SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats) are a common tool for corporate strategy, so many Key Account Managers are familiar with the term.
But how does SWOT apply to the art and science of Key Account Management?
The answer is to use SWOT to cover your customer relationship, not just your internal strategy. So when you look at the customer relationship through a SWOT lens, you want to figure out:
- What are the key Strengths of our relationship? Where do we have competitive advantages that we can build on?
- What Weaknesses do we need to guard against?
- What Opportunities exist for us to grow and expand with this customer?
- What Threats exist that could dislodge us or cause rupture with the client?
Typically, the first two (Strengths and Weaknesses) are internal to your organization. They are factors that you and your team can monitor and control – and take action on.
The second two (Opportunities and Threats) are extrinsic to your organization. They are harder to control and could come from competitors, the marketplace or even from your customer.
Here’s a good video on how to do SWOT. Take a look for details on how you can ramp up the strategic analysis of your customer relationships.
Want to learn more about how to conduct a SWOT analysis with your key account? Check out our online course where you can watch account management strategy videos and download exercises to help you beef up your skills.