What Sis Strategic Account Management

In: Business and Management

Submitted By adit2351
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1. What is Strategic Account Management? * Strategic account management is a systemic process for managing key interactions and relationships with critical accounts * 20% of customers generate 80% of the revenue/profit * Strategic accounts tend to provide a disproportionate share of a firm’s revenue/profit * Must manage account relationships, and be accountable for ongoing and long-term financial growth


3. What are the benefits of Strategic Account Management? * Strategic account management can offer a competitive advantage, the key to greater loyalty, and the road to higher profitability * A well-designed and well executed strategic account management program can minimize, or in some cases, eliminate competition

4. What are the challenges of implementing Strategic Account Management? * Programs falter when firms underestimate the time, resource requirements, and complexity of rolling out the program * Creating a systemic way to manage strategic accounts is a little like putting down the road as you’re driving on it * You must maintain your firm’s financial performance while reinventing the way it serves its most critical customers. This is perhaps the greatest challenge in implementing strategic account management.

5. Create cross-functional executive leadership * This leadership helps create and communicate the urgency that ensures organizational commitment to strategic account management * These cross-functional meetings help sales and other departments arrive at shared priorities and alignment * Alignment also means that multiple departments working together can deliver solutions much more quickly * Executive groups continue to meet regularly as a steering committee for the strategic account program

6. Strategic account management must know * The customer’s organization…...

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