What are the critical success factors in key Account Management?

Dear Faridul,

I personally believe that keeping a successful portfolio of account requires below ingredients. However, every account manager learns what is required to successfully maintain an account and improves on it as he/she goes along. 

Here is what I have learned with my experience so far:

1) Be honest and straight forward with your customers regardless of how bad the problem might seems. Clients are surprisingly more receptive to the truthful assessment when it is followed by a logical solution to those problems. This will build trust;

2) Always ensure on-time delivery of a product / service. But in order to be great in handling your accounts, go beyond and surpass customer expectations. Make them feel that you have their best interests at heart and you are attending to their needs. This will translate into customer satisfaction and repeat business;

3) Be proactive and carry a can-do attitude. This might seem a cliché but it is quite true;

4) Train yourself to be a solution oriented person rather than just a problem identifier;

5) Work out a pragmatic balance between your company’s needs and your customers’. This could mean finding a balance on efforts (costs) that you incur on handling an account and the benefits (revenues) that it generates. At the end of the day, a successful account value graph should head upwards on an year-to-year basis. Work out a realistic assessment on the dollar value growth of each account and work hard to ensure that you surpass these numbers;6) Own your accounts. By this I mean, be responsible for the rise and fall of each of your accounts;

7) Don’t consume24/7 of your life but it helps if you are accommodating and easily reachable to your clients after working hours. It does make a lot of difference. 

I hope that answers your question. 

Regards

Tahir

24/7 availability of Resources or Tools 

its important to have complete mapping of the account being handled. Having an understanding of the customers business and operations.

This should help in prioritizing better and hel the account manager to be able to be there for the customer at all times.

Match planning vs strategy cycle of accounts

The ones specified by you in the question are important.

Customer centric approach is very critical in Key Account Management.

Customer engagement is another important area to be concerned about.

Self development and self motivation keeps the individual strong to face big challenges.

Optimal use of the available resources and to exploit their potential will ease control on account handling.

The key to sucess in any Account management ARE

[1]your Knowledge of the account WHO IS WHO

[2] your relationship at various leavels in the account includes the Management to Mangement Relationship

and [3] your ability to ensure your organisation is able to service the customer well