9 Habits of Highly Successful Key Account Managers

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Habit 2: Identify

A key requirement for success is the ability to identify and map stakeholders within the key account. But the locus of control with respect to most buying decisions has changed and that leaves Key Account Managers seeking out a multiplicity of new stakeholders.

It is no longer enough to simply interact with those technical buyers (i.e. plant managers, engineering managers, IT managers, etc.) who have traditionally made the decision. Key Account Managers must now engage with ‘the new buyer’. That is; procurement, finance and other so called ‘business buyers’.

Simply identifying who the stakeholders are is not enough. Key Account Managers must understand the needs and motivations of all the different stakeholders – from technical to procurement and finance.

Key Account Managers know that some stakeholders are more important than others. They are continuously on the look-out for the powerful project sponsor, or ultimate source of power. That is the senior executive(s), who have the power to shape budgets and priorities. But that is not easy.

In a global account finding the real source of power can be a real challenge. In the words of one manager it is like finding the source of the Nile because people are continually moving, so too are budgets, priorities and projects. Much of this change is happening out of sight of the salesperson and that means that the key account manager often discovers that the person(s) they are selling has less power than they were led to believe.

Next, let’s examine the 3rd habit: Connect.