How to Adapt to Account Management Job Description

Account Management job description is available all over the internet. However, the question is, how do you ace it? Do not worry. I will share with you the step-by-step process but before that, let me introduce you to account management. Key Account Management, also known as KAM, is a strategy employed by organizations to protect, nurture & service their top revenue-generating clients. It is a strategy to safeguard the top 20% of clients targeted by direct competition. KAM focuses on priority service delivery & long term relationship building that leads to loyalty. Therefore, this leads to repeat business.

KAM – Priority Service – Relationship Building – Loyalty – Repeat Business

80/20 Rule

KAM follows the concept of Pareto that says 80% of effects are due to 20% causes. This means KAM deals with a large, complex set of accounts/clients. Most sales associates wish to be a part of the KAM team just to get easy wins & in turn better pay. Nothing is wrong with that thinking, except for, everything! KAM is much more than just doing sales calls or courtesy calls. It is a calling! A Key Account Manager gives his or her undivided attention to the clients. They create, execute and follow up on sales strategies, which brings the annual sales plan to life.

Account Management Job Description Decoded

The role of a key account manager is crucial to the success of the team & the company. Their job description includes:

• Handle complex accounts
• Strategically & analytically execute data into results
• Use their excellent communication – both internally & externally
• Use strong negotiation & follow up to close deals
• Collect market intelligence with their knowledge and local network.
• Perform under regular stress and multi-task on activities every day.

Account Management Job Description – The Dilemma

Sales associates with no background in handling key accounts find it difficult to survive or perform. In addition, there is a catch twenty-two. Sales associates with experience in handling local clients are not preferred by hiring companies. To summarize, to get KAM team exposure, you already need to have prior exposure. How you develop these skills to get that coveted role will solely be dependent on your creativity & resourcefulness. Make sure you ace the account management job description first.

Start with what you have now!

Handle Complex Accounts

If you are working in field sales, the chances are that 80% of your portfolio isn’t producing. Or you are building a base of accounts from scratch. Start with your current set of accounts.

Step 1

If you have 80-100 accounts, you are good to go. If you don’t have those many accounts, do business development, reach that number and come to the next step.

Step 2

Start analyzing your production for the last 3-5 years for each account. Go segment-wise. For example, if you are into the automobile industry, you may want to look at a few things in your report as the monthly and annual sales.

Step 3

Next, highlight consistent performers for the last three years at least. Choose the top two revenue-generating accounts as per your company’s overall goal. For example, your company might be focusing on growing concrete segments & those might be critical to company success. Look at the top accounts in those segments. These will be your designated important accounts to work on – for practising your KAM skills. Make sure you do not ignore other clients from your portfolio in this process.

Step 4

Now, do account mapping. This basically means reaching out to all the contacts in each department of your client organization. Label them as per their buyer roles. Example – influencers, bookers, decision-makers, etc. Once you do reach out to everyone, you will realize that there was much more potential than this account had, which you hadn’t tapped earlier. This will help you to grow your top two accounts. If done right, these might as well become your company’s cherished revenue contributors. It will make you constantly churn, execute and follow up on new strategies to make sure they remain on top. Eventually, you can showcase your experience of growing the clients base and the revenue during your interview!

Strategically and Analytically Execute Data into Results

Unfortunately, most sales associates think of short-term benefits, including those working in KAM teams & sales leadership. It is not entirely their fault. There is constant pressure on sales associates from internal and external stakeholders to perform. Their leaders push them to achieve their sales goals. In turn, they also get motivated to take the shortcut to get their hands on the bonus check.

There is a lot to blame for their lack of knowledge and proper training/development of the associates. Some organizations expect the sales associates to jump on to fire from day one. Random sales calls, random tasks are done every day. There is no iota of planning & strategic thinking. Strategic planning is a must skill for both field sales/hunting & farming/mining/KAM teams. For those starting in sales or with little or no exposure, they can learn this critical skill and ace it too, with little or no guidance.

Think Strategy

Step 1

Look at your team sales strategy. Ask your sales leader relevant questions like –“what are the key metrics the company is looking at this year?” based on the answer; look at trends – industry, company, competition.

Step 2

Sit every day with your MIS/Ops team post your sales calls. Analyze trends – year-on-year, month-on-month, week-on-week. Check where you stand vs the industry index. If you don’t understand a metric, speak to your MIS and clarify. Look at your critical metrics and see if your top two designated key accounts are faring well against those.

Step 3

Next, create a sales intensity plan (SIP) – Your analysis will expose the loopholes you need to work, for your portfolio. Create a series of activities, proactively, with a timeline & at least a month out for the next month. The business will not come to you on its own. Channel it towards you proactively.

Step 4

Constantly monitor and update your SIP so that your activities stay relevant to your environment & overall Strategic Account Plans (SAPs).

Step 5

Lastly, make sure you shadow your leaders on calls, con-calls and internal meetings. There’s a great deal you will learn as to how to manoeuvre during different situations. Use this experience in handling your accounts and watch your mind grow into a sales leader!

Use Their Excellent Communication – Both Internally and Externally

This account management job description is one of the most underestimated ones by the sales associates. By communication skills, do not assume that the English language is the point of discussion. Speaking/reading/writing a language fluently is certainly a given, working in organizations of repute. However, there is more than what meets the eye. Communication includes reaching out to people, processes & mediums well. It also means being able to remit & receive information, with intention duly exchanged, understood, by all parties, as intended.

As a key account manager, learn to communicate with your teams internally/externally. It will help you craft business communication better. For example, if a client prefers short mails with brevity only, it is better to communicate accordingly. Otherwise, the client might not read the mail and mark it as spam!

Step 1

As a key account manager, learn to communicate with your teams internally/externally. It will help you craft business communication better. For example, if a client prefers short mails with brevity only, it is better to communicate accordingly. Otherwise, the client might not read the mail and mark it as spam!

Step 2

Send clear and concise messages throughout your meetings, con-calls, briefings and one-one-ones with team members. Most confusion happens while communicating pricing, promises and delivery. Therefore, it is most critical to handle it with care.

Strong Negotiation and Follow-up

It is equally important to take care of internal and external negotiations if you work in sales. Be it the negotiations with your boss to secure a lower price for your customer or the finance team to allow the sale on credit rather than full payment. It is all about balance and using the right words. Every battle and everyday battles are important & will take you a step closer to KAM team success. To do this effectively, do the following:

Step 1

Let me share with you an example. A client may vehemently believe that negotiating with their vendors is their birth-right. That vendors have a habit of over-quoting during the first proposal. You may want to adjust your negotiation tactics for this client accordingly. How about show logic to the pricing and demonstrate the break-up of the proposal? How about show value and justify the price?

Step 2

Negotiation means giving alternate solutions to clients. Make sure that you have two-three solutions at hand when presenting to the client. You will come across as flexible and ensure that you go home with that signed deal.

Step 3

A win-win strategy is a must to be successful as an account manager. So, do not be rigid with your proposal or offer. You may come across as inflexible.

Step 4

Lastly, follow up. The job’s only half done without a consistent, non-pestering follow-up. Use to-dos, journals and sales reports to ensure you are on top of your immediate sales funnel. Clients appreciate account managers following up and, they give business due to persistence from account managers.

Collect Market Intelligence with Their Knowledge and Local Network

Most sales associates get busy being busy that they forget to acquire knowledge on the products they are selling & the market they are selling in. Funny as it might sound, this is the truth. With superfluous knowledge of products/services, the warriors of the company march out, with one objective in mind, closing deals or random sales calls. To be successful as a key account manager, make sure of the following:

Step 1

You have complete and utter knowledge of your products/services and your competition’s products, specifications, features, value, USP, positioning in the market.

Step 2

Keep abreast with industry news, latest trends, government regulations, policy & its impact on your industry & company at large. Know your overall city demand & supply.

Step 3

Learn everything about your industry via research. Identify the macro factors that are crucial for your company. Try to interpret the implications of these factors on your competition, partners and your colleagues. A key client expects that their vendor will assign an experienced, mature associate to their account. Be that person and win half the battle on the spot.

Perform Under Regular Stress and Multi-Task on Activities Every Day

A job in sales means planned, proactive hustle every day. You will run into situations where you will feel you are unprepared at all. As a KAM team member, you will have to ensure that this window of unpreparedness is very narrow. Stress and multi-tasking are part of the sales game and, you will experience them every day. Ensure that you use the simple time management quadrant to segregate tasks that are important or urgent. You will cut down at least forty-five per cent of your unproductive time. The free schedule will help you focus on what is most important: creating value for your customer and generating revenue.

Conclusion

Joining a KAM team will put you in the big league. You will learn and earn more. Developing skills to be in a KAM team is imperative to ace the role and be promoted to a leadership role. These pointers should help you successfully convert that KAM interview. The information that I shared with you is just the tip of the iceberg. There are many more concepts that you must unveil if you wish to ace the account management job description.

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