As you consider the right investments to enable your KAM teams to drive revenue (uncovering and winning immediate business) and long term strategic partnerships (creating value to help clients grow), it is crucial to put the right platform in place to reinforce and operationalize the program.
While CRMs can serve as the global warehouse for customer data, they were not purpose built for KAM and they alone do not provide the actionable intelligence required to drive key accounts growth. Here’s why.
Why CRMs Alone are not Adequate for Key Account Management
CRMs do not capture the picture needed for a comprehensive key account management process
CRM treats all accounts the same – even though some are far more important than others. Enterprises put key accounts… along with 55K+ other accounts… into CRM systems. However, within the CRM, there is no way to see the complexity and depth of analysis necessary for key accounts. CRM alone cannot provide key account managers with the complexity and depth of analysis necessary for the key accounts.
CRMs do not empower account managers to be the captain of the ship
CRM platforms are designed, installed and integrated by IT professionals, and in order to work properly, sales and account teams need to adapt to the software. As a result, most CRM systems lack intuitive processes, which means sales and account teams are required to fill out unnecessary forms and enter data that doesn’t drive sales value. An effective KAM platform needs to have each user seeing and feeling the value of the technology on their key account growth.
CRM platforms are stuck looking back, not forward to Key Account Strategy and Growth
Traditional CRM platforms provide a backward-looking view of sales and customer activity, but key account managers need a forward-looking view into how well they’re executing their strategies and plans, both for new prospects and growing existing accounts. Looking at what happened last month or year isn’t going to bring in new sales – and are not going to help you grow your existing accounts. For effective KAM, you need guided direction on where growth opportunities lie and how to harvest them.
What does a Purpose-Built Key Account Management Software Look Like?
A purpose-built KAM platform brings critical KAM components together and gives your key account teams the level of insight, collaboration, consistency and customer focus that your clients undoubtedly expect from their strategic partners. It’s a single unifying platform that brings the core components together offers a whole that is greater than the sum of its parts.
A purpose-built key account management platform:
- Operationalizes the process and brings to life the day to day workflow of KAM
- Drives global collaboration and a single view of the customer to drive team-based execution
- Applies a strategic execution framework to operationalize best practices and keep account managers focused on delivering customer value
- Turns account planning into a collaborative exercise directly involving the client
- Provides team and management with complete insight into the success of your plans, strategies and leading and lagging indicators
- Offers guided insight and direction to where growth opportunities lie and how to harvest them
- Empowers account managers to drive key account growth
- Enables a focus on mutual growth for the company and the customer
Not having an Effective Key Account Management Process Comes at a High-Price
An enabling platform for KAM should be purpose-built to get you to the ideal state by transforming your program from a tactical, internal, task-driven process into a strategic, evergreen, discipline focused on customer alignment and revenue growth.
According to CSO Insights,
Companies that engage in effective and ongoing key account planning have win rates nearly double that of companies without a formal process and companies that use a solution designed specifically for account planning have an 11-point advantage over those using manual efforts and a 9-point advantage over those using homegrown or CRM applications.
DO THE MATH:
How much would an 11-point increase to your current key account revenue figure yield your company?
This detailed guide offers key considerations and criteria to help you choose the solution that will deliver value and ROI to your organization.
Interested in learning more about how to manage your key accounts and develop strategies to build a successful account plan? Check out our ebook: How to Build a Winning Account Plan.