that is to understand the relationship health of the key accounts and avoid any setbacks. It’s important for strategic account managers to subordinate a desire for a quick win for long term success. Read them Utilizes innovative solutions for conducting initial client interviews, maintaining communication with all customer contacts and developing new solutions when sales agreements are up for renewal. Also it gives you year wise verdict whether you are in super touch or you need to work more on the volume of meetings. Company and customer expertise. Also, get the analysis of Customer Spend vs Wallet share. Maintaining transparency within the business ecosystem and coordinating with C-suite executives requires excellent communication skills. But as Greg Lowe points out “Most Account Managers don’t listen long enough to get a complete grasp of the situation before starting to spew their solutions. Managers save time by reducing repetitive tasks, and focus on generating consistent, and stable revenue that will help in long-term growth and success for your company. • Establish trust, motivate and … While coronavirus has upended most aspects of daily life, both personal With so much of a company’s future value tied up with the health argue that the skills and competencies of strategic account managers We train and certify SAMs, KAMs and GAMs to develop the skills they need to co-create sustainable, long-term value with and for their strategic customers. Episode #2 Still trying to predict what coronavirus will mean for your business? Don’t get bogged down in jargon. While many traditional SAM traits will remain, the overarching trajectory will see SAMs having to become even more strategic than they are currently. become invaluable assets. This meeting matrix gives you visibility on when to plan for a communication strategy for the account. Elevate engagement and grow business with important customers Strategic account management skills are a key part of being successful at managing and growing an organisation's largest and most profitable accounts. There 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. The idea is to start small like a free trial, have a foot in the door with the key accounts and expand your network within the account across departments. 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. 1. In this excerpt from “Customer Value Co-Creation,” Francis Gouilliart makes five predictions for the future of SAM. 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. with your skills, or develop a completely new product that caters to your client’s needs. SAM planning works largely the same way. By far the most mentioned skill. That is the reason, why managing Strategic Accounts is not every account manager’s cup of tea. 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. You can only value when you are technically equipped with skills pertaining to your offerings. Strategic Account Managers are usually responsible for maintaining relationships with current clients, as well as finding opportunities for expanding client database. While many traditional SAM traits will remain, the overarching trajectory will see SAMs having to become even more strategic than they are currently. 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. Strategic Account Manager Job Description Writing Do’s and Don’ts Do include rich-media content such as videos, articles and images. These behaviors are quite different from a hunter’s; hunters often have an “eat what you kill” mentality. “If you know what you understand, you know where you have an edge over others. As companies look to respond • Strategic account management will be liberated from the shackles of the seller-buyer dynamic by transforming from account management to ecosystem or stakeholder management. Skills: • Interpersonal relationship skills • Team leadership • Cultural knowledge and sensitivity Competency 5.0 – Overall relationship & outcome managementActivities: • Requires accountability for the sustained health and improvement of the overall customer relationship through regular business reviews against the performance dashboard and customer communications • Maintains and augments role as a trusted thought leader in individual customer relationships and owns the customer satisfaction/loyalty metrics • Maintains the internal network of relationships and aligns the internal and external commitments leading to execution of company and customer requirements and the achievement of desired business outcomes. A leader is required to set the right vision for the team and design the strategic plan for customer success. A Skilled account manager uses the best practices and strategies to plan and create the account mana… As companies look to respond 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. Key account management requires handling the accounts of priority customers who are a long-term asset to your company. Determined Strategic Account Manager utilizing a wide array of skills to build comprehensive account profiles and expand revenue. Once the managers start practicing the account plans, they realize the real-world problems or rather, challenges that they must face while creating strategic account plans. However, there are some big differences between the principles of a Strategic Account Manager and traditional account manager in many organizations. is on the rise. You can use a simple weighted attribute method to arrive at one of the four. Leadership Skills: A strategic account manager is a bridge between the sales team, a team of account managers and... 2. Part 3 of the SAMA book " identify the strengths and weaknesses of your competitors. When you do, you’ll create compelling strategic account plans and use those plans as guides to execute and drive results with hustle, passion, intensity and accountability. Strong analytical skills with a focus on account development. Easier said than done. Maintaining transparency within the business ecosystem and coordinating with C-suite executives requires excellent communication skills. He goes on to list five of his favorite: The map is not the territory. Listen here. SAMA welcomes you to Account management skills for sales: How to create growth and retain your most important customers, a fully virtual training program that equips the new-to-role account manager and/or sales professional to:. In case it wasn’t obvious before, it should be now: The world is changing, and the SAM role is changing alongside it. There are so many moving parts and people involved in a strategic account, that its success is impossible without clear communication. Even the best maps…are reductions of what they... Circle of competence. Mistakes that organizations usually do, is by focusing on big companies such as Fortune 500, or a cool new start-up. • SAMs will develop new processes and skill sets that will make the future one of. Working with these companies may 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. Customer Value Co-Creation Based on the analysis you can better decide your action plan for your strategic account management. From strategic account management to strategic ecosystem leadershipNever has there been a better opening for SAM programs and strategic account managers to take on a bigger role in securing the future of their organizations. One of the most important aspects of Strategic Account Management and leadership is to always look for new opportunities to help grow your client’s business. In this excerpt from “Customer Value Co-Creation,” Francis Gouilliart makes five predictions for the future of SAM. The SAMA Best-in-Class SAM Competency Model identifies five areas of job competence or capability as well as the three or four primary skills associated most strongly with each one. Competency 1.0 – Understanding organizational priorities This means that projects and tasks can easily become forgotten and get pushed to the side, while customers and partners are left fe… Communication. So, if you have excellent communication skills with a customer service attitude, we would like to meet you. You can always make use of the relationship that you’ve built to get insights about the problems your client is facing. One of the most important aspects of Strategic Account Management and leadership is to always look for new opportunities to help grow your client’s business. Post-secondary degree in a related field or equivalent experience. However, identifying, cultivating, and maintaining those long-term relationships requires specific skills and a thorough knowledge of … A strategic account manager is a bridge between the sales team, a team of account managers and customer team. Sometimes they get lucky and hit it, but most times they miss the mark”. Investing in a KAM software will help your. and professional, it has brought into focus the incredibly valuable Strategic Account Managers acts as a liaison between an organization and its clients. 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. Strategic account management (also known as, We believe the effectiveness of the strategic account management plan depends upon selecting the account managers with key skills and following the best. The strategic account managers (SAMs) that grow accounts do so because they drive value for buyers. LinkedIn is a great tool to support this activity. As the liaison for the customer and the rest of the company,... 2. While there exist some important Here are some key questions that need to be answered at this stage: What is the hierarchy in your key account organization? Who are your Champions, Promotors, Distractors and so on? Skills: • Corporate customer relationships • Process discipline • Business outcomes. Whether we should focus on Farming or Mining growth? The strategic account manager is required by an organization to expand and adequately maintain good business relationship between the organization and its large number of customers. About Our Sales Account Management Methodology. Account management skills for sales: How to create growth and retain your most important customers. Also, implied in the word "driving" is a connotation of proactivity. While coronavirus has upended most aspects of daily life, both personal Skills: • Communication & influence skills • Value co-creation • Negotiation skills Competency 4.0 – Multifunctional account team leadershipActivities: • Ability to create a team vision and strategy for effective account plan development and execution • Build and align the account team to the customer’s key functions and requirements, jointly developing team goals and KPIs • Establish trust, motivate and coach team members through regular communications • Input information on account data, activities and best practices • Structure role and deployment of internal executive sponsor/s for account team goals and customer relationship objectives. Develop selection criteria for key accounts Learn more If anything, your customers expect more from you than ever. Your job description will be more persuasive if you show as well as tell. “The map of reality is not reality. The first two episodes of the SAMA podcast address exactly this topic. Communication Skills: There are so many moving parts and people involved in a strategic … Activities: •Ability to understand your company’s and the customer’s industries, markets, and • Determine customer’s buying behavior and metrics for supplier relationships • Map organizational structure and relationships to identify champions, influencers and decision makers • Understand your company’s corporate strategy and business objectives, and those of the customer • Document knowledge of everywhere the customer “touches” your company and everywhere your company could potentially touch your customer • Profile the customer’s competitive position vis-à-vis its competitors as well as your competitors’ positions vis-à-vis the customer • Identify the key internal company stakeholders and functional resources currently and potentially required for effective management of the customer’s business and opportunities. If it is really impacting your revenue number and profitability, that account is likely to qualify as a Key Account. They need to build rapport with customers, think strategically about partnership opportunities and solutions, collaborate and communicate with high-level stakeholders and decision-makers, and lead a cross-functional team. Where did we get this top secret information? No doubt, it is difficult to stick to the Strategic Account Management best practices, considering the complexities of these accounts. In case you missed it, check out Competency 1.0 – Understanding organizational priorities, Competency 2.0 – Strategic account & opportunity planning, Competency 3.0 – Joint solution development, co-creation & reaching agreement, Competency 4.0 – Multifunctional account team leadership, Competency 5.0 – Overall relationship & outcome management, " deals exclusively with the skills and traits needed to be an amazing strategic account manager. • Build and align the account team to the customer’s key functions and requirements, jointly developing team goals and KPIs. Listen here. Their duties include expanding client database, maintaining a positive relation with existing clients, attaining assigned quotas, and ensuring customer satisfaction. If you can be a source of stability on the one hand and bold ideas on the other, you will earn yourself a lifetime of customer loyalty. SAMA’s Certified Strategic Account Manager (CSAM) certification is the gold standard of strategic account management. This account management methodology provides a road map for strategic customer relationships that have growth potential through the development of a one to three-year plan … The skills and attributes stated above can also be used in the skills section of the strategic account manager resume. 2. and pivot, suddenly the SAM’s deep customer and industry knowledge, Under each competency is a short list of the key behaviors, actions, and/or activities most relevant to that skill. The role of a strategic account manager exists to fulfill the business objectives of a corporate-level, customer-centric strategy designed to ensure the firm’s future for long-term growth and profitability. You can have multiple types of relationships with clients, and they can be either Tactical, Cooperative, Interdependent or Strategic. It’s an extremely important exercise to improve your communication strategy to maximize ROI. An account manager specializing in key accounts is required to work on various activities like. There are so many moving parts and people involved in a strategic account, that its success is impossible without clear communication. within various industries’ business models, there is remarkable consistency The future of SAM In case it wasn’t obvious before, it should be now: The world is changing, and the SAM role is changing alongside it. Below the competencies, you can find links to an excerpt from the SAMA book, “Customer Value Co-Creation,” as well as to relevant blog posts, podcasts and more for a deeper dive into the skills that make a great strategic account manager. No doubt, it is difficult to stick to the Strategic Account Management best practices, considering the complexities of these accounts. It’s important for strategic account managers to subordinate a desire for a quick win for long term success. Strategic account managers also demonstrate the following qualifications and skills: Account management – successful strategic account managers have an extensive amount of account management experience. and pivot, suddenly the SAM’s deep customer and industry knowledge, The Strategic Account Management Association, The eternal tug-of-war between short-term and long-term, Having access to an effective strategic planning tool, Having a good relationship with all key customers (other than that one key customer) within each Strategic Account, Interacting with enterprise-level organizations and key buyers at the top level, The actual implementation of the Strategic Account Plans, Formulating a fair and comprehensive compensation policy for Strategic Account Managers, Training and skills in strategic account management. To obtain a position as a Strategic Account Manager where I can utilize my skills and knowledge in increasing the market share of the organization. He has to lead from the front, take risks and create a win-win for both sides. Easier said than done. The strategic account manager’s role is to identify those key customers that generate maximum revenue and profitability as compared to other regular accounts. Part 1: The SAM Process Exceptional customer service and interpersonal skills. here. Reported to NATS Account Management Leader and managed two administrative assistants. Episode #1 What’s the single most important piece of advice for account managers guiding their customers through crises, like our current one? The average salary for a Strategic Account Manager with Business Development skills is $80,545. Read it Part 2: The Strategic Customer-Centric Organization. Or, you can opt for the most viable solution by investing in a Key Account Management software, that not only provides visibility into your account plan but also helps to manage and grow your strategic accounts with minimum effort and training. It is recognized and demanded by organizations worldwide. strategic thinking abilities, interpersonal skills and more have As a company, you might have different kinds of offerings and your customers have various buying centers spread across departments, locations, etc. to determine the hierarchy of the account and communicate accordingly with different levels. They have to explain (by both speaking and writing) the steps employees need to take to achieve company goals. The idea is to start small like a free trial, have a foot in the door with the key accounts and expand your network within the account across departments. Let’s take a good look at the 7 Big strategic account planning challenges faced while creation. There 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. SAMs can use org chart software to determine the hierarchy of the account and communicate accordingly with different levels. 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. At the top of the list is communication. This is important because too many SAMs view their role as winning opportunities that, essentially, fall on their desks. Read them. Listening. The practical manifestations of becoming more strategic will take three distinct shapes: • SAMs will take alignment to the next level by becoming. Ultimately, you should be responsible for achieving sales quota and strategic account targets. Once again he uses ‘SAM’ as its anchor term, but GAMs, KAMs and account managers will all recognise their role in this discussion. Promoted from Business Development Manager role to Strategic Account Management in 2008; Demonstrated superior account management skills and implemented and executed strategic plans. have never been more important. • Strategic account management will be liberated from the shackles of the seller-buyer dynamic by transforming from account management to ecosystem or stakeholder management. SAMA's Harvey Dunham interviews Whetstone Inc. President & CEO Adrian Davis in episode 2 of the SAMA Podcast. 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. Our methodology for sales account management reveals how to best manage and grow strategic accounts by bringing the entire relationship into view.. In order to build the strongest possible relationships with their key accounts, KAMs must become more than just an account manager; they need to become a strategic partner. Strategic account managers should be both analytical and personable. The practical manifestations of becoming more strategic will take three distinct shapes: • SAMs will take alignment to the next level by becoming drivers of strategic development cross-functionally and inter-organizationally. Key Skills of a Strategic account manager 1. Category: Strategic account manager skills and competencies The skills, competencies and behaviors that enable the strategic account manager to successfully develop and sustain mutually profitable, long-term strategic customer relationships. With SaaS technology companies on the rise the strategy of land and expand is on the rise. around the foundational skills desired in strategic account managers. Strategic Account Manager plays a key role in a company using SAM processes and techniques. Proven account management skills required to create and enhance long term customer relationships. In this second blog from Ed Bradford, he builds on the Strategic Account Manager as single point of contact theme. You can then cross-sell or up-sell with your skills, or develop a completely new product that caters to your client’s needs. Skills: • Customer orientation • Company knowledge • Industry knowledge • Customer knowledge Competency 2.0 – Strategic account & opportunity planningActivities: • Ability to incorporate business intelligence and determine a go-to-market strategy through internal planning sessions • Define and manage the solution development process, develop a differentiated value proposition and value the ROI for both the customer and the company • Manage funnel of short- and mid-term opportunities and pre-formulate specific project management requirements • Provide for post-deployment customer support and evaluation • Engage the customer in the planning process. of its relationships with its most important customers, we would You may need to pass a job test to be hired for a position, improve your chances of making high scores today! It’s important to add value at the right time and the right place to win big deals. The best strategic and key account managers outperform average ones by a factor of 3X. An analysis is required at every step to take key decisions for real customer success. 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. LinkedIn is a great tool to support this activity. Avoid the impulse to speculate. It’s important to identify the strengths and weaknesses of your competitors. It’s critical to know about your product and services before you take up the position of strategic account management. Top 6 key account management skills 1. Investing in a KAM software will help your Strategic Account Managers save time by reducing repetitive tasks, and focus on generating consistent, and stable revenue that will help in long-term growth and success for your company. Or, you can opt for the most viable solution by investing in a. , that not only provides visibility into your account plan but also helps to manage and grow your strategic accounts with minimum effort and training. Strategic Account Manager I Resume Objective : An innovative strategic sales and marketing professional with a proven ability to meet and exceed goals through sophisticated sales, marketing, analytical strategies and business development skills necessary in driving results. Core strengths: Possess six years of professional experience in account management Possess excellent interpersonal and communication skills Flexibility with strong knowledge in financial domain 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 of revenue to your company, and analyze the loss it would have on your overall revenue if you ever happen to lose the association with the account. You can then. become invaluable assets. They are the contact people for the Strategic Accounts and are responsible for developing and maintaining a long-term relationship with the key customer. skills inherent to the SAM/KAM role. Find out what else you should be focused on during these unprecedented times, according to one of the smartest strategists working in sales excellence. What if the SAM leaves, and you’ll be left with no choice. So says SAMA’s Chris Jensen, who on 9/11 was a DHL sector head responsible for his company’s relationship with two of its most strategic accounts. An account manager has to be a good listener, able to understand the needs and desires of the people across the team. Skills: • Strategic thinking • Financial/business acumen • Value analysis and opportunity insight Competency 3.0 – Joint solution development, co-creation & reaching agreementActivities: • Ability to communicate credibly and effectively at the customer CxO level, demonstrating understanding of the customer’s financials and financial strategy • Provide thought leadership about the customer’s business issues and priorities, uncovering and validating key challenges • Engage the customer in the account planning process and work collaboratively to identify value-based solutions • Co-create innovative solutions in areas of highest joint potential and innovation … Quantify the differentiated solution/value proposition vis-à-vis competitors demonstrating mutual ROI • Sell high and wide throughout the customer organization, managing Procurement and multilevel relationships with the support and coordination of the account team • Negotiate and reach agreement on company engagement and specific deals, specifying resource commitment and allocations internally and at the customer.