Key Account Management
It is estimated to be 7x easier to sell to an existing account than it is to open a new account. A company’s customers are their most critical asset and planning for their success is critical. Revenue concentration, whereby a small number of accounts contribute the majority of the revenue, is the norm in today’s marketplace. These key account revenue streams need to be defended and expanded.
Key Account Planning is focused on determining an account’s attractiveness score, performing an account opportunity assessment, recruiting the identified customers into a key account program, and growing the revenue, profits, and satisfaction levels with this set of customers.
Key Account Programs produce the following benefits:
- Higher customer loyalty
- An increase in revenue from key accounts
- Lower customer churn
- Better product mix