Strategic account management is that process in which the accounting procedures of a particular company are managed in a strategically planned manner. Strategic account management plays a very important role behind the financial success of a company.
About Strategic Account Management
Strategic account management or SAM is an important tool for the higher management. In this process, the account management procedures are planned concentrating on a limited number of significant clients who are regarded as valuable customers in the long run.
The entire procedure of strategic account management is supervised by the strategic account manager. He is also known as key account manager or major account manager. Strategic account management is beneficial for both the customers and the company.
Strategic account management is implemented at all levels - local, national, transnational or global levels. Through strategic account management, a cordial relationship can be formed with the long term and valued customers and in this way, both the company and those customers can earn and save money. This is basically a win-win situation.
Process of Strategic Account Management
The procedure of strategic account management can be divided into the following steps:
- Analysis of the present state
- Planning the strategic account management program
- Application of the strategic account management program
The Basics of Strategic Account Management
The following are the fundamentals or basics of a strategic account management:
- Choosing the appropriate accounts
- Delineate the value statement
- Carrying out evaluations
- Form account action plans
- Demonstrate findings to the customers (verification of the plan)
- Employ multi-functional teams
- Apply the plans
- Summing up the outcomes for higher management for preparing strategic decisions in the long term
The Benefits of Strategic Account Management
The principal benefits of strategic account management can be categorized into the following types:
- Management of proposal and agreements
- Collaboration of Account and opportunity
- Integration of E-mails
- Partner and customer extranets
- Increase in personal productivity
- Coordination in the Accounts team
- Acquiring knowledge and re-utilization of knowledge