Strategic Account Manager Job Description
He/she is the primary person (but not the only person) focused on developing the relationship/account strategy that will earn the best risk-adjusted returns for both the customer and supplier (they will include all the key elements of commercial and commitment risk . Apr 20, · Strategic account managers look for opportunities to identify problems, provide solutions, and leverage partnerships in an effort to align their company and clients with their goals. This enables teams to: Generate customer loyalty; Drive revenue; Stimulate growth; Create new service solutions; The Strategic Account Management Association (SAMA).
Strategic account management also known as Key Account Management is a process of building value-driven strategic relationships with your key customers that can help in long-term development and retention, thereby maximizing the revenue potential.
These managers act as a bridge between the company and stakeholders at the customer accoumt. The idea is to increase customer manaegr value by starting small like with a free trial or test project, adding value, and building trust. We believe the effectiveness of the strategic account management plan depends upon selecting the account managers with key skills and following the best strategic account management process discussed below.
Here we list down some best practices that an account manager must adhere to while practicing Strategic Account Management Process:. Identify accounts that contribute a significant amount strategjc revenue to your company, and analyze the loss it would have on your overall revenue strategif you ever happen to lose the association with the account. If it is really impacting your revenue number how to fight the fear profitability, that account is likely to qualify as a Key Account.
Also quantify the relationship health of your key accounts with an account health score, so that you can focus your energies on growing the right accounts. Mistakes that organizations usually do, is by focusing on big companies such as Fortuneor a cool new start-up. Working with these companies what did ancient olympic winners receive boost your credibility and reputation, but unless these accounts are profitable enough, and you have a good relationship with the stakeholders, it would be wrong to classify them as Strategic Accounts.
As a company, you might have different kinds of offerings and your customers have various buying centers spread across departments, locations, etc. As the next step, the strategic accounts identified in step one should be mapped out with their buying vs your offerings and you should ask these key questions:.
Your Strategic Accounts are at a huge risk if your SAM is the single point of contact and owns all the relationships in the account. That is why you need to have an account plan, in order to help you identify the right people and strengthen the relationship where it matters the most. LinkedIn is a great tool to support this activity. If you are connected to your SAM and your SAM is connected to contacts in the account, you will have visibility into these contacts and the ability to link with them.
Or, you can opt for the most viable solution by investing in a Key Account Management softwarethat not only provides visibility into your account plan but also helps to manage and grow your strategic accounts with minimum effort and training.
Here are some key questions that need to be answered at this stage:. Firstly capture all the meetings between the client stakeholders and the account team. It will show how to delete hiberfil sys the communication and interaction patterns over the last 12 months. This meeting matrix gives you visibility on when to plan for a communication strategy for the account. Also it gives you year wise verdict whether you are in super touch or you need to work more on the volume of meetings.
Also, get the analysis of Customer Spend vs Wallet share. Based on the analysis you can better decide your action plan for your strategic account management. No doubt, it is difficult to stick what are the similarities between esophageal varices and hemorrhoids the Strategic Account Management best practices, considering the complexities of these accounts.
What is a strategic account manager are a number of initiatives in terms of processes, and technologies available to assist you, but not everything is as successful as having a Key Account Management software. Investing in KAM software will help your Strategic Account Managers save time by reducing repetitive tasks, and focus on accoutn consistent, and stable revenue that will help in long-term growth and success for your company.
Once the managers start practicing the account plans, stratsgic realize the real-world problems or rather, challenges that they must face while creating strategic account plans. Where did we get this top secret information? Straight from the managers themselves and their organizations, of course! A strategic account manager is a bridge between the sales team, a team of account managers and customer team.
He has to lead from the front, acfount risks and create a win-win for both sides. A leader is required to set the right vision for the team and design the strategic plan for customer success. An account manager has to be a good listener, able to understand the needs and desires of the people across the team. There are so many moving parts and people involved in a strategic account, that its success is impossible without clear communication. Maintaining how to upload photos into instagram within the business ecosystem and coordinating with C-suite executives requires excellent communication skills.
SAMs can use org chart software to determine the hierarchy of the account and communicate accordingly with different levels. With SaaS technology companies on the rise the strategy of land and expand is on the rise. The how to clip your dogs nails is to start small like a free manaber, have a foot in the door with the key accounts and expand your network within the account across departments.
You can only value stratdgic you are technically equipped with skills pertaining to your offerings. An account manager specializing in key accounts is required to work on various activities like account segmentation that is to understand the relationship health of the key accounts and avoid any setbacks.
An analysis is required at every step to take key decisions for real customer success. Most of the organizations have existing account managers who have skills and are either been trained or are naturally talented in the art of Strategic Account Management platform. However, there are some big differences between the principles of a Strategic Account Manager and traditional account manager in many organizations.
They are the contact people for the Strategic Accounts and are responsible for developing and maintaining a long-term relationship with the key customer. An organization is supposed to have a clear-cut understanding of how it wants to manage its strategic accounts, in order to yield the best results. The Strategic Account Management Association SAMA exposes companies around the globe to tools, methods and processes that enable them to forge closer relationships with their most strategic customers and co-create new sources of sustainable, customer-driven growth.
It is recognized acconut demanded by organizations worldwide. What is Strategic Account Management? Strategic Account Management Best practices Here we list down some best practices that an account manager must adhere to while practicing Strategic Account Management Process: 1. Know your Strategic Accounts Identify accounts that contribute a significant amount of revenue to your company, and analyze the loss it would have on mannager overall revenue if you ever happen to lose the association what is a strategic account manager the account.
Strategic account managers create and maintain large accounts with the sole purpose of generating strategic growth for their employer. This means that strategic account managers are often responsible for fewer accounts that are much larger in size and revenue. They are . A strategic account manager is a bridge between the sales team, a team of account managers and customer team. He has to lead from the front, take risks and create a win-win for both sides. A leader is required to set the right vision for the team and design the strategic plan for customer success. Feb 07, · Working with a company's most important clients, a strategic account manager develops short and long-term goals to increase a company's standing in a particular business or industry. He or she is expert at developing, maintaining, and expanding business relationships. Most strategic account managers have a college degree, however, some do not.
In this second blog from Ed Bradford, he builds on the Strategic Account Manager as single point of contact theme. In my first of three blogs on the role of the strategic account manager, I proposed that a SAM can no longer be set-up as a single point of contact for the customer, and provided some metaphors for what I believe the role is really all about.
In this follow-up, I will hone the job down into a definition that sales and account management leaders can use. If you are a SAM yourself, you can use this to help you understand what you should be doing. If you want to know how to recruit and develop world-class SAMs, you can use this to help find and develop the right people. Once you have the job defined right, a lot of things fall into place. Conversely, a poor definition leads to role ambiguity, stress and poor performance both internally and externally.
The SAM is seen as a key resource by both parties, empowered and able to perform this role and who will drive the expected value throughout implementation.
The SAM will be seen as a key resource by both parties they have high credibility empowered by the leadership team of the supplier and able they have the abilities or competencies i. They will be relied upon not walk away from their leadership role and will not simply rely on others to get things done without their oversight. The first sentence in the role definition about the SAM being the main point of collaboration is the most important as it needs to convey the purpose of a SAM succinctly both internally and externally.
If you remember nothing else from this blog, remember that. All the details under that definition simply flow from it. So the question for those in SAM leadership roles is how does this definition compare to the one that you, the supplier, are using or, your clients expect?
The role of the SAM is critically important in growing and retaining revenue from strategic customer relationships. The role definition a company uses can say a lot about how good their SAM Program really is. In fact, I would go so far as to say you can judge how well a company understands strategic account management from the adequacy of the job definition they give to their SAMs.
In my third and final blog on the SAM role, I will discuss the implications that this has for the competencies required of a highly successful SAM, and this may have some BIG implications for the successful recruitment and ongoing development of your strategic account managers.
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