What is a Key Account Manager and why do you need this professional in your company – WAU
The Key Account Manager is a position that plays a key role in establishing a relationship of trust with the main customers of a company, since their satisfaction is the focus of this professional. Its function is fundamental to the success of the business.
The bigger a company is, the bigger its customers and, consequently, its requirements, right? So, with so much competition in the market, it is essential to give the necessary attention so that your customers have the best service and the most positive experience possible with your products or services.
Because of this, a specific position has been gaining space in the corporate scenario, especially when we talk about B2B (Business to Business, that is, from company to company): the Key Account Manager (KAM).
Also known as Account Manager, this professional is responsible for offering differentiated service to certain clients.
How about, then, go deeper into this professional who has become fundamental for companies to be able to keep their customers happy? So read on to find out more what does a Key Account Manager do and what are the benefits it can offer to your company. Check out!
What is Key Account Management?
To succeed in such a competitive market, customer service needs to be a priority, whether in an e-commerce, a law firm or a means of payment company.
The more important a customer is to your business, the closer the relationship and the service offered must be, always guaranteeing your satisfaction.
Due to digital transformation, technological advancement within our society or even globalization, the offer of products and services is increasing and, thus, the customer has become even more demanding. For this reason, companies have been adopting a new concept to provide a unique and exclusive experience for its customers: Key Account Management.
The goal is to offer an even more personalized service, ensuring customer satisfaction – especially those that are vital to your company’s budget – in all activities where the two sides relate. After all, studies indicate that service influences more than price and product for consumer satisfaction.
It is also important to understand that this is a long-term strategy, which aims to increase the list of customers that are part of your portfolio.
After all, building a solid and trusting relationship does not happen overnight. That is why, it takes patience and a lot of organization to succeed in this mission.
Thus, the scenario requires companies to start investing more and more in strategies and techniques that optimize the relationship with their customers. Thus, the market requires quality professionals who can exercise the role of Key Account Manager and ensure the best possible service for your customers.
What does a Key Account Manager do?
The main reasons for losing a customer are the lack of satisfactory service and the inability to solve a problem quickly.
Therefore, it is necessary to have a Key Account Manager, that is, a responsible professional to exclusively care for one – or a short list – of clients.
After being able to close a contract with a client, a job that usually falls to the sales sector of companies, it’s time to do the hardest part: loyalty. Thus, the first – and main – function of the professional responsible for this task is build a relationship confidence between company and consumer.
It is not enough to offer a product that pleases the customer or a contract that is beneficial to both sides of the agreement.
The Key Account Manager actually needs to ensure that the relationship is strong enough to avoid a breach of contract due to any disagreement. That is, it is necessary to closely monitor the performance of that client.
Showing often that you are always available is vital. In the day to day life of a Key Account Manager, it is necessary to regularly monitor the performance of customers. For this, he must know all the company’s processes, as well as the objectives and main difficulties encountered by the client.
From this in-depth analysis of the entire organization for which he is responsible, it is time to find ways to make customer performance even better.
With the necessary tools and strategies, it is necessary to make the necessary investments so that the value of that account continues to grow.
What can this professional offer positively to your business?
Now that you have understood the importance of investing in strengthening the relationship with your customers and what is the role played by the Key Account Manager, how about understanding what they are the benefits of having this professional in your organization?
So we’ve listed some of those advantages. Check out!
The main objective of investing in a Key Account Manager is precisely loyalty. Building on a solid and trusting relationship, the client starts to deposit even more resources within your company. After all, he will understand, with differentiated service, that you also want to see his success.
To consolidate this thinking, studies indicate that a simple 10% increase in the consumer satisfaction index represents 12% more confidence in your company.
Therefore, nothing better than investing in confidence to keep your main customers away from your competitors in the market.
Decreases dissatisfaction rate
Few things are as bad as a customer dissatisfied with the service offered. Besides the greater chance of him looking for another solution in the competition, your reputation in the market tends to be affected. After all, people talk within the corporate world and look for references before signing a contract.
A customer who leaves his company dissatisfied with the service that was offered, has a good chance of notifying other companies about the negative experience. But, with a Key Account Manager taking care of that relationship, you decrease dissatisfaction rates and strengthen your company’s reputation.
Attracts new customers
When a customer has a positive experience with your company, the tendency is for it to share with other market components.
Thus, the same rule that applies to those who are dissatisfied also applies to those who are receiving personalized service and managed to register positive numbers from this partnership.
The best advertising for any company is that coming from those who already work with you and recommend your services.
Generates more resources
The service is such an important point for customers that, according to some studies, 86% of them are willing to pay 25% more to have a better quality service.
In other words, by providing a more personalized work that, in fact, is concerned with the client’s performance, you tend to generate more resources.
What are the main characteristics of a good Key Account Manager?
If you want to increase your company’s sales, retain more customers and, of course, strengthen your brand’s relevance and reputation, having a Key Account Manager can be a differentiator. For you to get the professional who will play this role, you need to be aware of some characteristics.
The main one is the ease of relationship and articulation, after all, the work required by those who exercise this function is to create empathy at all levels.
You need to be constantly looking for ways to make your client’s performance even better. In addition, the spirit of entrepreneurship and leadership are fundamental.
Creativity can also be a differential, especially when it comes to quickly solving the problems of the most important customers. Planning and organization are also part of the profile of a good professional in the field, mainly because it is necessary to know the entire structure and personnel of your company.
Another important point for those who assume the role of Key Account Manager is to be concerned with consumer satisfaction. And, for this, it is essential to regularly conduct satisfaction surveys to understand whether the work performed is, in fact, being efficient and, of course, what needs to be improved.
Therefore, a Key Account Manager is an essential part for the success of any business, especially in a highly competitive market and a scenario that contributes to increasingly demanding customers. Thus, having a professional capable of retaining its main consumers can be a great differential.
Now that you have understood exactly what a Key Account Manager does and what are the advantages that this professional can offer to your company, how about knowing how to guarantee the satisfaction of your consumer? Download our Customer Success Guide ebook and learn how to manage the success of your customers and also your business.