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Increase revenue and profitability. KAM taps into the most valuable customers in your pipeline. Once a pattern is developed, it's easier to spot opportunities in your industry to nurture valuable clients to turn into high-growth accounts. More key accounts = revenue growth.
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Why is Key Account Management Important -
In theory, your sales team can earn more in revenue without closing more deals. All it takes is closing the right deals.

Here’s the problem: around 87 percent of companies don't get afghanistan telegram data strategic account management right. And that's because these initiatives also come with drawbacks. With so much time spent focusing on strategic relationships, it's easy to:

Neglect "non-key" customers. KAM requires reps to get selfish about how they spend their time. Nurturing a key account takes a lot of energy, and it's only natural that other customers won't get the same treatment. But sleeping on non-key accounts can result in missed opportunities and potential loss of revenue.
Way overspend on your budget. Key accounts are a calculated bet. It's why so many sales teams hand these accounts over to their rockstar reps in the hope that the bet will pay off. But all this extra attention comes at a cost—and sometimes that cost isn’t justified.
Complicate your account workflow. Key accounts can be tricky with a lot of different stakeholders and needs. If your team doesn't understand the individual circumstances of each account, it's hard to communicate well and make them feel important. This can have the opposite effect of nurturing and retaining these accounts.
So, just how can a sales team balance nurturing key accounts while closing more deals?

The 4 Pillars of Key Account Management
Over 20 years ago, Dr. Michael Stankosky proposed what he thought were the four essential pillars of knowledge management: Leadership, Organization, Technology, and Learning.

The 4 Pillars of Key Account Management - Close
Each pillar represents a core element of any successful KAM strategy: