] increase[ing] profits.”

If your organization keeps clients happy by consistently delivering value and trust, profits will remain stable in the face of economic uncertainty.

Keeping Customers Happy with Key Account Management

Be a strategic partner

In tumultuous economic environments, vendors get crushed while strategic partners grow, it’s just that simple.

Strategic partners are human enterprises rather than robotic operations. They’re not interested in transactional behavior and absent-minded product sales, rather they build robust relationships that drives comprehensive customer success for key accounts.

Take the time to completely immerse your business in the operations and objectives of your clients.

Don’t deliver on the “order”, deliver on the goals of your customer. When you do, you’ll create a level of worth your customers won’t want to part ways with, even if the economy is weakening.

Create a sense of “we’re in this together” and your customers will hold on for the long haul.

An agile Account Manager will play an absolutely integral role in cultivating the type of partnership required to endure economic slow-down.

Key Account Managers start building sturdy relationships with clients on Day 1. Using a combination of active listening and exploratory questioning, KAM’s identify client goals that go beyond what’s outlined in the contract, and speak to those goals with eloquence and acuity.

Most importantly, Key Account Managers make the client feel as though they have an “inside man”. They provide premium, personalized service that helps spawn strong bonds of trust between the client and your company.

Add value every step of the way

Flood your customers with value every step of the way. Give them everything they bargained for and then some more.

This doesn’t need to come in the form of free or discounted product—it can be something as simple as demonstrating a real commitment to relationship development.

How do you demonstrate that commitment?—with talented Account Managers.

Key Account Managers put the customer’s success before their own. They take the time to deeply understand what your customer is after in the big picture and commit themselves (and your company’s resources) to delivering on those expectations at all reasonable cost.

When clients can enjoy that type of dedication from your employees, three things happen:

Clients smile
Client feel understood
Clients keep spending

Account Managers are your golden parachute when the economy slows. They make sure when the going gets tough, good things still happen for your clients and your company.

Show your customer that you understand their goals

Putting your customer first means understanding their goals, which is easier said than done.

It requires excellent listening and clear communication skills.

It requires Key Account Managers.

Only KAM’s have conversations that go beyond specific campaign targets and dive deeply into the mind of your client. They ask thoughtful questions that communicate a desire to walk a mile in the client’s shoes.

That type of engagement creates companionship and respect.

It also lets the client know you understand their company as well as they do, which makes it THAT much easier to secure future business.

Remember, it’s a domino effect.

Key Account Managers have high-level client comprehension
High-level comprehension allows for high-level client service
High-level service facilitates robust client retention
Client retention keeps your company open while the competition closes its doors

Fail to Prepare, Prepare to Fail

When it comes to weathering severe economic storms, businesses with the best preparation are those that come out on top.

Great companies know their most valuable asset for longevity isn’t the prospect pipeline or sales team, it’s the relationship Key Account Managers can forge with existing clients.

Devote the time, money, and energy to develop a talented Account Management Team, and your company will cultivating the strong client relationships necessary to not only make it through an economic downturn, but come out booming on the other side.

Why the Joint Success Plan will benefit your Key Account relationships

November 3, 2015/in Account Management /by Alex Raymond

It’s easy to forget that business accounts are about people, not just numbers, transactions, and activity. Research shows that building healthy relationships with your key accounts is what maximizes profitability over time. A great starting point to healthy key account relationships is identifying primary goals and the necessary steps for achieving said goals.

Create win/wins with Joint Success Plans

Customers who feel their account managers are exceptional are 10 to 15 times more likely to renew. A catalytic part of Kapta’s Key Account Management Software is our Joint Success Plan^TM (JSP). The Joint Success Plan streamlines process of documenting your customer’s primary goals, mutual expectations, and ambitions toward success.

The Joint Success Plan is part of the onboarding process where you get to talk with your key account customer about their most important goals. As you identify those goals, you can document them as KPIs through the Key Account Management Software. The Joint Success Plan becomes a reference point and action plan for both your customer and your key account management staff. You can assign and track tasks based off their documented goals with communication opportunities for any needed project changes.

Real-time reports may be generated to share with your clients or executive staff to show how much progress and value you’re contributing. The Joint Success Plan is the leading indicator of your key account’s Satisfaction Health Score, a core element of the Kapta Account Health Score system. The aggregated Account Health Score helps indicate future upsell opportunities and likelihood of contract renewal for your key accounts.

With the Joint Success Plan, you have a clearly defined destination for your Account Managers to target. When it comes time to renew or to upsell, you can have a healthy, trusting relationship ready for greater opportunities.

Click to get a demo of Kapta’s Key Account Management Platform

6 Account Management Myths (versus Reality)

October 19, 2015/in Account Management /by Alex Raymond

Myth #1: A computer can do my job.

Reality: Account management is about the relationships you create and the trust that builds through those relationships. Most companies are trying to take account information and put it into a machine. Does an automated email really give the huge account the attention it deserves? Accounts aren’t served by workflows or roadmaps, but by people talking to people.

Myth #2: They’ll call me if there is an issue.

Reality: This is most definitely not the case. Your customer has just as much on their plate as you do, and it is necessary to give them timely updates on the status of their accounts. It is up to the account manager to notify the customer of any critical situations and provide an adequate solution. It is not the job of the customer to call and see if there is an issue, but that of the account manager to be proactive and call the customer. Check out our Cranky Customer Brain Decoder infographic to learn more about what your customer is actually implying when they call you with an issue.

Myth #3: They are a strategic customer for us, so we are a strategic vendor for them.

Reality: The relationship you have with your customer is not a bilateral commitment or agreement. Think of this relationship as a unilateral contract, where the account manager is the only person that has an obligation. If the account manager does not deliver, the contract will eventually expire and the customer will not renew their account. Just because they are a strategic account for you, doesn’t make you special in their eyes. Let’s face it, there are hundreds of other companies that do the same exact thing as you do, so search for the intangible asset that is going to set you apart.

Myth #4: My customer finds QBRs really valuable

Reality: QBRs are currently the main source of “strategic” conversations, but it takes hours to prepare for QBR, and they are very ineffective. The data in the QBR is not up to date, forecasting is ineffective and contains lots of uncertainty. The customer should have live access to the health of their account, not just four times a year. Transparency is the best medicine to build trust. QBRs do not allow for collaboration, and is a lagging indicator. Use a weekly automated report instead – that gives your customers the info they need in real time, so you can keep your QBRs more strategic.

Myth #5: Account management is an art, not a science.

Reality: The science behind the job is what allows you to enjoy the art. The theories, principles, mathematical modeling and statistical data allow you to execute more efficiently. Managing, like any other discipline, is an art because it has the ability to do things in the light of reality of the situation. The organized knowledge underlying the practice is a science. The science of account management provides certain general principles which can guide the managers in their professional effort. The science behind the art empowers you to tackle every situation in an effective manner.

Myth #6: If we were to meet our current commitments, the customer will renew.

Reality: The second you become complacent, you fail to grow. Today Key Account Managers of high-value accounts face ever-higher customer expectations. With growing expectations comes the need to over deliver. Yes, hitting current commitments is great, but the next step is asking, “what next?” Having this mentality will ensure that your customers are getting the attention and service that they deserve. It is important to understand the voice of the customer and the account growth plans, not just current commitments.

We’ve got your back. We appreciate the work account managers do and we know it is difficult to navigate and manage human relationships at scale, which is why we created Kapta. Schedule a time to check out a live demo, and learn how Kapta helps you grow your key account revenue.

Cranky Customer Brain Decoder [Infographic]

October 12, 2015/in Account Management, Infographic /by Alex Raymond

Do you know what your customers are really thinking? Use this Cranky Customer Brain Decoder to find the hidden messages in what your key accounts are actually telling you.

1) Routine, On-site Check-Ins

2) Offsite Retreats and Workshops

3) Go Social

Conclusion

Requirements for Key Account Manager Positions

Bachelor’s degree or higher in a related business field

Marketing, sales, or account management experience

Collaboration and interpersonal skills

Written and spoken communication skills

Strategic thinking and sales

Analytical skills

Business development

Potential Career Paths for KAMs

Sales

Account Management

Business Development

Operations