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Strategic account management for enterprises (also known as Key Account Management) is a process of building value-driven strategic relationships with your key customers that can help in long-term development and retention, thereby maximizing the revenue potential.

Effective account managers may advance on to a senior account manager or account director position, which involves overseeing several account managers. From there, some become a director of account servicesa high-level role overseeing an organizations entire account management department.

Most strategic account manager positions require at least a bachelors degree in business or a related field such as accounting, marketing, or economics. Experience is also crucial. Since this is a management position, most employers require several years of sales experience.

5 Steps to Great Account Management Step 1: Profile your accounts. Step 2: Identify the Decision-making Group. Step 3: Target opportunities with greatest Return on Time Invested. Step 4: Put your action plan together. Step 5: Execute against the plan.

A Key Account is one that is important to the company and may be managed on a nationwide or regional basis. A Strategic Account is similar except it is one that is crucial to the success of the company and it usually receives an enhanced level of attention compared to a Key Account.

Strategic account management best practices Assign dedicated strategic account managers. Develop selection criteria for key accounts. Polish the handoff from sales. Create a comprehensive customer profile. Conduct a needs assessment. Draft a strategic plan and proposal. Set a cadence for contacts, meetings, and follow-ups.

Typically managed at the organizational level, strategic account management encompasses teams across departments within a company. In this space, Strategic Account Managers identify and create opportunities by positioning solutions aligned with customer goals, challenges, and initiatives.

The strategic account management process is about building value-driven relationships with your key customers. It is a synonym of Key Account Management. The strategic account managers role is to identify those key customers that generate maximum revenue and profitability as compared to other regular accounts.