It’s 2025! It’s time to go Digital now and adopt Digital Key Account Management!
The question ‘is it time to go digital with your KAM’ can be addressed from two perspectives – internal and external. Internal perspective: First is the internal perspective. At the organizational level, the question to ask yourself is whether it is the right time to take the plunge. In uncertain times, what is generally seen with customers is that the tacit knowledge of key accounts is retained by certain account managers. Unfortunately, in circumstances where those account managers get laid off or furloughed, the critical knowledge they possess is also lost. The account intelligence is ‘in their head’ and they take it with them. External Perspective: When you try to look at it from an external perspective, there is a lot more risk involved with large key accounts. Most large accounts are hedged on just one person or “champion” giving them their maximum revenue. In case that person leaves your accounts, the amount they were bringing into the organization is automatically at risk. In such a situation, it is important to give visibility to the organizations that relationships are important. Why should you adopt Digital Key Account Management? What are some of the benefits of adopting digital account planning solutions for your key accounts? How will it optimize the investments in your organization and build stronger relationships with your customers? How will it be different from the existing account management strategies that you have adopted for your key accounts? To answer these, it is essential to know how digital key account management can be a value-add in your organization. Centralize Account Intelligence It’s time to strengthen and centralize this account intelligence. The key to this is making account intelligence an asset within your organization. This enables the next person who is supposed to take over that particular key account to have more visibility. Increase Internal Collaboration: Considering the current work-from-home or hybrid environment that most organizations have adopted, collaboration is a must. Collaboration has also become much more challenging than before because of the sort of environment we live in. People often don’t have as much face time with each other as they did pre-pandemic. Thus, they need a common system or repository where they can come together and collaborate on key accounts. Increased efficiency Digital tools can help account managers automate day-to-day tasks and focus on more strategic tasks such as building relationships with key accounts and providing personalized solutions. By automating routine tasks, organizations can reduce the workload on account managers, enabling them to focus on higher-value activities. Personalized solutions Digital Key Account Management enables account managers to provide personalized solutions to key accounts by tailoring them to their specific needs based on predictive analytics and insights. By providing personalized solutions, account managers and sales leaders can build stronger relationships with key accounts, increasing customer loyalty and retention. Competitive advantage By adopting digital strategies, organizations can differentiate themselves from their competitors and meet the evolving needs of their customers. Organizations that fail to adopt digital strategies risk being left behind, as customers increasingly expect personalized and efficient solutions. Digital Key Account Management can help organizations stay ahead of the curve, ensuring they remain competitive in the long term. Improved analytics Digital Account Planning solutions provide organizations with improved analytics. This provides organizations with real-time data on key accounts, such as their engagement levels, preferences, and buying behavior. This data can be used to analyze trends, identify opportunities, and make data-driven decisions. Mapping the right stakeholders If we are unaware of the key stakeholders, decision-makers, or influencers within the target client’s organization, there is a possibility of losing the lead and the entire deal in the highly competitive B2B world. In order to ensure that the bargaining power of your sales and account management teams doesn’t fall short of expectations, stakeholder mapping is a must. More importantly, stakeholder mapping also ensures that customer needs are being prioritized. Knowing what key stakeholders in large accounts need both in the short-term and long-term ensures that your organization can satisfy them and have a strong relationship with them to build on. Thus, mapping the right stakeholders is important. Having visibility of white spaces Having visibility of the white spaces and your actions towards that is important to identify new opportunities and increase revenue within key accounts. By analyzing white space, or areas of potential growth and untapped opportunities within existing accounts, organizations can better understand their customers’ needs and preferences, and tailor their offerings accordingly. White space analysis also helps businesses to prioritize their resources and focus on high-potential opportunities, ultimately leading to greater profitability and customer satisfaction. Additionally, by regularly conducting white space analyses, businesses can stay ahead of the competition and remain agile in a constantly evolving market, ensuring that they continue to deliver value to their key accounts over time. It’s important because you will have a better understanding of your customers about how the movements in these organizations are going and how it impacts your business and your strategies. Choosing the right solution for going digital To maximize the benefits of your account planning strategies, it’s time to go digital. For this, picking out the right tool is vital. However, in the current digital environment we live in, there is an abundance of choice which makes choosing the right account planning a daunting task. Here are a few things to keep in mind when choosing the right solution for your key account management needs. Maximize Sales Tech & Martech ROI In a world where sales tech and marketing tech stacks already have an abundant presence in an organization, investing in another new tool can seem redundant. Hence, choosing a tool that can maximize existing sales and marketing tools your organization has invested in is important. It is important to note whether you are getting the ROI on the investments you have already made before making the next choice on your digital account planning tool. Winning the CFOs approval: How to Present RoI of a Key Account Management Software
Benefits of Digital Key Account Management for Large Businesses
The world of B2B selling has transformed dramatically in recent years, as the shift towards digitalization has changed the way businesses interact with one another. With the growing size of buying groups in the digital age, it is imperative to consider factors that play into the challenges and benefits of digital key account management. DemandFarm’s Dr. Karthik Nagendra-Chief Marketing Officer had a one-on-one chat with Andrew Collings – Head of Enterprise at Gearset where they discussed the changing landscape of B2B selling and shared insights on how organizations can adapt to this new environment. Working with large businesses and going outbound According to Andrew, the key takeaway when working with large businesses and going outbound is being deliberate about a planned approach. This provides structure to your organization’s interactions. He emphasizes the importance of having a digital key account management software that: Integrates into Salesforce without requiring external software to manage accounts Represents data visually and is easy to use for faster adoption Accommodates custom needs accurately Shows all information in one place without having islands of data “We live inside Salesforce. All of our customers are Salesforce users. So the key thing for me was getting something across that integrates really well. I didn’t want to add to the tech stack and have other random bits of software outside of that,” – Andrew Collings. Challenges in Shifting to Digital Key Account Management Shifting to Digital Key Account Management also comes with its fair share of challenges. One of the primary challenges that organizations face is carving out time to document things in the tool. Additionally, making information shareable to everyone for increased collaboration and encouraging early adopters internally to drive usage is also important. “ A lot of people are really great at keeping things in their head. So they know all the people involved, but it’s in their heads. So actually, you need to spend time and put it into the system so that everyone else can enjoy your knowledge.” – Andrew Collings Selling the value internally: Andrew’s advice is to get the enterprise team included in the decision-making process. Ensuring the entire organization is part of the change, making everyone an advocate and engaging the whole team will in turn make the adoption of Digital Key Account Management easier. The leadership team plays a big role in creating an impression that as a business it is vital to understand all the stakeholders in the buying process. This will ensure that the rest of the organization will also become more involved once they realize its importance. Discovering all the gaps: Another major challenge for Andrew was that they discovered all the holes in their accounts. With larger, multinational businesses with huge teams and thousands of staff, there were often just 3-4 contacts who might not necessarily be the right contacts. So knowing where there was a lack of contact, where the relationship needed to be strengthened, and in which accounts further work needed to be done proved to be vital to growth. Is it time for a change? “When I was in the field selling, I used to do this on the spreadsheet, and it was one of the worst things I’ve ever done. And I look back at it and just think, that was really rubbish.” – Andrew Collings It is no longer sufficient to rely on PowerPoint presentations or rely on static spreadsheets for your Key Account Management and Account Planning. They are no longer efficient and just don’t cut it anymore. With the increasing need for Digital Key Account Management tools, organizations must consider adapting their operations to meet the evolving needs of the market. Download: Change Management Guide for Sales Leaders to Implement Digital Account Management Software Benefits of Adopting Digital Key Account Management One of the significant benefits of Digital Key Account Management is the ability to maintain a strong relationship with stakeholders during the buying process. By being aware of stakeholders’ feelings about your organization, it is possible to mitigate any red flags like lack of engagement, which can prevent loss. Additionally, having a Digital Key Account Management tool allows organizations to maintain a comprehensive view of their accounts in one place, enabling them to better identify opportunities and make informed decisions. Getting a holistic view of the organization “Leading a team, I’ve always been more interested in people within an organization, than that particular product or problem, I’m much more interested in people,” says Andrew. By focusing on people and their interactions within the organization, leaders can coach and support their team members effectively. At the same time, sellers can identify gaps in communication and ensure that all key stakeholders and buyers are accounted for. Understanding how an organization is structured and how teams are connected is critical. While some organizations are highly connected and referrals flow freely, others are more siloed. Understanding these differences can change how a seller approaches a business, including asking for referrals or using Account-Based Marketing to target the entire organization. Identifying communication gaps Sellers can also benefit from shifting to Digital Key Account Management. When all subsidiaries are plotted alongside one another, it’s easier to identify gaps in communication. This ensures that everyone involved in a deal is accounted for, preventing surprises during contract negotiations. Some things to consider before signing contracts include: Are you aware of all your champions and their influence? Have you understood all the stakeholders involved? Are you benefitting these stakeholders with something that will actually help them? Increasing collaboration internally and externally “Probably the most important thing for me is broader teamwork.” – Andrew Collings Ensuring that Business Development Representatives, account managers and executives, and the ABM team work together to engage with positive leads can be achieved when everyone has access to all the information about an account. This process is made more streamlined with the help of a digital tool for account planning. Additionally, when interacting with the Customer Success Team, having a digital account management
Digital Key Account Management: Challenges and Solutions
In the world of B2B software, having large technology companies as key clients is critical for growth and success. However, supporting and fostering these accounts requires a strategic and dynamic approach. Traditionally, account plans were created once a year and reviewed by the executive team. However, in today’s dynamic business environment, plans change quickly, and regular updates are necessary. This is where digital key account management comes in. Digital key account management provides several benefits over traditional account planning: it is dynamic and flexible, allowing for quick updates and changes. It provides a step-by-step approach to account planning, ensuring all account owners use the same approach. With digital key account management tools, employees can share information across the organization easily, ensuring everyone is aligned and up to date. Watch Now: Insights on Digital Key Account Management by David Shen, Head of Revenue Operations at Cambridge Mobile Telematics Factors to Consider While Adopting Digital Key Account Management As businesses continue to adapt to the digital world, one aspect that needs to be considered is key accounts and how they are managed. Shifting towards digital key account management is becoming increasingly essential, especially in sales. With B2B software sales moving majorly digital due to the pandemic, organizations need to identify the need to adopt a digital approach to key account management that is tailored to deal with large businesses that come with large buying committees. It is no longer just a matter of someone coming to the vendor asking for the tool. Now, sales teams must go outbound and convince people within that business to buy their product. This requires a different selling motion, and getting buying across the whole group is now a requirement. Digital Account Management Masterclass by Pawanjeet Singh – AVP & Head of Sales at DemandFarm To make this process easier and more organized, businesses need a solution that integrates well with their existing tech stack. It should be easy to use and represent the parent and child customer structure accurately. The software should be visual and easy to navigate, making it easier for sales teams to learn new muscles. It should also be able to provide comprehensive views of all data and not have little islands of data scattered around. It also provides other teams within the organization, such as customer success, BDRs, and ABM teams, access to this data. This means that the software chosen for digital key account management must be accessible to everyone within the organization. To make the transition smoother, businesses should consider software solutions that integrate well with their existing tech stack, accurately represent their customer structure, and provide a comprehensive view of all data. By choosing the right software, businesses can streamline their sales process and make it easier for everyone within the organization to access the data they need. Challenges in Adopting Digital Key Account Management As businesses continue to embrace the digital age, many are finding that adopting digital key account management tools can help them streamline their operations, increase efficiency and effectiveness, and ultimately drive better results. However, like any new technology or process, there are challenges that come with adopting these tools. The following are some factors to consider when making this shift: Maturity level and discipline: Is your organization ready to leverage a digital tool, and do you have the discipline to use it effectively? Executive buy-in: Do you have the support of the executive team to ensure adoption across the organization? Account complexity: Are your accounts growing in complexity, and do you need a strategic view to manage them effectively? Business transition: Are your clients going through a transition, and do you need to keep a dynamic planning approach to stay aligned with their changing needs? Team transformation: Do you have the right team to drive the transformation, and do you have champions who can lead the adoption process? Integration and training: Have you integrated the digital tool into your existing processes, and have you provided the necessary training and support to ensure successful adoption? Follow & Listen to: The Shift Podcast on Digital Key Account Management One of the biggest challenges businesses face when adopting digital key account management tools is ensuring that these tools do not detract from customer or client interactions. It is essential to ensure that these tools add value and do not add more internal steps or processes that pull the account team away from building relationships with clients. Therefore, it is crucial to think through the transition process and assess the impact of these tools on client face time. By doing so, businesses can ensure that they are not only adding value but also maintaining strong relationships with their clients. Many businesses have other corporate tools and systems in place that these tools need to integrate with. This can be particularly challenging when it comes to financial tools, as revenue tracking against plans and budgets for the year is essential. Therefore, it is crucial to ensure that these tools integrate seamlessly with other systems and that any changes or updates do not cause undue disruption. Ensuring that the tool aligns with the requirements of the organization. Every organization has its processes and terminology, which can differ from the standard used by the industry. To overcome this, organizations should work to ensure that the tool’s requirements are aligned with the organization’s needs – this can be as simple as remaining fields to make sense to its users. This ensures that there are no misunderstandings that can cause naysayers to reject the tool. Training is another challenge that businesses face when implementing digital key account management tools. It is essential to ensure that everyone is trained properly and understands how to use the tools effectively. However, lengthy training sessions can be time-consuming and may not be the most effective approach. Instead, businesses can consider rolling out training over a more extended period, with shorter, more focused training sessions. This allows individuals to try out the tool, ask questions, and
The Complete Guide to Digital Key Account Management in 2025
In today’s digital-first world, traditional Key Account Management (KAM) strategies are no longer enough to keep up with the ever-changing demands of customers. The B2B sector is evolving at an unprecedented rate, and it’s critical that companies adapt to this new landscape to stay ahead of the game. Research is increasingly showing that companies implementing a digital Key Account Management strategy outperform their peers. This means, developing a comprehensive digital Key Account Management strategy is no longer a ‘nice-to-have’ but a ‘must-have’ for any B2B company looking to drive revenue growth, strengthen relationships with their most valuable customers and improve customer satisfaction. So, what does a successful digital Key Account Management strategy look like? It starts with understanding the unique needs of your key accounts and developing a customized approach that leverages the latest digital tools and techniques to drive engagement and revenue growth. This includes the whole gamut – from leveraging data analytics to identifying customer needs and preferences to automating routine tasks to allow your sales team to focus on revenue-generating activities. Digital Account Management Masterclass This comprehensive guide is an excellent resource to help you develop a comprehensive digital Key Account Management strategy. It will take you through how you can define your digital Key Account Management objectives, identify your key accounts and utilize the latest digital tools to drive customer engagement and improve profitability. Watch Now: Insights on Digital Key Account Management by James Manno, VP of Sales Enterprise @ Qualtrics Understanding Your Key Accounts If you’re in business, understanding the importance of your key accounts is crucial. Your key accounts typically generate a significant portion of your revenue. They can help sustain your business over the long term. But, managing key accounts in the digital era required a unique set of skills and strategies By following these steps, you can develop a successful digital Key Account Management strategy: Understanding your key accounts is the first step in developing a successful digital Key Account Management strategy. It involves identifying who your key accounts are, understanding their business goals and objectives and developing a customer-centric approach. To identify your key accounts, you’ll need to analyze your sales data to determine which customers generate the most revenue for your business. Your key accounts may also include some customers that have been part of your journey for a long time. Or those that you’ve identified as having immense growth potential. Once you have a list of your top customers, you can then start to examine their specific needs and goals. This could involve conducting customer surveys, reviewing customer feedback, or engaging in one-on-one conversations with key decision-makers at these accounts. Once you have a better understanding of your key accounts, you can begin to develop a customer-centric approach. This involves tailoring your sales and marketing strategies to meet the specific needs and goals of each account. For example, if you have a key account that’s focused on sustainability, you might want to highlight the eco-friendly nature of your offerings in your sales and marketing material. Ultimately, the key to developing a successful digital Key Account Management strategy is to put your customers at the center of everything you do. By focusing on their needs and business objectives you can develop more effective sales and marketing strategies. You will also be able to build stronger relationships with your key accounts and create sustainable revenue streams for your business. Follow & Listen to Insights from The Shift Podcast by DemandFarm on Digital Key Account Management Developing a Digital Key Account Management Strategy Developing a digital Key Account Management strategy can be a complex process, but it’s essential for success in the B2B sector. To get started, it’s important to consider a few key factors. First, it’s important to understand the role of data and technology in your strategy. Using the right tools and technologies makes it easier for you to track customer interactions, identify buying patterns and tailor our approach to each key account. This may involve investing in customer relationship management (CRM) software, data analytics tools, or other technologies to help you gather and analyze customer data. Once you have a clear understanding of the role of data and technology it’s important to set specific goals and key performance indicators (KPIs) for your digital Key Account Management strategy. Your KPIs may include increasing customer engagement, improving customer satisfaction, or driving more revenue from key accounts. To achieve these goals, you’ll need to select the right digital tools and technologies to support your strategy. This might include tools for account-based marketing, social media management, email marketing or other digital marketing channels. It’s important to select tools that align with your goals and the needs of your key accounts. For instance, imagine you’re a manufacturer of industrial equipment, and you have a key account that’s a major player in the oil and gas industry. Here, you might want to focus your digital Key Account Management strategy on account-based marketing. The tools that would work best for you include LinkedIn advertising or content marketing to reach decision-makers in the oil and gas company. You could showcase how your industrial equipment can improve the operations and profitability of your key account. Additionally, your digital Key Account Management Strategy might involve implementing a customer relationship management (CRM) system. This CRM system could be used to track interactions with the key account, manage the sales pipeline and ensure that everyone involved with the account has visibility into the account’s history and current status. This helps coordinate and streamline the efforts of sales and account management. It also helps identify opportunities for cross-selling and upselling. Guide: Cross-selling & Up-selling Explained While selecting digital tools and technologies to support your digital Key Account Management strategy, it’s important to consider factors like scalability, ease of use, and integration with existing systems. For example, if you’re already using a particular CRM or marketing automation platform, it makes sense to look for digital Key Account Management tools that
Guide: How to do Opportunity Management in Salesforce CRM
Higher sales rates and revenue increase are the holy grail of IT product and services organizations, and thoughtful sales forecasting contributes a lot to it. with Salesforce Opportunity Management, they can structure their processes, enhance customer communication, and more. Opportunity management in the sales cloud offers all the necessary tools to close the biggest deals from anywhere. With intelligent alerts, teams can provide requisite attention by gaining insight into every deal and adjust forecast levels to reflect the new normal. With a sales path, teams can stay informed of where they are in the sales cycle, get tips on how to push deals forward, and easily view all open items in recent activities at every stage. Quick view simplifies the management of what is being done and what’s next – so that sales team members can stay on top of recent developments with a quick view, which makes it easier to collaborate with the larger team so everyone has what they need to close the deal. Tasks can be managed along with rich notes from existing workspace too. What is Opportunity Management in Salesforce? Details of a sales deal between the product/service provider and customer are captured in Salesforce Opportunity Management. The data helps sales teams manage all the deals with Salesforce, while being connected to stakeholders. Team members can access and share the information needed to close the sale, from anywhere. Existing information about completed sales is also present in Opportunity Management, which can provide insights into improving the processes so that future potential sales can be conducted more efficiently. Learn More: The 2023 Practical Guide to Sales Opportunity Management Start with: Setting up opportunities Opportunities can be created for existing accounts or through a lead conversion process. Not only this helps users to track changes in deal size, but also allows for the closing of dates with the help of Opportunity deal change highlights. Hovering over a highlighted opportunity gives more details about the updates, and updates can be visualized for opportunity amounts through the Opportunities List view and Kanban-view. Some of the key fields that help in tracking updates are made to an opportunity are: 1. Stage: This required field allows for opportunity tracking. A standard drop-down list of set values provided by Salesforce makes the selection easy, and they can be modified to suit the needs of the business. 2. Close date: Close date is a required field, and is crucial for forecasting. It is updated to the date when the opportunity is closed automatically. 3. Amount: This field displays the total cost of the opportunity under consideration. The sum total of opportunity products are shown, after they’re added to an opportunity. 4. Probability: The likelihood of the opportunity being converted, is reflected here. There is a default probability to close for each stage, going from a scale of 100% for a closed deal and 0% for a lost one. 5. Expected revenue: This read-only field is automatically generated by multiplying the probability with the amount. It can be a useful metric to use, while reporting the efficiency of the sales pipeline. Learn More: 8 Steps of Sales Opportunity Planning Moving to configurations Effective tracking and closure of opportunities can happen once the configurations are set according to the needs. Here are some configurations that can be set up: Update reminders can be leveraged by managers to send open opportunity reports to team members according to the hierarchy of defined roles. This ensures accurate and updated opportunities driven by precise forecasts. Big deal alerts are automatically sent as emails to customers, whenever an opportunity reaches a threshold amount and probability. Users can configure the ‘from’ Similar opportunities help in finding closed-won opportunities that match current opportunities for quick and simplified information access. Fields are configured in similar opportunities related lists so that users can see them easily. Utilizing opportunity-related objects Opportunity-related objects help in providing details about key stakeholders that are involved in a deal. They can be entered and tracked using opportunity’s related list items like track competitors, partners, and others who have a say in the deal closure. These related lists can be leveraged according to the business requirements: Opportunity teams help in leveraging members of different departments while working on deals. Team members can be designated as ‘internal’ or ‘partner’, with designated roles and access levels. Opportunity splits facilitate revenue sharing from opportunities and provide adequate credit to team members for their part in closing deals. Individual sales credits can be rolled into sales team member quota, and reports can be pipelined for an entire team. Partners simplify association of existing accounts to opportunities. Primary partners appear on the opportunity report, speeding up the mode of action that should be tailored to the specific requirement. Competitors’ fields can be leveraged to track market progress in the opportunity sphere. The list can be chosen from existing competitor names, or new ones can be added. Contact roles describe the role of every lead or touch point in converting the opportunity. By defining contact roles, sales team members can ensure everyone knows who to contact on the customer side. Field History Tracking comes into picture when users modify tracked opportunity fields, be it standard or custom. The change adds a new entry to the related list in Opportunity Field History. Details of changes to all entries are included, along with the details of the one making the change. Stage History adds a new entry when a user changes the stage, probability, close date fields, or the amount of an opportunity. The two lists together aid in the tracking of opportunity – as one chronicles field history, and the other keeps note of the changes to opportunity stages. Creating and managing opportunities The process of creating and managing opportunities on Salesforce is a feature-rich one, and these steps show how that can be achieved. Here’s a sequence that shows how opportunities with designated key accounts can be managed: Log into your Salesforce account and navigate
Unlocking White Space Opportunities Using AI-powered Analytics in Account Planning
Analytics is making inroads into influencing sales decisions, but there is still a long way to go. McKinsey’s Unlocking the power of data in sales survey shows that 57% of sales organizations their advanced analytics practice as inadequate. While organizations have more data than ever before, many of them struggle to benefit from even basic analytics. Many are on the verge of developing well-designed analytics programs, but the question of delivery of significant top-line and margin growth remains. Using AI-powered analytics can be the answer, as it can nudge sales teams by offering better facts and views. Organizations should identify areas where analytics can add value and implement AI power wisely. Ebook: AI-Assisted Account Planning – Conversations of the Future Part 1 Organizations need a commercial strategy that is not just focused solely on attracting new business while maintaining the status quo with existing accounts. Today’s B2B sales environment requires teams to balance retaining and growing existing accounts, just to keep pace with the competition. A Gartner survey supports this – teams that focus on improving ongoing customer conversations on an account, typically grow that account by 48%. Learn More: Analysts’ Predictions of AI for Sales, Account Management and Sales Enablement in 2023 The Shift toward Digital Account Management Companies are constantly looking for new ways to improve their sales and marketing strategies – and digital account management leverages technology to create personalized marketing and sales campaigns for specific accounts, resulting in better customer engagement and increased revenue. Shifting towards digital account management and powering it with AI-based tools can allow sales teams to target their products effectively. Listen to The Shift Podcast – A DemandFarm Original on Digital Key Account Management Account-based selling and account-based marketing are not new concepts, and many organizations have already adopted these techniques successfully. However, before adopting any new technology, it is essential to have the right processes in place. Companies should start with a pilot or proof of concept (POC) where they select a handful of accounts and test the effectiveness of their digital account management strategies. By doing so, they can identify the benefits, obstacles, and potential value that the approach brings to their business. Learn More: Key Account Management Scorecard Template to Identify Key Accounts Incorporating digital account management involves creating a transparent process that involves everyone in the organization. By involving people in the process, companies can increase transparency, gain buy-in, and ensure that all stakeholders understand the impact of the new approach. Therefore, involving employees from different departments such as marketing, sales, and customer success, and making them understand the value of digital account management, can make the transition smoother. Organizations must focus on driving revenue goals by leveraging digital account management, by ensuring every account receives a personalized experience and better engagement, leading to increased revenue. Relationship-based selling has become more critical in B2B spheres. With digital account management, companies can tailor their approach to individual accounts, building strong relationships that drive revenue growth. By providing customized marketing and sales campaigns, companies can increase customer engagement and drive better results. The shift toward digital account management can be a game-changer for companies looking to improve their sales and marketing strategies. To do so successfully, companies must have the right processes in place, involve their employees, and focus on driving revenue goals. By starting with a pilot and scaling the approach based on results, companies can realize the potential of digital account management and enhance their overall sales and marketing effectiveness. Case Study: 2x Improvement in Customer Relationships with Org Chart Infusing AI-based Analytics in Key Account Management Key account management can be a lot more effective with up-to-date data. The relevance of data can be assured by capturing details automatically and regularly while keeping key account managers free to focus on customer engagement. They can streamline their activities and define the usefulness of their engagements, and identify if accounts are getting the right amount of engagement. With AI, they can define what the right amount of engagement is, leverage existing relationships, and more. Identifying Account Intent AI can be helpful during account selection, by providing managers with details about the total addressable market, like revenue threshold, sector, previous engagements, and other parameters. From this, sales teams can whittle down their accounts list and create relationship maps. This refining of target accounts allows key account managers to enhance the probability of success instead of spreading themselves thin across opportunities. With the help of AI-based tools, they can establish customer intent quickly, and strike before competitors do. Optimizing Customer Touchpoints While sales graphs give the impression that customer journeys can be linear, seasoned sales executives know this is far from the truth. The buyer’s journey and its existence is something that’s been discussed many times, but it’s very hard to predict what their needs will be. AI can help in creating more realistic versions, and build a persona based on online behavior – which can be more pointed in B2B scenarios. This can allow key account managers to make the right move at the right time, and close the deal. Personalizing to the Customer With B2B tools, education, and continued knowledge transfer is essential for continued success. With AI, sales teams can create repositories that cater to the specific needs of customers – if the audience gets what it wants to see and read, it is bound to stay engaged. AI can lead to accurate content planning by using data to build a profile of interests on individual accounts. The rest is to pull the most relevant content to the front of the website, as per the user’s preferences. Hyper-targeting the Messaging The ability to hyper-target prospects is the predecessor to personalized website content – the same essence, but the value it brings is different. AI can utilize data on what prospects are researching and identify areas of growth that come under the product goal. By understanding the areas customers are looking to invest in, key account managers can
Analysts’ Predictions of AI for Sales, Account Management and Sales Enablement in 2023
Artificial intelligence (AI) is a rapidly evolving technology that is transforming various industries. Sales, account management, and sales enablement are no exception. According to a recent report, the global AI market in sales is projected to reach USD 12.4 billion by 2025, up from USD 1.3 billion in 2019. This rapid growth in the use of AI in sales and account management underscores the technology’s importance to businesses worldwide. Imagine you’re a sales manager for a large retail company with hundreds of sales representatives operating in different regions. Your job is to ensure that the sales team hits their targets every quarter. You must also provide regular updates on the team’s performance to the executive team. Imagine how challenging it is to keep track of each sales rep’s performance and to provide actionable insights to help them improve. This is where AI comes in. With AI, you can automate various processes such as lead generation, customer segmentation, and sales forecasting. It also becomes easier for you to guide and coach your team to improve their performance. If you want to know how AI will shape the world of sales in 2023, this article will help. Discover the latest predictions made by leading industry analysts on the role and impact of AI in sales, account management and sales enablement. Read More: Harness the Power of Big Data to Surge in Key Account Planning & Account Growth Overview of the Current State of AI in Sales, Account Management, and Sales Enablement AI has been transforming the sales and account management landscape for several years now. With the ability to process vast amounts of data, analyse patterns, and make predictions, AI helps in improving business performance and aids sales growth. Recent data shows that when AI is used to aid sales processes, leads increase by 50%, call times and overall costs are reduced by about 60%. A brief history of AI in Sales, Account Management, and Sales Enablement AI has been a buzzword in the technology industry for many years, but its practical application in sales and account management has gained momentum only recently. Sales and account management professionals have been using AI to automate tasks and optimize performance. For example, sales teams use AI to generate leads, personalize sales pitches and forecast sales. Account managers are using AI to segment customers, monitor contract renewals, and upsell or cross-sell. Sales enablement tools use AI to deliver personalized content, track engagement and improve sales reps’ productivity. Current State of AI Implementation in Sales and Account Management The use of AI in sales and account management is growing at a rapid pace. AI can automate repetitive tasks like data entry, lead prioritization, and follow-up emails. It can also provide insights into customer behavior predicting the likelihood of churn, the probability of purchase, and the optimal time to connect with customers. AI-powered chatbots are becoming more prevalent in sales and account management, providing instant support to customers and prospects. Close to 70% of users enjoy the speed at which chatbots answer. Overview of Sales Enablement Technologies that Use AI Sales enablement tools have been integrating AI to improve their functionality and deliver better results. AI-powered sales enablement technologies can help sales teams with lead scoring, sales forecasting and personalization. They can also assist with content creation, management and distribution. Over 40% of marketers agree that using AI for email marketing generates higher market revenue. AI can also provide insights into content performance, enabling teams to adjust their sales strategy and approach based on what’s actually working. AI can also help sales reps prioritize their leads and opportunities, ensuring focus on the most promising leads. Ebook: AI-Assisted Account Planning – Conversations of the Future Part 1 Revolutionizing Sales and Account Management: The Emerging AI Trends As AI continues to make significant inroads in sales, account management and sales enablement, new trends and applications will continue to emerge. Some of the most promising and exciting developments in AI for these fields include chatbots and virtual assistants, predictive analysis, machine learning (ML) to improve customer experience, and AI-powered sales performance monitoring and improvement. AI-powered chatbots and virtual assistants: In recent years chatbots and virtual assistants have become increasingly popular in sales and account management. Through extensive use of natural language processing (NLP) and machine learning (ML), these tools can automate routine interactions, answer commonly asked questions and even make product recommendations. According to Grand View Research, the global chatbot market is expected to grow at a compound annual growth rate (CAGR) of 25.7% from 2022 to 2030 and reach USD 3.99 billion by 2030. Predictive analytics for sales and account management: Predictive analytics can help sales and account management teams identify potential customers and personalize their outreach. Through the analysis of data including purchase history, website behavior, and social media activity, predictive analytics tools can identify which prospects are most likely to convert. They are also able to determine which messages will resonate with them. With over 50% of companies worldwide leveraging advanced and predictive analytics, the benefits are obviously widespread. Machine learning for customer experience improvement: ML is used by sales and account management teams to better understand their customers and improve customer experience. By analyzing data from emails, chat logs, and social media, ML algorithms can identify patterns and threads in customer behavior. With these reports sales teams can receive personalized recommendations and tailor their approach to each customer. A study by Salesforce shows that almost 90% of customers believe that the experience offered by a company is equally significant to its products or services. Automation in sales and account management: In sales and account management, automation helps with streamlining workflows, helping teams focus on high-value tasks. By automating tedious and time-consuming tasks like data entry, lead prioritization and follow-up emails, sales teams can save time. Thus efficiency is also improved. This helps to free up time for more productive activities like lead generation and nurturing. Research by McKinsey Global Institute has shown that over one-third of
Harness the Power of Big Data to Surge in Key Account Planning & Account Growth
The use of big data and artificial intelligence (AI) in account-based marketing has revolutionized the way organizations approach their marketing strategies. Predictive analytics that utilizes historical data to identify future trends and behaviors, can help organizations optimize their communication strategies and make data-driven decisions to drive growth to stay ahead of their competitors. The big data edge Predictive analytics through big data and AI is a game-changer for key account planning. By utilizing predictive analytics, organizations can better understand consumer behaviors and trends and predict future shifts. This empowers them to develop more effective communication strategies, optimize resources and spend, qualify and prioritize leads, and retain customers. With the integration of advanced communication tools and measurement capabilities, organizations can stay competitive and drive growth in today’s data-driven environment. In the past, organizations relied on data-driven communication to understand the long-term impact of their campaigns on sales. However, with the evolution of communication analytics, organizations are now able to move beyond aggregate data and understand user-level interactions. Multi-touch attribution (MTA) models, for instance, enable organizations to gain a better understanding of consumer paths to purchase. The need for predictive analytics and big data With predictive analytics and big data, organizations can understand consumer behaviors and trends better, and predict future shifts with better accuracy. By leveraging machine learning and AI, organizations can combine insights generated through various datasets, algorithms, and models to develop more effective communication strategies. There are three primary models associated with predictive analytics: cluster models, propensity models, and recommendations filtering. These models enable organizations to segment audiences, evaluate consumer likelihood to act, and understand where there might be additional sales opportunities. They can enhance effectiveness by updating their playbook to provide a better overview of consumer behavior, optimize resources and spend, qualify and prioritize leads, and retain customers. With so much data available, organizations require advanced communication tools and measurement capabilities to take full advantage of predictive analytics. Unified communication measurement, communication analytics software, and AI and machine learning are essential features that enable organizations to act on insights in real-time and serve dynamic content automatically. Developing a key accounts-focused culture As every customer or account has a unique persona and behavior, developing an account-centric culture is a top priority for every company. However, tracking progress can be challenging without effective processes. Initially, companies relied on CRM for opportunity management, but account planning tools have since been created to provide intelligence into their key accounts. With the evolving environment, these tools have also had to adapt to new opportunities and help enterprises resolve their existing challenges. Analytics can play a precise role in account centricity by providing detailed insights to prepare proposals/quotes depending on each key account’s requirements. Enterprises can also review target achievements and create reports that facilitate decision-making and strategy formulation. Analytics can identify future trends and opportunities in the industry, as well as insights on the non-captured value of a customer, which may add to the economic value derived from customer profitability analysis. AI for leveling the playing field Businesses of all sizes are recognizing the need to adopt a digital approach to key account management. Small B2B organizations, in particular, face a tough challenge as they do not have the same resources or brand equity as their larger competitors. As a result, they often rely on building strong relationships and trust with their clients through great work and word-of-mouth referrals. However, the COVID-19 pandemic threw a wrench in this approach, as remote work made it challenging to engage with clients physically. To address this challenge, many small B2B organizations have shifted their focus to digital key account management. This approach involves creating and implementing a digital account and relationship strategy to retain and grow key relationships in a remote world. Here are some factors that businesses should consider when making this shift. Data-driven approach to relationship strategy and management should be a top priority. Businesses should collect data and use it to inform decision-making that produces positive outcomes for their organization. This approach is already used by consultants to help clients be successful, and businesses can turn that lens on themselves to see how they can increase their and customer lifetime value. Culture and people change during a digital approach requires proactive and sustained communication across a variety of stakeholder groups. To be successful, businesses must influence broad behavioral change across their company and make it stick by aligning incentives and measurement with the business outcomes that they value. Conducting quarterly business reviews (QBRs) with key accounts can shed light on the importance of the process, and sales teams can prime the rest of the organization for the same. Enabling teams with the right tools is a critical factor in making the shift to digital key account management. Even with a strong approach and workforce, businesses must have the infrastructure and tools in place to make the shift successful. Investing in infrastructure that uplifts the workforce and removes roadblocks and overhead is crucial to supporting this change. Despite the benefits of digital key account management, making the shift can come with its set of challenges. For example, businesses may face resistance to change or struggle to adopt new processes. It’s crucial to identify and address these challenges early on to ensure a smooth transition. Adopting a digital approach to key account management is essential for businesses looking to compete in a remote world. By prioritizing a data-driven approach, culture and people change, and investing in the right tools and infrastructure, businesses can make a successful transition to digital key account management. While challenges may arise, addressing them early on can help ensure a smooth and successful shift. Watch Now: Stories on Successful Digital Key Account Management Transformation Challenges to big data adoption in Key Account Management Big data has the potential to significantly improve key account management by providing insights to make better decisions. However, challenges can arise when collecting and managing large amounts of data. One of the main challenges
Key Metrics To Measure The Success Of Your Digital Key Account Management Program
A recent study has shown that B2B companies that prioritize customer experience generate higher revenues and profits than those that don’t. One key way to improve the customer experience for your key accounts is through a Digital Key Account Management (DKAM) program. With a well-designed digital Key Account ManageKey Performance Indicatorsment program, you can provide customized and seamless online experiences that drive growth got your business. However, simply launching a digital Key Account Management program isn’t enough. To truly reap the benefits, you need to measure the effectiveness of your program and optimize it for better performance. But what are the key metrics that B2B companies should be measuring to determine the success of their digital KAM program? As a sales leader or sales enablement leader, if this is a challenge you’ve been facing you’re in the right place. You’re about to discover actionable insights and key metrics to determine the success of your digital Key Account Management program. By tracking the right data and analyzing it effectively, you can optimize your program for business success. Download Whitepaper: The Impact of Digital Key Account Management on Sales Enablement Understanding Digital Key Account Management Digital Key Account Management is a strategic approach to managing your most valuable customers using digital channels. The main goal of digital Key Account Management is to improve customer experience, build strong relationships, and increase revenue by identifying and satisfying customer needs in a personalized manner. One of the biggest benefits of digital Key Account Management is that it allows companies to create a more effective and efficient communication channel with their customers. This type of relationship management enables businesses to identify and address customer pain points proactively and deliver customized solutions that meet their unique needs. This not only helps businesses retain their existing customers but also helps them generate more revenue by upselling and cross-selling products and services. However, implementing a digital Key Account Management program comes with its own challenges, one of the biggest challenges is identifying the right digital tools and strategies to implement the program successfully. Another challenge is ensuring that the Key Account Management team has the right skills and expertise to manage digital channels effectively. Despite these challenges, digital Key Account Management programs have been successfully implemented in different industries. For instance, a B2B manufacturing company can implement digital Key Account Management by leveraging digital channels to deliver timely and relevant content to help its customers improve their manufacturing process. Similarly, in a healthcare company digital Key Account Management can be successfully implemented to provide personalized healthcare solutions to its customers – specialized clinics and hospitals – based on the health profiles of the patients they treat and care for. Technology plays a significant role in enabling digital Key Account Management. There are several tools available to Key Account Management teams to help them manage their relationships with customers effectively. For example, Customer Relationship Management (CRM) tools help Key Account Management teams manage customer data, track customer interactions and create personalized customer profiles. Other tools such as marketing automation software, social media monitoring tools, and analytics software help Account Management teams deliver personalized content, track customer behavior, and measure the effectiveness of their digital Key Account Management program. Key Metrics to Measure Success in Digital Key Account Management Digital Key Account Management can boost revenue and profitability for B2B businesses, but measuring its effectiveness is critical. Here are some key metrics you should be tracking to evaluate the success of your digital Key Account Management program: 1. Revenue growth: The primary goal of Key Account Management is to maximize profitability from key accounts, therefore tracking revenue growth is a critical metric to measure success. Sales leaders can monitor revenue growth by tracking the percentage of revenue generated from key accounts over a given period. By setting revenue targets and analyzing the progress of each account towards that target sales leaders can identify areas that need improvement and take action to optimize sales strategies. 2. Customer retention rate: In the B2B sector, customer retention is critical to long-term success. Sales leaders can track customer retention rates by measuring the percentage of key accounts that continue to do business with the company over a given period. This metric provides insight into the effectiveness of the company’s overall sales strategy. It also serves to measure the effectiveness of the Key Account Management program in particular. By identifying accounts that are at risk of churn, sales leaders can take proactive steps to address challenges and retain the account. 3. Customer satisfaction: This is another important metric to measure the success of a digital Key Account Management program. Sales leaders can track customer satisfaction by using customer feedback surveys, Net Promoter Scores (NPS) and other relevant metrics. By analyzing the results, sales leaders can identify areas where improvements in the overall customer experience can be made. They can then work with their Key Account Management teams to make necessary changes. 4. Account Engagement: This measurement of this metric is crucial to the success of a digital Key Account Management program. Sales leaders can track account engagement by monitoring the frequency and quality of interactions between the Key Account Management team and key accounts. After a thorough analysis of the engagement data sales leaders can identify areas where Key Account Management teams need additional support or training to improve their engagement and overall effectiveness. By tracking these key metrics and analyzing the results, sales leaders and sales enablement leaders can gain a comprehensive understanding of the success of their digital key Account Management program. They can thus use the data to make better decisions for business success. Learn More: 6 Key Takeaways for a Successful Key Account Management Transformation Journey Key Challenges in Implementing Digital Key Account Management While Digital Key Account Management may be a powerful tool for driving growth and building long-term relationships with your key clients, it has its fair share of challenges. As a sales leader or sales enablement leader, you
Best Practices for Developing a Digital Key Account Management Strategy
In today’s sales landscape, implementing a successful Key Account Management (KAM) strategy can often mean the difference between success and failure. However, with the rise of digital technology, traditional KAM strategies may no longer be enough to meet the needs of the modern customer. This is where digital Key Account Management (DKAM) enters the scene. By allowing companies to leverage data and technology digital Key Account Management provides a more personalized and customer-centric approach to sales. In fact, according to a recent survey, 84% of sales leaders believe that digital Key Account Management is crucial to their organization’s success. Despite this, many sales leaders and sales enablement leaders have challenges with developing and implementing effective digital Key Account Management strategies that align with their company’s goals and objectives. Whitepaper: The Impact of Digital Key Account Management on Sales Enablement Here, you’ll discover the best practices for developing a digital Key Account Management strategy. One that will meet the specific needs of your customers and drive sales success. From identifying account management key performance metrics and setting clear objectives to tailoring your approach to each customer and measuring your results – you’ll find all you need to know to succeed in today’s digital business ecosystem. Key Components of Digital Key Account Management B2B companies today are increasingly adopting digital strategies to stay competitive. For sales leaders and sales enablement leaders developing a Key Account Management strategy is essential. This helps with building strong and lasting relationships with key customers but also adapting to the changing needs of their customers. However, successful implementation of digital Key Account Management requires a deep understanding of its key components and features. Here are some fundamental elements of digital Key Account Management, including how it builds upon traditional Key Account Management practices and the essential components of a successful digital Key Account Management strategy. Listen to The Shift: #1 Podcast on Digital Key Account Management Overview of Traditional Key Account Management and its Translation to the Digital World: Traditional Key Account Management involves building strong relationships with key customers to drive long-term growth and profitability. However, in the digital age, businesses must also leverage technology to improve customer experiences and foster deeper relationships. Digital Key Account Management involves using data analysis and personalized communication to provide these exact results. By intelligently using digital tools and platforms, businesses can gain a deeper understanding of their key accounts’ needs and preferences, and tailor their approach accordingly. Key Features of Successful Digital Key Account Management: Effective digital Key Account Management involves several key features, including: Customer-centric approach: In the B2B sector, customers are looking for personalized solutions that meet their unique needs. A digital Key Account Management strategy should prioritize a customer-centric approach that puts the customers’ needs at the forefront. Data analysis: One of the advantages of a digital approach to Key Account Management is the ability to collect and analyze data. By analyzing customer data and interactions, sales teams can identify trends and opportunities to improve customer engagement and retention. Personalized communication: Effective and clear communication is critical to building strong relationships with key accounts. A digital Key Account Management strategy should include personalized communication that directly addresses the customer’s needs and preferences. Customer feedback: Gathering feedback from key accounts is essential to understanding their needs and identifying opportunities for improvement. A digital approach allows for easy collection and analysis of customer feedback. It thus enables sales teams to quickly adapt and respond to customer needs. These key components must be part of every digital Key Account Management strategy. By incorporating these features, sales leaders and sales enablement leaders will be on the path to providing exceptional customer service, building better relationships with key accounts and enhancing business performance. Developing Your Digital Key Account Management Plan B2B clients today conduct active research online. In fact, over 60% of all B2B transactions start online. Also, close to 90% of B2B CMOs believe that customer experience will be more critical in the industry in the years ahead. These statistics highlight the importance of a well-planned and executed digital Key Account Management strategy. To stay in the race and outperform the competition, businesses must think creatively and incorporate innovative approaches into their plan. Learn More: 7 Key Takeaways for a Successful Key Account Management Transformation Journey Here are some key steps to consider when developing your digital Key Account Management plan: 1. Set clear objectives and goals for your digital strategy: It’s important to start by identifying the key objectives and goals of your digital strategy. What are you hoping to achieve with your key accounts? What specific outcomes do you want to see? Having clear goals in mind will help you focus your efforts and measure your progress. 2. Identify key performance metrics and KPIs to track progress: Once you’ve established your goals, it’s critical to identify the account management key performance metrics and KPIs that will help you track your progress. Metrics that could be included are revenue growth, lead conversion rates, and customer satisfaction. By tracking these metrics over time, you can identify what’s working and what’s not and make adjustments as needed. Learn More: Key MetricsTo Measure The Success Of Your Digital Key Account Management Program 3. Create a framework for your digital strategy that aligns with company goals and objectives: It’s important to ensure that your digital Key Account Management plan is aligned with your company’s broader goals and objectives. To do this you will need to create an Account Management framework that takes these goals and objectives into account. This could mean including elements like your company’s mission statement, core values and strategic objectives. By integrating these elements into your digital Key Account Management plan, you can ensure that your efforts are in line with your overall business strategy. These steps will help you develop a comprehensive and effective digital Key Account Management plan that drives business growth. It also helps you build long-lasting relationships with your most valuable customers. Implementing Your
