Efficient Implementation Of A Higher-Order Language With Built-In Ad In Summary – What Is Major Account Management All About?

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In Summary – What Is Major Account Management All About?

Managing major accounts is a long-term process – it takes time:

We have to recognize that we are in Major Account Management for the long term. It takes time to manage a large account and we will only receive a payment on our investment in time if we can get a long-term result. In some of the organizations we work with this produces a tension because the whole culture is to create a short-term sales result in which the product and profit are the main drivers and measures of success. It should not be underestimated what a challenge Major Account Management can be to the corporate culture. It emphasizes relationships more than the product, profit more than volume, and team more than individual, long term more than short term. At the same time, the practical reality of short-term business life must be recognized.

One of the best ways to manage this tension is to have someone act as a mentor, conscience or guide to the account manager and the account team. They are not involved in the day-to-day management of the account, but are invited to watch and comment on major proposals and presentations. His main role is to be involved in the review of the long-term plan every few months to ensure that the relationship is as productive as possible and reflects the values ​​of the organization as a whole.

The role of the principal account manager is to be responsible for the overall relationship. They influence everyone involved in the account to ensure a coordinated and synchronized approach. The major account manager is responsible for drafting the account plan, obtaining agreement and commitment from the team and then monitoring the implementation

Major account management involves relationships not just a mechanical approach: :

Under this section we will discuss three main aspects of managing major accounts.

o The importance of relationships in Major Account Management.

o The complexity of relationships in Major Account Management.

o Mapping relationships in Major Account Management.

Importance: :

In Major Account Management it is essential that we manage people and processes. Of course, we have to get the price of the product right. We need to be excellent in administration. Our customer service and product range must be strong. But “people buy from people” and “we are in a people business”. Managing the complex range of relationships in a major account is difficult and demanding, but our ability to manage relationships will define whether or not we sustain success.

Complexity: :

In a reactive sale there is only one relationship – that between the seller and the buyer. In major counties, the situation is much more complex. There are often contacts that happen at many levels and in many places. In one major account, we identified 1,000 relationships between the ten-person account team and individuals representing the client. But it is not only a problem of numbers, it is often a problem of politics. Some contacts don’t want to talk to people in other departments or at different levels. It may also be that the complexity is caused by the range of products. Users of one product rarely speak to the specifications for another product. In any complex relationship, some people will like us more than others. This is to say nothing of interdepartmental tensions. All these things make major account relationships complex and we need to recognize their complexity.

Cartography: :

If relationships are important and if relationships are complex, then it is essential that we find a way to map, analyze, plan and monitor relationships. In recent years we have found that an approach based on the game of chess allows a very practical way of identifying key problems.

If we can answer these questions with confidence and communicate our thinking throughout the account team simply and clearly then we will be half of the success. This approach gave people across a wide spectrum of organizations a common language and way of working

It can only be done with selected customers: :

The final word from this definition is chosen. Choosing the right key accounts is critical for three main reasons:

o We do not have the resources to treat each customer as a key account.

o Not every customer wants to be treated as a key account.

o Selection allows us to prioritize our activities in accordance with our overall business objectives.

Many organizations rank their key accounts solely by the size of their sales for the year, but the organizations we see making real progress in managing their key accounts take into account a number of other factors. They also ensure that everyone knows who the major accounts are and why they are major accounts. It is important to be rigorous with the selection criteria you use! You also need to apply a weighting form to reflect your priorities. The fact that a major account does not meet all of your criteria does not disqualify it from being a major account. You just need to score higher in other areas to qualify.

Based on this score, organizations can rank their accounts. They can be Premier, 1st and 2nd Division like a football league, or Gold, Silver and Bronze like Olympic medals or First Class, Club Class, Economy and Standby like an airline. The analogy of an airline is a good one because on a flight you can have people in Standby who are completely happy with the service they receive, even though they know there are people who receive “better” service in Club Class. Ranking your accounts is not a matter of giving some customers better or worse service. It is a matter of giving all your customers adequate service. When we select our major accounts and consistently deliver what we promise, we manage our accounts professionally and efficiently.

In Summary – Success Factors In Key Account Management: :

o Successful role development: :

o Effective working relationships with other team members.

o A continuous commitment to improve the productivity of the account team.

o Management commitment to account team role with opportunities for career progression.

o Strengthen the role through authorized career structures, job descriptions and core training programmes.

o Key skills: :

o Understand the financial and legal requirements of the account.

o Understand the company’s business objectives.

o Knowledge of the company’s business policies.

o Build high levels of product awareness.

o Understand the client’s business objectives.

o Identify decision makers.

o Understand the customer’s buying strategy.

o Evaluate competitive activity.

o Set up an account development plan.

o Ensure efficient processing of sales orders.

o Build the right levels of revenue and profitability.

o Basic skills: :

or Delegation

o Interpersonal skills.

or Consulting.

o Financial control and analysis.

o Project management.

o Human Management.

o Initiative and creativity.

Secondary skills: :

For example, industry knowledge, competition knowledge, product knowledge, etc.

Success Factors In Key Account Development: :

o The stages of a long-term process

or Presale.

o Contract negotiation.

o Implementation / Delivery.

or Review.

or Exploitation.

o Goals for an account team

o Ensure that the client is presented with a consistent and professional image of your Company as a business partner.

o Ensure a long-term business relationship with the client as the basis for business growth.

o Penetrate the client’s organization and decision making units creating new opportunities that can be leveraged to accelerate account growth.

o Understand and document, on an ongoing basis, the organization’s strategic business direction and organization.

o Provide the company’s senior management team with feedback on the long-term growth potential in the client’s market sector and on the critical success factors for exploiting it.

o Ensure that the company’s solutions are technically sound and based on a correct understanding of current needs and enhance the customer’s perception of the benefits of the company’s market focus.

o Ensure that the company’s total resources are provided in a way that satisfies the needs of the customers and supports the objectives of the account plan.

Conclusions: :

An effective Major Account Management strategy depends on selecting your key accounts intelligently, creating a strong, consistent and flexible way of working with both major accounts and other clients and then implementing the plan in a disciplined, effective manner and efficient.

One of the successes of the Major Account Management program has been the creation of common models and language that facilitate discussion and planning between units and departments. It also fostered a commitment for our clients to plan long-term for key relationships. Major Account Management has many implications for individuals, departments and the business as a whole. It will always be demanding, but done well it will be very rewarding

Copyright © 2006 Jonathan Farrington. All rights reserved

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