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Key Account Management (KAM)
Key account management (KAM) is the process of planning, managing, and maintaining a business partnership between a company and its most important customers. Because these “key account” customers are especially valuable, businesses regard KAM as an important tool for maintaining VIP customer satisfaction, loyalty, and retention.
What Small and Midsize Businesses Need to Know About Key Account Management (KAM)
KAM involves fostering this long-term relationship through loyalty perks that might include discounts, as well as customized products or services. Experts agree that the first step in effective KAM is to identify these core customers and then find ways to improve and maximize their customer experience. This could include something as simple as a promo code or full-out VIP treatment with loyalty gifts, enhanced customer support, and free merchandise. For smaller businesses, KAM can be delegated to team members who are directly involved with these key customer accounts or team members who excel at customer relations.
Related terms
- Marketing-Qualified Lead (MQL)
- Account Planning
- Marketing Channel
- Channel Partner
- Chief Sales Officer (CSO)
- Digital Commerce
- Cost Optimization
- Sales-Qualified Lead (SQL)
- E-Business
- Sales And Operations Planning Systems Of Differentiation
- Account Executive (AE)
- Sales Analytics
- SFA (Sales Force Automation)
- Direct Channel
- Commerce Platform Servers
- CPGA (Cost Per Gross Add)
- Average Selling Price (ASP)
- Category Management
- Account-Based Marketing (ABM)
- Business Rule Engines (BRE)
