Developing Key Accounts
& Key Account Management
The majority of Meridian’s clients have a key account strategy
or at least recognise the Pareto’s principle, namely that
80% of their business comes from 20% of their customers. Managing
these customers is crucial and losing them could be disastrous.
Meridian assists its clients in selecting the criteria by which
accounts are deemed to be Key Accounts. Once chosen, the development
of individual and generic key account strategies is required.
Key account management processes are needed to ensure plans are
developed and managed accordingly. Mapping key decision makers,
influencers and evaluators and producing a contact and activity
matrix are core components of this process.
It is vital to develop the skills and capability of Key Account
Managers to ensure strategy is implemented effectively. Meridian
trains the skills and develops bespoke tools that enable the key
account manager to be effective with key accounts.
Planning and account information and knowledge contribute a large
part towards the success of the key account programme. Trading
terms reward both parties if the relationship works as planned.
Key account management is a partnership.
Trading Terms in itself is an enormous subject which is of great
interest to Meridian’s clients. Meridian’s approach
is to ensure the “three cornerstones” are addressed
when developing or refining Trading Terms. The three cornerstones
are Trading Terms, Sales Divers and Compliance. Trading Terms
must be linked to an understanding of sales drivers or demand
divers (what elements drive sales) and be attached to compliance
(the implementation of what was agreed). If compliance is tracked
and understood, then meaningful debates can occur around rewarding
/ incentivising / penalising performance related to excellence
of execution and business results. Meridian helps its clients
understand the “Demand Drivers” and “Margin
Waterfall” to help construct Trading Terms which grow profitable
sales.
Meridian works with its clients to develop bespoke Key Account
Management solutions.
