In our latest blog post, we addressed the problem that many sales enterprise teams are facing. To gain a better understanding of customers, many sales teams incorporated CRM technologies into their sales processes. However, problems arose when they added information on Key Accounts alongside their 55,000 other accounts. In this massive data warehouse, it was impossible for account managers to get a full picture of these complex, large-scale organizations.
Beyond the CRM to Understand Key Accounts
According to the 80/20 rule, 80% of revenue comes from 20% of a company’s key accounts. It’s crucial for sales leaders to have a full picture of key accounts. Steve Haverdink, VP of Sales at Revegy, claims, “companies should focus on the untapped potential of current key accounts – they should mine the gold that they already have.” However, he elaborates that, “in many enterprises, there is often little awareness of what it takes to determine key customers’ unique definition of value and how to proliferate this throughout the company.” It has become clear that companies need more than CRM software to solve this problem.
Many visionary sales leaders have come to this realization. These visionary CXOs “realized that Key Accounts had their unique complexities and could not be processed through the same CRM systems that managed their hundreds of other smaller, low-growth potential accounts.” It has become increasingly clear that there is a need for specialized Key Account Management technology – “a way to manage both – the scale and the complexity of Key Accounts – optimally.”
The Need for KAM Technology
Mark Kopcha, President & CEO of Revegy notes, “companies need to create an execution framework that integrates the latest KAM technology into the process.” A recent MarTech article describes how there are “various specialized, nimble, cost-effective, secure, efficient and effective solutions out there in the form of cloud-based KAM Enablement apps.” Moreover, the article argues that “leveraging them for business success with Key Accounts is now a no brainer.”
These technologies will allow companies to leverage sales data to gain strategic alignment and understand why their solutions are aligned to clients, where their gaps are, and where they need to go next. They will help teams determine what their customers want to do, and what they need to do as an organization to promote this. These will ultimately provide long-term revenue predictability.
The Value of Account Visualization
By placing the complex landscape of strategic accounts in a visual context, enterprise sales teams gain the customer focused clarity they need to identify gaps, correlations and hidden opportunities not visible with CRM technologies or manual efforts.
What does KAM look like?
Revegy’s customer-centric sales planning platform makes the raw, text based data inside your CRM actionable and intelligent, empowering sales organizations to strategically manage key accounts. Revegy provides leading sales organizations with the data-driven clarity they need to synchronize account wide sales planning processes.
Revegy allows sales teams to quickly assess the true health of any account relationship and identify customers at risk. Further, its tools help salespeople build customer loyalty by aligning their resources and solutions with key customer challenges, strategies and initiatives. Revegy provides a common framework that drives organizational consistency in your team’s execution and ability to adapt to specific customer needs across the most complex of accounts.