As you prepare for the new year you’ve got ambitious goals for growth and retention. Retention is essential to meeting your growth numbers. Otherwise, it becomes less attainable with approximately 70% of annual revenue coming from existing clients. So, to ensure retention, your key account managers need to be at their best to shore up these VIP customers. Then they can not only retain but grow revenue from this base.
Account management is complex and requires continuous skill building to boost proficiency. And the more effective your account managers are the more likely you are to hit your lofty goals. That’s why now is the best time to invest in training.
What Key Account Managers need to know
Key account managers need to learn an array of diverse processes and skills to be successful. They range from the fundamentals of the KAM process to mastering the tools of the KAM trade. These include things like how to conduct a SWOT analysis, conducting effective voice of customer (VOC) interviews, preparing actionable account plans, and strategic Quarterly Business Reviews (QBRs).
Then there are advanced concepts to help KAMs further develop their skills and knowledge to boost their productivity, recognize the signs and prevent customer churn, and strengthen customer relationships. Plus, they need to know buyer psychology and how customers think so they can better engage with their valuable clients.
A great year-end refresher
Even the most experienced key account managers benefit from a review of KAM best-practices. It helps them identify areas of weakness to focus on during coaching sessions and on their own. It also reminds account managers of ways to more effectively approach their work to advance to the next stage in the KAM Maturity Model. This, in turn, improves the customer experience for their key accounts.
Enhance performance and productivity
KAM training boosts account manager performance and productivity. What does that mean? It means that your KAMs change the way they think and approach their roles to drive better outcomes in the following ways:
- They stop being so tactical and become more strategic in the way they approach their accounts and speak with them.
- They proactively stay in touch with their customers and staying ahead of any issues that might arise by using their advanced VOC and SWOT skills.
- They become more customer-centric and actively evangelize for the customer internally to accomplish mutually established goals through the actions detailed in the solid account plans they create and maintain.
- Ultimately, they deliver value to their key accounts through all these improvements and are viewed as trusted advisors. This, in turn leads to increased retention and revenue.
Increase account manager retention
Training is an excellent investment in your team, and it increases retention by satisfying their desire to learn. A study revealed that 70% of US employees are at least somewhat likely to leave their current company for a position offering employee learning and development.
Account manager retention is essential to key account retention due to the deep bond developed with the customer. Avoiding this type of turnover prevents you from needing to make up for lost time or revenue after the loss of a departing team member.
Get started now to meet your growth and retention goals
Now is the best time to provide your KAMs with training. It ensures they have the opportunity to develop the array of skills and processes necessary to succeed as an account manager. Training offers more senior reps a chance to refresh their knowledge and skills while boosting their abilities where needed. It helps you develop a team of trusted advisors to your top clients to increase retention and revenue results. And, giving training to your team increases rep retention, further protecting your customer base and revenue.
Looking for effective KAM training for your account management team? Register for KAMGenius Plus, the only online Account Management training course taught by experts in easy-to-consume bite-sized videos full of actionable tips plus 5 live sessions and certification.