What is Key Account Management (It's Not What You Think)

If you're not sure what key account management is, don't worry, you're not alone. It's a difficult concept to nail down and often misunderstood. So let's answer what it is, what it isn't, and how to do it well.

🔖 CHAPTERS
00:00 Introduction
00:31 Definition of key account management
01:03 Key account management origin story
02:24 How to identify key accounts
03:23 What does a key account manager do?
04:10 Why key account management takes teamwork
05:30 What key account management is not
06:29 Conclusion

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Key account management is the process of allocating and organizing resources to optimise results from a portfolio of accounts with the best opportunities to contribute to business goals.

In other words, to make money, spend more of your time and resources on the clients with the best growth potential.

You might think your biggest accounts or your most complex accounts are your most valuable customers.

But you'd be wrong.

Key accounts can be big or small, local or global. They can be strategic or opportunistic.

Why?

Because what makes a key account is its future value. Not what clients spend today, but what opportunities may become available tomorrow.

Do you have clients that have these qualities?

GROWTH
Clients with opportunities to expand revenue, improve margins and reduce the cost to serve.

HARMONY
Clients who are a good fit for your solution, and you meet their needs better than other suppliers.

VALUE
Clients who consider you a strategic partner and want joint success. They know you give them an advantage they couldn't achieve alone.
If you do, they're good candidates to become your key accounts.


⭐

Warwick Brown
Founder | Account Manager Tips

NOTE: The video and description may contain affiliate links. If you click on a link, I may receive a commission. Money earned helps to support my channel.

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