GoingToMeet

Increased competition for business has created a great need for specialized management of key account relationships. These key accounts are without question amongst a firm’s most crucial assets. It is therefore critical that a firm successfully identifies, manages and develops these key accounts. These actions could spell the difference between a successful, profit-generating firm and a loss-making one. Many organizations have yet to deal with their key accounts in an effective manner. Instead, we still engage in a transactional relationship with our key accounts. In the long term, this is less beneficial to both parties as much functional savings are lost. There are many opportunities available in a key account relationship, from both the supplier and the customer perspectives. The challenge for organizations is to harness these opportunities through proper management and co-operation with their key accounts. An organization that is successfully managing their key accounts becomes involved with the key account at a strategic level, where they can offer more truly value-added services over and above pricing.