What is the best way to differentiate your key account development approach from competitors?

I'm tired of AM, CS and SaaS in general focusing on how to treat customers to improve their own performance! When you look at it from that angle it's like having to crack a code! When you change your mindset to how can I ensure I'm providing the best possible ROI and experience for my customers, it's easy! Whether or not in your organisation AM is typically responsible for driving customer value/ROI and customer satisfaction/experience (it should be every department's main priority) make it your authentic priority to ensure both (cross-collaborating where required). The customer will realise this, maybe not immediately but soon, and then you will stand out and everything will become easier because they know you genuinely have their back!

Be an advisor, not a seller. Do what is right by your customer in long term, over what is right for you in short term. That’s how you long term earn trust with customer

This is very first and most important step as it sets the direction for steps to be taken for account management. 1. Key accounts are generally the market leaders with high revenue pie to capture. 2.Another benchmark is the usual way ie the highest revenue and profitability contributor. Once identified, strategies can be designed for both the above categories of Key accounts

Differentiate your key account development by prioritizing dynamic digital experiences, emphasizing personalized communication strategies and adopting an agile approach to adapt quickly to market shifts. Staying ahead by leveraging innovative technologies and analytics for a customer-centric focus that sets you apart from competitors is also key.

Focusing on long-term goals, credibility building, and providing value - instead of competition, short-term gains, and quick-wins is what differentiate successful and misguided approach. Savvy customer-centric experts and progressive organizations recognize the importance of a value-based, solution-oriented strategy. Leaving behind what I like to call 'Wolf of Wall Street' mindset. While it may yield quick wins, it falls short in securing lasting partnerships and hinders business evolution toward more complex and lucrative endeavors. Work on your mindset. By adhering to these principles, distinguishing yourself from competitors becomes second nature. You are already forging ahead.

As each Key accounts comes with different requirement and challenges, they have very unique expectations from service partners. Hence it is critical to clearly articulate the value addition your services or products is able to deliver. For Accounts where revenue share is low- Value proposition needs to be tailored to showcase the benefits of using your services, whereas for the accounts where you already have good volumes/share of business Value proposition needs to be showcase the benefits of continuing with you and competitive advantages over the competition. Also here the value creation needs to be based on the continuity of the business and how the relationship is growing while solving the different challenges over a period of time.

Every Key Account has their own set of values, goals and struggles. We need to allocate resources to understanding our customer and aligning our value proposition to their specific needs. A generalist approach can be cost efficient, but will not set you op for long-term partnership and thus success.

Crafting a customized value proposition for key accounts is essential. My method involves a consultative approach, where I immerse myself in the customer's world to understand their unique challenges and aspirations. The value proposition becomes more than a sales pitch—it's a tailored solution narrative that reflects a profound comprehension of the customer's business landscape. This bespoke value proposition is informed by a strategic blend of their industry trends, competitive pressures, and the specific outcomes they seek. It's about demonstrating unequivocally how our services become the catalyst for their success.

Absolute rubbish. Strategic relationship management done well is like a happy marriage. It’s a two player game. Both parties need to be open, clear and honest about their expectations from the relationship. That will drive direction of travel.

Customize appropriately. While I love this concept (I'm a huge fan of account based marketing), there are also opportunities to wash, rinse, and repeat. Do not reinvent the wheel when you can simply lift and shift components from like-clients. Now, this will require deep client knowledge and understanding so don't rush the process. Simply work smarter where applicable.

You AI engine has ripped off miller heiman LAMP process in paraphrase. Managing strategic relationships is an organisational committment.

You have to identify who the decision makers are. It's all too easy to spend all your time speaking with the users, although very important in terms of specification building, you will help the users if you identify and engage with the ultimate decision makers. A user may love your solution but only a decision maker can sign off the on the order.

In no way should planning be overlooked when selecting prime accounts you want to be pursuing, developing and retaining. You need to develop means to break the ice based on a tangible need at their end, which you know your products and services solve. This means something personal based on activities within their firms or sectors, which cannot be ignored. Use tools which allow you to be alerted when they are mentioned in news sources. Similarly, have trackers on what your key account's rivals are doing to elicit a response from the decision-makers you'll be presenting this data to. When I've done this, you see multiple pay-offs. You quickly: - learn perspectives - develop sales angles - have major players unknowingly competing

In developing your strategy for the key account, it is important to do this with the collaboration of key stakeholders. Work with them to help identify their internal and personal objectives as well as those of the team/division. In this way, you can tailor your approach and processes to support their objectives. In my approach with clients, during our periodic review meetings we always spend time on identifying goals for the year and next period, setting deadlines and ownership and at each meeting confirming progress and completion. This enables the account manager to show progression and successes, building value and collaboration. The more tailored your approach, the more of a resource you will become creating a deep partnership.

Developing a strategic key account plan is akin to charting a course for a voyage where both parties are integral to the journey's success. In my role, I've seen the value of creating a plan that is both comprehensive and dynamic, incorporating the key account's vision and aligning it with actionable strategies. This plan isn't static; it evolves with regular input and feedback from the key account, ensuring that it remains relevant to their changing landscape. Setting clear objectives and metrics allows us to track progress and fine-tune our approach, fostering a growth-focused partnership that is measured and managed with precision.

Having found out your key accounts, defined the strategies and also alinged a team to put continuous efforts- it becomes all the more important that you continue to deliver superlative services and create a WOW factor with your clients. Actively taking feedback while focusing on ever evolving business and building solutions unique to the requirements of key clients creates solid foundation and marquee clients for the business verticals

There are only so many things that a salesperson has full control over, their conduct and approach being among those with the most impact. Not having complete ownership over pricing (internal & external), long-standing processes or market conditions, exceptional customer service has been and will remain to be a key variable for differentiation among a very diverse and competitive landscape. Especially considering today's market conditions where OEMs often view distinguished, highly engineered products as a commodity (and they're not 100% wrong), exceptional service often determines positioning and/or opportunity when too many facets of the customer relationship (including the quoting process) are fixed, devalued or ambiguous.

Invest in building strong relationships with key decision-makers at your target accounts. This involves regular communication, transparency, and a genuine interest in their success. Be a trusted advisor, not just a salesperson.

From the start of the development plan, service must be one of the key factors you stick to. Walk the talk and talk the walk, no overpromises and no under achievements. It is and will be one of your key accounts and you stick to what you agreed upon.

Once you have won the key account, do what you say you are going to do! If there is an issue, be accountable and fix it! Relationships are complicated, be willing to listen and deliver.

First and foremost, your organization must have a robust QBR process. Quarterly Business Reviews are the opportunity to showcase the value you have been bringing to the organization as well as an opportunity to vet out other products or services that good provide additional value to their organization. Share your KPIs, your successes, provide meaningful and valuable data and provide key insights that establish you and your company as a strategic partner and not just a vendor.

This is one of the most important steps. Being proactive in seeking feedback and sharing “small-wins,” helps strengthen relationships. Doing this periodically, will make you an irreplaceable asset, because your key account will see you as a partner, that helps them solve their business problems. Depending on how often you connect with your key account, make it a habit to always ask for feedback and improvement, and actually listen to any concerns. Then, in any subsequent meetings or emails, follow-up with action items that address their concerns.

- Measure to know, be present to keep track of the collaboration. - Make sure you are present to sense potential requests for changes. - Make sure you are present to sense change in behaviour. - Listen to their shift in needs. - Look for possible improvements in the collaboration. - Never forget service is key, you are the fist point of contact or even single point of contact.

We use CARE (Customer Assurance, Review, and Evaluation) to ensure our relationships are productive. In my industry, communication appears to be an afterthought. By providing consistent interaction, even mistakes an oversights can be resolved.

Gaining external opinion and market insights are all the more important as the Point of contact may be driven with certain past experiences and could be biased towards particular set of organisation and individual. Hence gaining feedback and having multiple opinions always helps

In the service industry, being a single point of contact for your key accounts is imperative. Leveraging relationships with other vendors helps everyone! Being in the construction industry, our business is in a unique position to provide access for our customers to almost any solution. By emphasizing our capabilities when designing an action plan with the customer, we can demonstrate our ability to provide access to service that are not necessarily in our purview.

Utilize data and customer insights to personalize your interactions and recommendations for key accounts. Show them you understand their business and tailor your approach accordingly.

Working with Key accounts and developing long term relationship should be the focus of the Key accounts managers/Management team. Endeavour should be such that Client moves away from discussing transanctional issues and discuss long term visions. The end objective and focus of key account management is move to becoming a business partner rather than just one of the service provider. Once the shift happens in the relationship from vendor/suppliers to Partner the whole game changes and stickiness is high and retention is never an issue

Just be yourself. Everybody has a method of madness, stay positive, use common sense and have great days. Those are the most vital things to me being in the industry.

Use common sense when prospecting customers. If you find that your services are not right, or the customer needs something you are unable to provide, don't waste anyone's time!

In the realm of key account management, especially within aerospace and defense, an often-overlooked aspect is the power of storytelling and personal connection. Sharing relevant stories of past successes, challenges overcome, and innovative solutions can resonate deeply with clients, illustrating not just your expertise, but also your commitment to partnerships that go beyond transactions. This approach humanizes business interactions, fostering trust and a deeper understanding of shared values and objectives.