At SICOM, we build and sell technology that helps franchised fast food restaurants such as Wendy’s and Burger King run more efficiently and effectively, from kitchen and back of house operations to customer-facing point-of-sale interactions and digital signage. Key Account Performance Management framework (Internal) Key Take away: Have a plan and don’t suck, Key Account Management is a lift equal to the reward, see successful case study #1 here. Xuan Lorna Wang is an Associate Professor at the London School of Hospitality and Tourism, University of West London. It creates an effective and efficient sales funnel, allowing our 12 reps to manage thousands of deals each year. The funny thing, though, is that we rarely sell our products to the folks who run Burger King at the corporate level. Account strategies developed in the context of a well articulated and understood sales strategy – ideally so simple that strategies translate easily to a single store. And, it is a collaborative process that requires involvement from the client to be valid. Businesses that set up a strong sales discipline and can move proactively to drive sales and anticipate customers’ needs will not only make money, but also create an environment of trust and integrity with … In the past, SICOM did very little proactive marketing. Investor Relations She won the ‘Lord Forte Award’ from the Institute of Hospitality in London in the year 2000. Talk to them on a regular basis. The solution 2. All Rights Reserved. A functioning Key Account Management Framework is an edge in customer acquisition, customer development and customer retention. Strategic Account Management Roadblock #3: "There's so much more value we can create for our strategic accounts, but it takes us forever to get them introduced to, and using, our new products, services, and capabilities. Instagram Gartner research shows 84% of sales leaders report they completely rebuilt their key account program at least once in the past seven years due to underperformance. We hope you find these GrowthBits helpful and share them with your network. The key account management framework really focuses across those three areas but particularly it offers a set of standards that an organization can look at to start thinking about what does it do in year one, year two and year three to start developing key account management capability. Key Account Management (KAM) and Revenue Management (RevM) have been widely practiced in the service industries for more than three decades, … An accounting framework is a published set of criteria that is used to measure, recognize, present, and disclose the information appearing in an entity's financial statements.An organization's financial statements must have been constructed using a recognized framework, or else auditors will not issue a clean audit opinion for them.. It’s not uncommon for a franchisee to call and ask about our products. Because of the high volume of interactions, we approach this a lot like anyone would inside sales: daily phone conversations with existing and potential customers. We have to upend the manufacturer-to-distributor framework. The concept of Strategic Account Management is focused on various long-term results and is dedicated to utilizing a firm's resources at its best. Within an account management framework, create the right circumstances for success: a dedicated sales process, a solid commission structure, a fine-tuned business model and a culture of listening. As a customer-facing team of 12 professionals, SICOM’s account management group is cold calling and responding to inbound calls from current and prospective customers. The ultimate purpose of KAM is to develop long-term, mutually beneficial relationships with specific businesses in order to meet strategic goals and optimize value in both companies. A opportunities 2. LLR Partners believes in sharing the wealth of experience and expertise within our portfolio companies, network and teams in order to inspire and help accelerate growth for a wider community of business leaders. Listening and saying, “Yeah we’ve already sold you this, but we hear you saying that you’re struggling with this other thing. This paper addresses this neglected area of study in the marketing field by presenting a framework for KAM and RevM integration that aligns the potentially conflicting management priorities of the two. Strategic Account Management will examine a major challenge of sales teams - how to maintain your customer relationships in a competitive marketplace and how to grow their business with you. It’s not breaking news that people, if left to their own devices, will wait until the very last minute to do most things. Identifying your key clients allows you to then work with their Architects, Engineers and Contractors, taking a more holistic approach to your specification strategy. Key Account Management (KAM) is a professional sales approach which involves the supplier and client’s business working together to gain understanding of each others business and achieve common goals. You have to model the behavior you want to see in the team and walk them through the process line-by-line, deal-by-deal, stage-by-stage, close-by-close. System integrators 3. Culture & Careers, General Inquiries:Cira Centre Our business model naturally lends itself to reaching that end. After all, the individual franchise owners use our technology; they pay our invoices directly and rely on us for day-to-day support in their restaurants. Revenue management seeks to optimize short-term profitability through dynamic pricing. It was important for us to really drive that home. Account management starts after the sales transaction is complete. Account planning is important to help identify the resources that you need to achieve your growth objectives. Formalizing our account management team with process discipline, aligning each rep to a specific brand and building out a relevant commission structure has allowed us to motivate the team and commit to a set of common goals. Caring for your customers and maintaining those relationships will ultimately allow your team to go from vendor to trusted advisor in the eyes of your customer. Each can stand alone as a one-off sale, but they are built to work interdependently and function together as an ecosystem. Ross Brennan is a Professor of Industrial Marketing at the University of Hertfordshire whose primary research interests are in business-to-business marketing strategy and inter-organizational relationships and networks. A SWOT analysis 3. LLR Partners believes in sharing the wealth of experience and expertise within our portfolio companies, network and teams in order to inspire and help accelerate growth for a wider community of business leaders. That’s how the group moves beyond a strict vendor role to become trusted advisors for our customers. By continuing you agree to the use of cookies. Key Account Management is a strategic decision The broadened scope of superior key account management is reaching far beyond selling products or services to important clients with high sales turnover. Copyright © 2020 Elsevier B.V. or its licensors or contributors. When that happens, it’s more of the same: listening, asking questions and educating that franchisee on what SICOM is about and how our products can make his or her business run better. Among our key findings are that Top Performers in Strategic Account Management have strategic account managers who: 1. We use cookies to help provide and enhance our service and tailor content and ads. Philadelphia, PA 19104P: (267) 866–7999. In particular, the ACC REGISTER and ACC VERIFY subcommands should allow a network to provide a consistent interface to register new accounts, no matter what services software is used on the backend. Your biggest customers are not your best customers. It’s the daily management of customer accounts to make customers want to continue the … To turn buyers into business partners, a key account manager (KAM) typically provides dedicated resources, unique offers, and periodic meetings. Generate leads for expansion. LinkedIn Read, How to Rev your Channel Sales Engine with Marketing Enablement. A Strategic Account Management Framework for Customer Success 6. The interactions between revenue management and key account management have been largely ignored. We hope you find these GrowthBits helpful and share them with your network. Drive Value: The best strategic account managers grow accounts because they drive value for buyers proactively. Under this new account management framework, we had to walk the talk and think through what the team needed to be successful. It’s the process by which you: Identify your company’s goals Understand the targets and how they are measured For investor relations, finance & administration: © 2020 LLR Partners. Media Relations We have always done business reviews for the brands we work with, but we’ve also begun doing them for larger franchises, too. Even in the cases where we don’t need to sell in the traditional sense, our account management team walks the customer through a sales process start to finish. The account management framework we teach covers three key stages of account management: data gathering, strategy sessions and execution. 2929 Arch Street, A framework for key account management and revenue management integration.pdf. Maybe we can help you solve that, too.”. We also go through key performance indicators around calls, open opportunities and outstanding tasks to get deals closed. Dr Wang is a regular reviewer of a number of leading journals in marketing and hospitality and tourism management. Each team takes public accountability, and it’s a clear indication that what we’re doing is working. 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