What is Key Account Management (It's Not What You Think)

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What is Key Account Management (It's Not What You Think)

Рет қаралды 57,283

Күн бұрын

If you're not sure what key account management is, don't worry, you're not alone. It's a difficult concept to nail down and often misunderstood. So let's answer what it is, what it isn't, and how to do it well.
🔖 CHAPTERS
00:00 Introduction
00:31 Definition of key account management
01:03 Key account management origin story
02:24 How to identify key accounts
03:23 What does a key account manager do?
04:10 Why key account management takes teamwork
05:30 What key account management is not
06:29 Conclusion
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Key account management is the process of allocating and organizing resources to optimise results from a portfolio of accounts with the best opportunities to contribute to business goals.
In other words, to make money, spend more of your time and resources on the clients with the best growth potential.
You might think your biggest accounts or your most complex accounts are your most valuable customers.
But you'd be wrong.
Key accounts can be big or small, local or global. They can be strategic or opportunistic.
Why?
Because what makes a key account is its future value. Not what clients spend today, but what opportunities may become available tomorrow.
Do you have clients that have these qualities?
GROWTH
Clients with opportunities to expand revenue, improve margins and reduce the cost to serve.
HARMONY
Clients who are a good fit for your solution, and you meet their needs better than other suppliers.
VALUE
Clients who consider you a strategic partner and want joint success. They know you give them an advantage they couldn't achieve alone.
If you do, they're good candidates to become your key accounts.
⭐
Warwick Brown
Founder | Account Manager Tips
NOTE: The video and description may contain affiliate links. If you click on a link, I may receive a commission. Money earned helps to support my channel.
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📚 RESOURCES
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📞 CHAT WITH ME
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Helping organisations grow client revenue, reduce churn and get things done by giving their account management teams the tools and the mindset that gets results.
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Пікірлер: 53

@TheSerg2319 2 жыл бұрын

Super helpful! I have a panel interview coming up with the senior director of strategic accounts so this is exactly what I need. Thank you!

@kamcoach 2 жыл бұрын

I'm so glad Sergio! Hope the interview goes well. Reach out if I can help with anything!

@Vighter76 2 жыл бұрын

I watched some of your videos in preparation for my interview and tomorrow I will sign my contract for the position as an Key Account Manager, thank you so much for all the help and information :)

@kamcoach 2 жыл бұрын

Congratulations! I'm so excited for you and I'm thrilled that some of my content was helpful during your interview preparation. All the best for the first day!

@AhmedMusse-CHANNEL 4 ай бұрын

What a presentation nicely done

@tobstleet 2 жыл бұрын

Thank you for the video - great structure, content and well delivered! it makes it easy for me to learn the basics :)

@kamcoach 2 жыл бұрын

@tobstleet I'm so glad you enjoyed it!

@LHenriksen 3 жыл бұрын

So happy for your channel and invaluable tips of account management! Thank you :-)

@kamcoach 3 жыл бұрын

You're so welcome Lisa! Glad you found the channel. If you've got any topics you'd like me to cover, let me know - I'm always looking for content ideas!

@LordVeroeven Жыл бұрын

Thanks so much! Currently transitioning to a House Account Sales Role and this gave the exact area of Account Management I was researching! Spot On!

@kamcoach Жыл бұрын

Awesome! I'm so glad it was helpful and congrats on the new role. How's it going?

@jaredwhite571 3 жыл бұрын

Warwick-I would absolutely love to see a discussion with you and Simon Sinek as you and he correlate the Infinite Game and your insightful account management acumen. There’s something there… That would be so valuable for your viewers. Amazing work, Warwick!

@kamcoach 3 жыл бұрын

thanks so much Jared - and I'm flattered you even mention Simon Sinek and me in the same sentence. I would LOVE to have a conversation with him - that would be a dream come true. I really enjoy his work. You never know, one day, if the channel gets big enough to get his attention, it might happen!

@oduvan2612 Жыл бұрын

I have applied with one company for an inside sales consultant job. Shortly after I was offered to interview for an account manager job. So that is why I am here and I love the information so far :)

@kamcoach Жыл бұрын

Fantastic! Glad the information is useful. All the best for the interview. When is it?

@Txao Жыл бұрын

Thanks, will definitely keep learning from you video. So far I had just found this video and was abit more confident on my interview.

@kamcoach Жыл бұрын

Hi Josefine! I'm so glad this helped and I hope you get some good news from the interview!

@jeetp857 3 жыл бұрын

Great stuff Warwick. From your long time supporter!

@kamcoach 3 жыл бұрын

Thanks Jeet! I appreciate that!

@arunmitai6240 Жыл бұрын

Thank you so much. I was so confused with the definition of key account from google but you've made is so clear and easy to understand what is key account and how does this influence any business unit.

@kamcoach Жыл бұрын

Glad it helped! I agree - its hard to know what exactly a KAM should do. Sometimes it looks very different on the job description to the reality!

@Miratelmani 7 ай бұрын

Thank you for your breif on the KAM Role and this video really helped me to understand key differences between KAM and sales manager. And i really liked the way you narrated this😊❤

@kamcoach 6 ай бұрын

Thanks so much! I'm glad it helped make the role of KAM clearer for you. If you haven't already - check out my video about a day in the life of a key account manager which gets into more of the detail of what it's REALLY like kzfaq.info/get/bejne/nZ9nZqd8z5qdenU.html

@vermagauravg 2 жыл бұрын

Hey thank you very much for making such a informative easy to understand and flawless video. After 20 years of career in sales I have recently jumped into key account management and trying to learn a thing or two and progress in it. looking forward to learn more

@kamcoach Жыл бұрын

Hi Guarav! Welcome to the wonderful world of key account management! You'll love it! Very glad you found my content and hope it's helpful. I've got a new blog post out on the essential skills for KAM and 20 free courses to learn them so check that out too at amtip.co/career/

@crissolivaisalive Жыл бұрын

hi man i have been a salesperson and business development officer for more than 10 years , can i apply for key account manager is it something doable

@christopherbrown9362 Жыл бұрын

That was pretty perfect! Thank you🙌

@kamcoach Жыл бұрын

Awww thanks Chris, I appreciate that.

@chao6848 3 жыл бұрын

Great content again! 🤗

@kamcoach 3 жыл бұрын

Thanks Chao! I'm so glad you enjoyed the content. More on the way! If you have any content ideas, let me know - always happy to consider them!

@tshidio 2 жыл бұрын

Great video, spot on

@kamcoach 2 жыл бұрын

Thank you so much, appreciate it!

@user-yq5fz7hv9h Жыл бұрын

Really valuable content, thank you so much for the effort!

@kamcoach Жыл бұрын

My pleasure! These do videos do take a lot of time to create (which is why I'm so terrible at my posting schedule) but the effort is worth it when I read such positive comments like yours.

@AdarshSaxena-pt2ob 12 күн бұрын

Awesome! Well Explained. Would be watching more of your videos to learn more about key account management. I am going to start my career in Key Account Management soon. Need Your help and Guidance in the same.

@iducatifan1 2 жыл бұрын

Thank you ❤️

@kamcoach 2 жыл бұрын

You’re welcome 😊

@haang1043 Жыл бұрын

Thank you for the tips

@kamcoach Жыл бұрын

You're welcome! Any time!

@simon8121 2 жыл бұрын

Great video! I have a few questions.. 1. Is there in your opinion, a limit to when it can be called a key account depending on economic current value and/or future growth potential? Meaning; does the client have to be of certain size to be able to qualify as a key account. 2. I have always separated Customer Success Management and Key Account Management by certain guide lines, one of them being KAM being driven more by economic results, and CSM by client/satisfaction. By that meaning a CSM could be part of the team of the Key account manager. You mentioned that customer satisfaction is a better drive for the KAM. How do you tell CSM and KAM apart? Thanks!

@kamcoach 2 жыл бұрын

Hi Simon, so glad you enjoyed the video. To answer your questions. 1. I don't believe in volume/spend alone to identify key accounts. It should also consider future value along with other qualitative factors. I've written an in-depth blog post plus a free excel template if you want to dig deeper into my methodology to define key accounts. www.accountmanager.tips/how-to-identify-key-accounts/ 2. KAM vs CSM. The difference for me is KAM defines the strategy and identifies the opportunities and focus on long term partnership orientation (revenue, retention, expansion). For me CSM are more operational focused on ensuring the client gets the most from the product/service they bought. (efficiency/quality). The lines are definitely blurred though. I think I'll do a video on that topic as it comes up a lot. What do you think the differences are between the roles?

@user-yv2kg2vo5i 6 ай бұрын

great content!!

@kamcoach 4 ай бұрын

Thank you - I glad you like!

@sharinein 2 ай бұрын

Really great content

@kamcoach Ай бұрын

Thank you! I appreciate that so much!

@musictherapytv6957 2 ай бұрын

just wanna ask about key account specialist? thank you

@AnkitaSaxena-g5x 14 күн бұрын

How to deal with an employer providing key account management as the designation, expecting the employee to cater all the roles and responsibilities of the designation also in lncluding exclusive sales targets and sales roles and responsibilities and not paying enough even for one role. I need an assistance on this. Please help

@krissajinx91 18 күн бұрын

"Sales people won the clients, kam kept them." Im doing both 😒

@mohammadrazzakkhan9390 5 ай бұрын

What is Senior Account management ?? Is it related to accounting??

@kamcoach 4 ай бұрын

For me, senior account management usually means you look after more strategically important clients, bigger more complex clients, and those with more growth opportunities. Where your experience and accomplishments will help you lead these accounts effectively. It's not just about how LONG you've been an account manager. No it's not related to accounting, it's related to key account management. Hope that helps.

@mohammadrazzakkhan9390 4 ай бұрын

@@kamcoach thanks for the help

@kamcoach 3 жыл бұрын

Key account management is about optimising your partnership with your most valuable clients (not necessarily your biggest). What does key account management mean to you?