Tips to Onboard Your Account Managers More Effectively
Kapta | Key Account Management & Customer Engagement Software
by Heather Smyth
2y ago
Customers hate account turnover. It usually means that they have to re-explain everything to their new account manager (AM) and start from scratch. Plus, they’ve come to rely on their previous AM as a trusted advisor meaning your AM has big shoes to fill and trust to be built. At Kapta, we are experts in account management strategy and how to set up account managers for success. And if you want to set up your account managers more quickly, you need to have a set strategy and process in place. A predictable process At Kapta we recommend our Know – Act – Measure process: · Know customers better ..read more
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To Be a Better Account Manager, Be A Better Storyteller
Kapta | Key Account Management & Customer Engagement Software
by Heather Smyth
3y ago
As an account manager, you listen to your clients’ problems and needs, then inspire them with stories of possibility with your solutions. To do so, you need to take it up a notch and go beyond the customer stories prepared by marketing. Now you may be thinking that it’s marketing’s job to create stories for you, but this is not entirely true. While marketing might bring some stories to life, you connect to people on a deeper level based on the stories you share and how you share them. Stories bring your solution to life and help clients see themselves enjoying the benefits. They also remind cu ..read more
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When an Account Manager Leaves Your Team, How Big a Gap Is Left?
Kapta | Key Account Management & Customer Engagement Software
by Margot Howard
3y ago
It is estimated that people change jobs an average of 12 times from ages 18 to 52. If you do the math, that’s only 2-3 years per job. Of course, depending on the particular position, the costs of replacing an employee can add up by the time you consider recruiting costs, training, onboarding, and lost productivity. But when it comes to losing a key account manager (KAM) or account manager (AM), the costs and risks can be substantially higher. These are the people responsible for retaining and growing your most important existing customers who have the ability to substantially impact your botto ..read more
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How to Get the Most out of Your Key Account Management Software even if your CRM Data is Garbage
Kapta | Key Account Management & Customer Engagement Software
by Alex Raymond
3y ago
Dirty CRM data is a problem. It decays 30-70% per year depending on the industry. ZoomInfo reported that this dirty data negatively impacts customer relationships in 54% of companies, leads to 25% more time being wasted, and contributes to the failure of 40% of business objectives. Don’t let it hamper the efforts of your key account managers (KAMs). KAMs play an essential part in your company’s ability to grow and thrive. They protect your top customers, the 20 percent of your existing customers who make up 80 percent of your sales each year. These existing accounts represent 70 percent of you ..read more
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Critical Behaviors your team must adopt to get the most from Key Account Management software
Kapta | Key Account Management & Customer Engagement Software
by Jennifer Pinter
3y ago
Key Account Management (KAM) is an essential function in your organization, especially in times of uncertainty. With 80% of sales coming from 20% of your customers and existing customers being the source of 70% of revenue, account management protects, retains, and grows this more profitable segment. To ensure optimum KAM success, you need to provide them with the right tools. CRM may be useful for tracking contacts and past account history, but they are not effective for monitoring the long-term strategic elements of key account plans. KAM software, like Kapta, is a specialized tool designed t ..read more
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Why Forward-Thinking Chief Revenue Officers are Investing in Key Account Management Software
Kapta | Key Account Management & Customer Engagement Software
by Margot Howard
3y ago
According to the Pareto Principle, or 80/20 rule, 80% of your sales come from 20% of your existing customers. CSO Insights found that 70% of revenue comes from existing accounts. Plus, a classic study found acquiring a new customer is more expensive than retaining an existing one, and increasing customer retention by 5% increases profits by 25% or more. The same study revealed that existing customers buy more often and spend more than newer customers. So, it makes sense to focus on retaining top customers while chasing new business to maximize revenue returns. That’s why it’s essential to impl ..read more
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4 Dysfunctional Beliefs of Quarterly Business Reviews
Kapta | Key Account Management & Customer Engagement Software
by Alex Raymond
3y ago
When it comes to Quarterly Business Reviews (QBRs) most teams are not taking full advantage of the opportunity these meetings present. The opportunity to work with, have a conversation with and build a joint vision of the future with their key customers. Most people are not putting their best foot forward to engage the customer or get what they really want out of these quarterly reviews. As a result, they’re leaving themselves open to risk. Kapta did some research by speaking with senior executives in various industries. We asked them what they think about the QBR meetings their vendors are do ..read more
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Tips for Getting Off to a Good Start with Your New Strategic Accounts
Kapta | Key Account Management & Customer Engagement Software
by Alex Thrasher
3y ago
For better or worse accounts get shaken up at the beginning of the new year. You might be left to build new relationships at important companies that you don’t have a relationship with or even worse, customers that didn’t have a strong relationship with their previous account manager. How can you get off on the right foot with your POC and build engagement with your new accounts? Meeting Existing Customers for the First Time Many key account managers will jump on the phone for the first time with a new account and put the ownness on their customers to update them on the account status and hist ..read more
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Creating Personalized Touchpoints With Strategic Accounts When Meeting in Person Isn’t an Option
Kapta | Key Account Management & Customer Engagement Software
by Jennifer Pinter
3y ago
The last year has forced most of us to get very comfortable conducting business in ways outside of our norm. In fact, many experts agree that certain workplace trends will be changed forever: things like travel and flexibility in where we work from, for example, are likely to be reshaped permanently. And while there’s plenty to miss about the days of interacting in-person, the new normal of virtual meetings and gathering remotely may actually allow us to connect face-to-face more, which, if approached with the right strategy, could be a boon to customer relationship building. With people more ..read more
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The Best Way to Gauge Key Account Manager Performance
Kapta | Key Account Management & Customer Engagement Software
by Alex Raymond
3y ago
Key Account Managers are tasked with ongoing, dynamic business and relationship management, 365 days a year. It’s not enough to evaluate KAM performance only at annual or mid-year review time; ultimately, the health of your accounts depends on the performance of your account teams, and both should be checked on regularly. Even quarterly business reviews (QBRs), which tend to zero in on deals booked and progress-to-goal, oversimplify the state of an account. After all, key account management isn’t just sales, so it’s not enough to just look at quota. By focusing on numbers only, important succe ..read more
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