Key Issues in Strategic Account Management

As the internet continues to flatten and eliminate the traditional points of strategic diferentiation, it is more important than ever before, that organisations take a strategic approach to the management of their accounts and the prioritisation of resource deployment.

As the first month of 2024 draws to a close, it is perhaps, a good time to review the most pressing issues of Strategic Account Management in 2024.

1. Reviewing and Adapting Strategies: It’s crucial for businesses to regularly review their account strategies, assessing performance and adapting to changing market conditions, customer needs, or internal factors. Flexibility and agility are important for adjusting strategies effectively.
2. Focus on Stakeholder Value: There’s a shift from focusing solely on shareholder value to also considering stakeholder value. This includes a broader understanding of what stakeholder value means, encompassing aspects like environmental impact, social justice, and diversity/inclusion.
3. Sales and Account Management as an Investment: Sales and account management are increasingly viewed as an investment rather than an expense. This perspective encourages a focus on active listening and storytelling to uncover new sources of value.
4. Centralized Strategic Account Management: Centralizing SAM functions is becoming more important to avoid inefficiencies, redundancies, and strategic misalignments. A unified approach ensures a consistent strategy and customer experience.
5. Agility and Digital Adoption: Agility is crucial in disruptive times. The accelerated digital adoption due to events like the COVID-19 pandemic has led to a vast proliferation of data on customer behavior, emphasizing the need for agility and effective use of data.
6. Data and Relationship Focus in SAM: Successful SAM strategies involve aggregating intelligence from various sources and focusing on relationships. Understanding the hierarchy and influence within key accounts is essential for effective communication and strategy development.
7. Collaboration and Communication Maturity: Internal collaboration and the maturity of communication with customers are vital. This involves evolving from product-centric communication to more contextual discussions and thought leadership.
8. Program Management and Governance Mechanism: Effective SAM requires high-touch programs tailored to specific needs and preferences, coupled with outcome-based, real-time tracking and reporting mechanisms.
9. Challenges in Enterprise Account Management: SAM practitioners often face challenges such as balancing short-term and long-term goals, accessing effective strategic planning tools, and implementing comprehensive compensation policies for strategic account managers.
10. Key Skills for Strategic Account Managers: Essential skills include leadership, communication, long-term strategy planning, technical knowledge, and analytical skills. These are crucial for navigating the complexities of strategic accounts and identifying growth opportunities.

All these issues and more are addressed in our highly interactive 5 day training course. Why not join us in London to learn how your teams can be more efficiently allocated and deployed.