What is key account management in FMCG?

Key Account Management (KAM) is a process that helps sustain and expand relationships with important Key Accounts. It involves working closely with multiple business departments to maintain and further develop the relationships with the key accounts.

What are the roles and responsibilities of key account manager?

Main Responsibilities of a Key Account Manager

• Developing and managing a portfolio of Key Accounts.
• Achieving monthly sales targets by identifying and developing new customers.
• Ensuring high levels of customer satisfaction as well as up-sell and cross-sell potential within existing customers to maximize share of wallet.

What is required to be successful at the role of a key account manager?

A successful Key Account Manager is: Empathetic – deeply understand the goals, drivers, and needs of others. Service-oriented – ready to go the extra mile for their clients. Good communicator – writes and speaks for impact; confirms that the other side has the same understanding.

What is the concept of key account management?

Key account management (KAM) is the process of planning and managing a mutually beneficial partnership between an organization and its most important customers. Key accounts are significant to an organization’s sustainable, long-term growth and require a substantial investment of both time and resources.

Why do companies need to have key accounts?

Key account management focuses sales resources on retaining the clients most likely to generate high levels of revenue and profitability. To do so, key account managers build a detailed understanding of their clients’ specific requirements – in turn improving the performance of their business.

What are the main duties of a key account manager from finding a new client to closing the deal?

Responsibilities

• Develop trust relationships with a portfolio of major clients to ensure they do not turn to competition.
• Acquire a thorough understanding of key customer needs and requirements.
• Expand the relationships with existing customers by continuously proposing solutions that meet their objectives.

How much do key account managers make?

The average Key Account Manager salary in the United States is $101,468 as of November 29, 2021, but the salary range typically falls between $85,624 and $119,332.

How do you identify key accounts?

How to identify key accounts

1. Assess your customers against each criterion.
2. Give a score of between 1 (very low) to 10 (very high).
3. Apply a weighting too if some criteria are more important than others.
4. Disregard irrelevant criteria or substitute your own.
5. Add up each customer’s total score.

What is key account manager in sales?

A key account manager is assigned to a company headquarters to oversee the account team assigned to a particular account. Key account management includes sales but also includes planning and managing the full relationship between a business and its most important customers.

How are CRM and KAM interrelated?

CRM automates client relationships, removing, to some extent, the personal touch in client interactions. KAM solutions, on the other hand, focus strongly on building solid relationships with existing high-priority clients.

What is the next step after account manager?

account director position
Effective account managers may advance on to an account director position, which involves overseeing several account managers. From there, some become a director of account services—a high-level role overseeing an organization’s entire account management department.

What is referee to as key accounts in FMCG?

Before we move on to work profile of Key Account Manager (KAM) in FMCG, it would be helpful to know what is referee to as Key Accounts in FMCG. Key Account as the name suggests are key business generators. These accounts refer to Institutional buyers who buy in bulk to meet demands of their customer base.

What are the key responsibilities of a key account manager (Kam)?

The key responsibilities of a Key Account Manager includes below – Maintaining best possible relation with the customer. Your brand should become the preferred brand for the customer. When customer thinks about the category your brand should come to his mind first. KAM is the face of the company for the customer.

What is keykey account management?

Key account management (KAM) is very much concerned with managing the relationship with the customer and it is important to understand these relationships, which vary from simple, transactional forms to intimate and complex liaisons.

How many years of experience in FMCG brand management?

, 6 years in FMCG brand management. It is basically liaising with the key people who takes the procurement decisions in modern trades/ key accounts.