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Key account Management
Meaning, significance and
advantages
Submitted from:
Gaurav sardana( BM-012187)Parth Verma(BM-012194)
Tanu(BM-012191)
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The management of the customer relationships that are mostimportant to a company.
Key accounts are those held by customers who produce most profitfor a company
those who are of strategic importance.
For a successful business, Development of these customerrelationsand customer retentionis important to businesssuccess.
Particular emphasis is placed on analyzing which accounts are
key to a company at any one time, determining the needs of these particular customers,
implementing procedures to ensure that they receivepremium customer serviceand to increase customer satisfaction.
http://www.qfinance.com/dictionary/customer-profitabilityhttp://www.qfinance.com/dictionary/customer-relationship-managementhttp://www.qfinance.com/dictionary/customer-relationship-managementhttp://www.qfinance.com/dictionary/customer-retentionhttp://www.qfinance.com/dictionary/customer-servicehttp://www.qfinance.com/dictionary/customer-satisfactionhttp://www.qfinance.com/dictionary/customer-servicehttp://www.qfinance.com/dictionary/customer-satisfactionhttp://www.qfinance.com/dictionary/customer-satisfactionhttp://www.qfinance.com/dictionary/customer-servicehttp://www.qfinance.com/dictionary/customer-retentionhttp://www.qfinance.com/dictionary/customer-relationship-managementhttp://www.qfinance.com/dictionary/customer-relationship-managementhttp://www.qfinance.com/dictionary/customer-profitability -
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It ensures sustainable business development
through profitable partnerships with
strategically important customers i.e. selecting
customers who are of great significance to
the company.
The objective of key account management is
to gain a thorough understanding of keycustomers.
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KEY ACCOUNT MANAGEMENT
What is a Key Account ?
What is Key Account Management (KAM) ?
KAM is an strategic business approach whichincludes developing long term relationshipswith strategic customers whose needs you
understand in depth. It describes a customer-oriented coordination
unitwithin a company.
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Key account preliminary categorization
(traditional key account categorization)
Top 15 (in volume/revenue generated)
Next 30
Next 55
A
B
C
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Objective of KAM
Customer Retention
Objected to raise Customer Retention andconcentrates on holding those customers, who
continue to regularly purchase products orservices by the same company.
As from a companys perspective, to hold suchcustomers who buy on a continuous basis is
profitable for business: Customer Retention ismuch cheaper and more effective than thepermanent acquisition of new customers
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Maximizing Customer Value
The second intention of KAM is proclaimed to
be in maximising the customer value in the
total value, which a customer delivers to a
firm. This value can be both of monetary and
non-monetary character
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Significance of Key account
management
Help the organization in understanding ofcustomer needs
Help in understanding of usage pattern
Understanding of competitor information
Raise customer satisfaction
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Advantages of key account
management
Customization
Consultancy
Smooth working Consistency
Continuity and Trust
Barrier to Competitor entry
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THANK YOU