Are You Making this Common Key Account Management Mistake?Posted on 07/11/2013 in Key Account Management
Key Account Management seems to be the buzz word in sales today. It is, in fact, a relatively young discipline, yet there are thousands of employees wearing the title "Key Account Manager.”
Of course you know that key account management is more than just a title or a sales technique. It is an organizational change that requires buy-in from a high level.
There are many opportunities for mistakes to be made in the key account management process. Not all organizations take the time needed to accurately identify their key accounts, assign appropriate personnel and resources, or set attainable metrics.
For today, I’d like to highlight the most common mistake that companies make regarding key account management. I can explain it best by sharing with you what we’ve heard from other clients who have used STAR to help them implement a key account management program.
As a sales training consultant, I’ve asked many clients these two related questions.
First, do your key accounts represent a disproportionate share of your profits and growth potential? The answer is always "yes.”
Second, since your key accounts represent such a large percentage of profitability and growth, have you assigned your best salespeople to these key accounts? The answer is usually "…no, we haven’t necessarily assigned our best salespeople to these accounts.”
As such, the #1 mistake is to not assign your best salespeople to your best accounts. If you do nothing else about key account management, do this step. Otherwise, any coaching by your managers or workshops for your people are likely to be wasted time and effort.