What is Key Account Management Software and Its Importance for B2B Companies? What is Key account management software?

Key account management software is a platform that provides account managers with an opportunity to carry out their operations effectively when interacting with their clients and when addressing customer concerns at the same time automating all the business operations. In other words, Key Account Management is a CRM for Account Managers which primarily aims at building relationships between account managers and their customers.

Do you see your key accounts more important to your business?
Of course, for most B2B, key accounts management is very crucial as it helps to sustain and keep businesses going. In fact, having an effective account management platform is an excellent way to generate majority revenue. For B2B companies, the success relies mostly on the way they sustain and nurture these key accounts. It is good to note that, selling current clients is less expensive than obtaining new clients. It is good practice for most B2B managers to make use of Key account management software to ensure all the above is achieved.

Additionally, when key account management is done in an appropriate manner, it becomes easier to find out the customers that value your products. But does this mean those customers that are paying you the most at the moment? No! This has a lot of meaning, and one of them is identifying the prospects that are willing to purchase your future products and services. Again, it can mean those customers that will be willing to loyal and buy from you every time. OnceB2B leaders have established their most loyal and consistent customers, the next step is to amplify the value of the relationship throughout the customer lifecycle.

Therefore, how does an account management software helps grow key accounts for B2B companies?
Scrutiny and tracking
For most B2B companies managing Key accounts, it’s always a good practice to make certain that they are aware of what is happening or has happened to Account plans and objectives. An Account management platform must aid managers with an actionable procedure to tenure based objectives together with accessible tabs on account objectives screen. An excellent platform that provides an opportunity to achieve these must give managers insights to keep track of the developments in operations to enable them to take appropriate strategic calls at the appropriate time.

In a perfect key account management software, B2B Company’s sales processes are articulated visually in a pipeline form, clearly indicating where all agreements stand in which stages, and each stage segmented into accomplishments and responsibilities.

Account intelligence
Directs B2B account managers on where to go for including:
 A company’s monetary data and development particulars.
 Vital employees alongside their designations, social platforms, function and contact information
 Upper management changes and business structure.
 Key publications or news and other business inventiveness.
All the above account intelligence is provided by Key Account management software with a single mouse click.

Account recognition
Account management software also aids B2B account managers:
 To get more insights about the level of relationships with the account both strategically, tactically or in between the two.
 To learn more about the attractiveness of the account by observing parameters such as future developments, type of long-term associations and level of associations.
 Perform competitor examination of the account.
All these are aimed at helping B2B account managers to come up with account landscape to map the products or services to purchasing stores and more possibly finding out potential growth.

Account formation
Account management platform makes it easier for account managers to conduct account planning in the simplest way by enabling easy access to data for planning and availing ready-made templates to accomplish their strategy.
The plan follows three stages starting with coming up with a strategy, followed by action planning and finally, income goal setting. Moreover, excellent Key Account management software aids B2B account managers with to present and track the plans anytime at any location they are situated.

Conclusion
The business world is no longer the same as years back, everything is changing, and businesses are moving to Key Account Management contrary to old customer relationship management practices. For a business that deals with subscription economy, it is good to consider using Key Account Management Software so as to stand from the crowd and beat your competitors. It doesn’t matter whether your business is subscription-based or not, Key Account Management can make you stand out from the crowd, and aid you maintain your most treasured clients.