What is key account management?

Key account management refers to the coordination of sales, marketing and planning efforts between a business and its most important clients. The primary objective of key account management is to gain a thorough understanding of the needs of the company's most significant clients.

Key account management models begin by identifying the top clients of an organization. Customer-oriented units within the company focus entirely on these top accounts. These units are headed by key account managers. Unlike traditional account managers that focus solely on sales, key account managers act as strategic planners using relationship management skills to offer added value to the top clients.