Key Account Management Strategy and Risk Management

Key Account Management strategy and risk management

Key account management is widely used and very popular term. Everybody wants to be Key Account Manager as opposed to Account Manager. But what is a key account and why is important to identify if this is something that you need to define and address in your organization?

A key account is as so many other things probably complete different according to which business product/services that you offer. However, it is obviously something that is “key”, being important to you either by volume (number of interactions), profit or revenue.

So basically the first very simple first step to do is to identify a number of important customers. The second very simple step is to then see how you can maybe develop this business further. Maybe by having an open and good dialog with the customer and maybe offer them some kind of discount model so they will put even more business with you if possible. Moreover, this assessment of key accounts can also serve as risk analysis. What is the impact on your business if you lose this customer?

Key account management is easy as you already landed the account and now you just have to maintain and develop.

If you can identify these types of customers make sure that you have a strategy for them and a strategy if nothing else can be something as simple as remember to treat them nice and stay in contact.