By Peter Cheverton, Bryan Foss, Tim Hughes, Visit Amazon's Merlin Stone Page, search results, Learn about Author Central, Merlin Stone,
Editor Peter Cheverton is a guru of KAM, and this e-book a bit modifies and tailors his simple KAM method of healthy the desires of the monetary companies undefined. The tailoring is moderate, quite often an issue of streamlining the fashion, even if that's welcome. One short yet very invaluable part discusses the significance of facing and during intermediaries. actually, many fiscal companies proprietors paintings via intermediaries, allotting their product or service via banks, insurance firms, mutual fund businesses or others. Cheverton and his co-editors, Tim Hughes, Bryan Foss and Merlin Stone, usefully indicate that it's important to not ponder the middleman because the buyer. as an alternative, the seller may still glance through the middleman to the ultimate consumer and help the middleman in constructing an delivering that fits the wishes and personal tastes of that finish person. those who have learn Cheverton's "Key Account administration" will examine little new the following, yet we think that those that haven't - quite these within the monetary providers region - will take advantage of this shorter, more straightforward publication.
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Extra info for Key Account Management in Financial Services: Tools and Techniques for Building Strong Relationships with Major Clients
We have used the term Key Account Management (KAM) in this book as the generic terminology that best covers the field. CATEGORIES OF KAM IN FS Business-to-business markets in FS can be split broadly into corporate and intermediary sectors. In the corporate sector, suppliers provide directly for the needs of business customers. This is distinct from the intermediary sector where suppliers provide products for selling on to end-customers. We also separate investment banking as a category. Investment banking is a sub-sector of the corporate category, but has its own character and merits coverage in its own right.
Let us now consider some basic ideas of KAM and how they can be applied in FS. 24 3 Competitive advantage through managing the future MANAGING THE FUTURE The increasing emphasis on managing corporate and intermediary relationships has long-term implications for FS suppliers. As we outlined in the previous chapter a key account is an investment in the future. Key accounts are customers that promise to take you where you wish your business to be. In view of this, identifying them is as important as choosing a portfolio of investments – some must give a quick return, some are longer-term, while others are speculative, balanced by those that offer more certainty.
How does the label ‘key account’ help to manage the investment in your customers? How does it help you to manage the relationship between the two businesses – supplier and customer? How does it help you to manage the future? How does it help you to balance sales objectives with resources and with the opportunity? How does it help you to identify activities that would give competitive advantage? How does it help you to secure lead or key supplier status? The purpose of KAM is to have positive answers to all of these questions.