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. “If you know what you understand, you know where you have an edge over others. Read them This is important because too many SAMs view their role as winning opportunities that, essentially, fall on their desks. Avoid the impulse to speculate. 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. No doubt, it is difficult to stick to the Strategic Account Management best practices, considering the complexities of these accounts. As the liaison for the customer and the rest of the company,... 2. In this second blog from Ed Bradford, he builds on the Strategic Account Manager as single point of contact theme. 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. 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 perspective. Easier said than done. differences in the implementation of strategic account management LinkedIn is a great tool to support this activity. 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. He goes on to list five of his favorite: The map is not the territory. A leader is required to set the right vision for the team and design the strategic plan for customer success. 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. 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. 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:. Strategic planners also need to be active listeners. You can then cross-sell or up-sell with your skills, or develop a completely new product that caters to your client’s needs. identify the strengths and weaknesses of your competitors. and Communication Skills: There are so many moving parts and people involved in a strategic … As a Strategic account manager, you will represent our company and interact with major clients. Key account management requires handling the accounts of priority customers who are a long-term asset to your company. 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. As companies look to respond Mistakes that organizations usually do, is by focusing on big companies such as Fortune 500, or a cool new start-up. 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. 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. As a company, you might have different kinds of offerings and your customers have various buying centers spread across departments, locations, etc. have never been more important. The most successful strategic account managers are also skilled at relating to the needs of a wide range of individuals in the account and building consensus among them. There are so many moving parts and people involved in a strategic account, that its success is impossible without clear communication. It’s an extremely important exercise to improve your communication strategy to maximize ROI. 2. Listen here. SAMA's Harvey Dunham interviews Whetstone Inc. President & CEO Adrian Davis in episode 2 of the SAMA Podcast. It is recognized and demanded by organizations worldwide. 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. Also it gives you year wise verdict whether you are in super touch or you need to work more on the volume of meetings. Their duties include expanding client database, maintaining a positive relation with existing clients, attaining assigned quotas, and ensuring customer satisfaction. An account manager has to be a good listener, able to understand the needs and desires of the people across the team. 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. LinkedIn is a great tool to support this activity. Also, implied in the word "driving" is a connotation of proactivity. • SAMs will develop new processes and skill sets that will make the future one of. Strong Microsoft Excel skills. Leadership Skills: A strategic account manager is a bridge between the sales team, a team of account managers and... 2. Here are some key questions that need to be answered at this stage: What is the hierarchy in your key account organization? SAM planning works largely the same way. “The map of reality is not reality. 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. It’s important for strategic account managers to subordinate a desire for a quick win for long term success. 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. Strategic account managers should be both analytical and personable. Our methodology for sales account management reveals how to best manage and grow strategic accounts by bringing the entire relationship into view.. 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. 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. • Establish trust, motivate and … Also, get the analysis of Customer Spend vs Wallet share. SAMs can use org chart software to determine the hierarchy of the account and communicate accordingly with different levels. The best strategic and key account managers outperform average ones by a factor of 3X. In this excerpt from “Customer Value Co-Creation,” Francis Gouilliart makes five predictions for the future of SAM. You can use a simple weighted attribute method to arrive at one of the four. 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. What if the SAM leaves, and you’ll be left with no choice. • Build and align the account team to the customer’s key functions and requirements, jointly developing team goals and KPIs. Post-secondary degree in a related field or equivalent experience. that is to understand the relationship health of the key accounts and avoid any setbacks. 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. Without a strategic account management plan, you approach your customer relationships without a checklist of bases to cover or things to address. Find out what else you should be focused on during these unprecedented times, according to one of the smartest strategists working in sales excellence. This means that projects and tasks can easily become forgotten and get pushed to the side, while customers and partners are left fe… 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. Chris shares this and other pieces of hard-earned wisdom from 9/11’s aftermath in the first episode of the SAMA podcast. Skills: • Corporate customer relationships • Process discipline • Business outcomes. 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. 1. A strategic account manager is a bridge between the sales team, a team of account managers and customer team. Key Skills of a Strategic account manager 1. A large part of a strategic planner’s job is communicating a business plan to employers and employees. skills inherent to the SAM/KAM role. 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. Easier said than done. Maintaining transparency within the business ecosystem and coordinating with C-suite executives requires excellent communication skills. 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. Company and customer expertise. Read it, From strategic account management to strategic ecosystem leadership. Proven account management skills required to create and enhance long term customer relationships. They are the contact people for the Strategic Accounts and are responsible for developing and maintaining a long-term relationship with the key customer. " deals exclusively with the skills and traits needed to be an amazing strategic account manager. become invaluable assets. Investing in a KAM software will help your. Much of it will depend on the value your own customers can create using your products and services. You may need to pass a job test to be hired for a position, improve your chances of making high scores today! Learn more Your job description will be more persuasive if you show as well as tell. These managers act as a bridge between the company and stakeholders at the customer side. 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. Listening. You can always make use of the relationship that you’ve built to get insights about the problems your client is facing. The skills and attributes stated above can also be used in the skills section of the strategic account manager resume. The most successful example resumes for Strategic Account Managers emphasize leadership, strategic planning, analytical thinking, excellent communication and … 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. Ultimately, you should be responsible for achieving sales quota and strategic account targets. 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. Part 3 of the SAMA book " Develop selection criteria for key accounts 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. An analysis is required at every step to take key decisions for real customer success. Don’t get bogged down in jargon. If anything, your customers expect more from you than ever. They have to explain (by both speaking and writing) the steps employees need to take to achieve company goals. As companies look to respond 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 Job Description Writing Do’s and Don’ts Do include rich-media content such as videos, articles and images. With SaaS technology companies on the rise the strategy of. He has to lead from the front, take risks and create a win-win for both sides. You can then. No doubt, it is difficult to stick to the Strategic Account Management best practices, considering the complexities of these accounts. 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. However, there are some big differences between the principles of a Strategic Account Manager and traditional account manager in many organizations. 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. A Skilled account manager uses the best practices and strategies to plan and create the account mana… While coronavirus has upended most aspects of daily life, both personal The first two episodes of the SAMA podcast address exactly this topic. Elevate engagement and grow business with important customers Who are your Champions, Promotors, Distractors and so on? 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. Episode #2 Still trying to predict what coronavirus will mean for your business? With so much of a company’s future value tied up with the health Activities: • Ability to create a team vision and strategy for effective account plan development and execution. You can always make use of the relationship that you’ve built to get insights about the problems your client is facing. Strategic Account Managers acts as a liaison between an organization and its clients. If you want to drive the greatest account growth, make sure you develop your team’s project manager, innovator and results driver competencies. SAMA’s Certified Strategic Account Manager (CSAM) certification is the gold standard of strategic account management. 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. Part 2: The Strategic Customer-Centric Organization. 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. 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. is on the rise. If it is really impacting your revenue number and profitability, that account is likely to qualify as a Key Account. The strategic account managers (SAMs) that grow accounts do so because they drive value for buyers. Under each competency is a short list of the key behaviors, actions, and/or activities most relevant to that skill. around the foundational skills desired in strategic account managers. 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. Maintaining transparency within the business ecosystem and coordinating with C-suite executives requires excellent communication skills. In this excerpt from “Customer Value Co-Creation,” Francis Gouilliart makes five predictions for the future of SAM. strategic thinking abilities, interpersonal skills and more have Strategic Account Managers are usually responsible for maintaining relationships with current clients, as well as finding opportunities for expanding client database. It’s important to add value at the right time and the right place to win big deals. It’s critical to know about your product and services before you take up the position of strategic account management. Strategic Account Manager plays a key role in a company using SAM processes and techniques. Once again he uses ‘SAM’ as its anchor term, but GAMs, KAMs and account managers will all recognise their role in this discussion. Sometimes they get lucky and hit it, but most times they miss the mark”. Let’s take a good look at the 7 Big strategic account planning challenges faced while creation. Also, get the analysis of Customer Spend vs Wallet share. What is the influence people have on each other? It’s important to identify the strengths and weaknesses of your competitors. Communication. These behaviors are quite different from a hunter’s; hunters often have an “eat what you kill” mentality. While there exist some 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. Competency 1.0 – Understanding organizational priorities skills inherent to the SAM/KAM role. The average salary for a Strategic Account Manager with Business Development skills is $80,545. 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. The first two episodes of the SAMA podcast address exactly this topic. Episode #1 What’s the single most important piece of advice for account managers guiding their customers through crises, like our current one? and professional, it has brought into focus the incredibly valuable • SAMs will develop new processes and skill sets that will make the future one of leadership, rather than of management. 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. 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. About Our Sales Account Management Methodology. Read them. While many traditional SAM traits will remain, the overarching trajectory will see SAMs having to become even more strategic than they are currently. So, if you have excellent communication skills with a customer service attitude, we would like to meet you. One of the primary goals of key account management is to nurture strategic... 3. Even the best maps…are reductions of what they... Circle of competence. Where did we get this top secret information? • Strategic account management will be liberated from the shackles of the seller-buyer dynamic by transforming from account management to ecosystem or stakeholder management. Promoted from Business Development Manager role to Strategic Account Management in 2008; Demonstrated superior account management skills and implemented and executed strategic plans. Based on the analysis you can better decide your action plan for your strategic account management. argue that the skills and competencies of strategic account managers here. Going hand in hand with the previous skills, your key account managers need to approach every customer relationship with a collaborative and strategic mindset. His/her job description entails helping clients get top class services and maximum benefits from their investments in … Core strengths: Possess six years of professional experience in account management Possess excellent interpersonal and communication skills Flexibility with strong knowledge in financial domain This meeting matrix gives you visibility on when to plan for a communication strategy for the account. You can only value when 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. and pivot, suddenly the SAM’s deep customer and industry knowledge, Part 1: The SAM Process In case you missed it, check out Account management skills for sales: How to create growth and retain your most important customers. 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. Read it It’s important for strategic account managers to subordinate a desire for a quick win for long term success. While many traditional SAM traits will remain, the overarching trajectory will see SAMs having to become even more strategic than they are currently. As with just about everything in business and sales, when you have a plan in place, you can stay organized more easily while ensuring that no projects, customers, or clients are neglected. 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. 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. become invaluable assets. 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. 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. 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. The SAMA PodcastIf anything, your customers expect more from you than ever.
2020 strategic account manager skills