Key Account Management in Financial Services: Tools and Techniques for Building Strong Relationships with Major Clients

Key Account Management in Financial Services: Tools and Techniques for Building Strong Relationships with Major Clients

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Overview

Key Account Management in Financial Services: Tools and Techniques for Building Strong Relationships with Major Clients by Peter Cheverton, Bryan Foss, Tim Hughes, Merlin Stone

Key Account Management in Financial Services has been written in response to customer demand. Using specific, tailored examples and case studies from global financial services companies, this book provides marketing professionals in the financial services sectors with expert advice on marketing and selling their financial products to large clients. Compiled from original in-depth research and interviews, the book takes you through the process of understanding, analyzing, planning, implementing, and performance monitoring, so it can be used as a "before, during, and after" guide to practical implementation. The free CD-ROM contains KAM analysis software and planning tools.

Product Details

ISBN-13: 9780749450694
Publisher: Kogan Page, Ltd.
Publication date: 01/01/2008
Edition description: Reissue
Pages: 334
Product dimensions: 7.50(w) x 10.00(h) x 0.91(d)

About the Author


Peter Cheverton is Director of Insight Marketing and People Ltd, and author of Key Account Management and Key Marketing Skills (both Kogan Page).  Bryan Foss is director of www.FossInitiatives.com and an adviser to a portfolio of fast-growing international companies.  Tim Hughes is a marketing consultant, mainly for financial services companies. He is a Senior Lecturer at Bristol Business School, UK.  Merlin Stone is a leading authority on marketing and customer management and has published numerous books and articles on these subjects.

Table of Contents


Foreword   Professor Malcolm McDonald     x
Foreword IBM's Financial Services General Managers     xi
Acknowledgements     xiii
Defining Key Account Management in Financial Services
Why financial services are special   Gary Wright     3
Definitions and scope     3
Market size and sectors     5
Why are FS markets special?     6
Why KAM matters in FS markets     13
What is a key account in financial services?     16
General definitions and their limitations     16
Categories of KAM in FS     17
Managing the complexity     24
Competitive advantage through managing the future     25
Managing the future     25
Your business strategy     25
Where to start?     26
The importance of balance     27
Assessing the opportunity     28
PESTLE analysis     28
Porter's analysis     29
A secure future through competitive advantage?     31
The 'opportunity snail'     33
Long-term competitive advantage?     37
Key account management - Its purpose     38
Why KAM?     38
Three simplepurposes     39
Sales and business objectives     40
Sanity checks     41
Implications of KAM     42
So, what will KAM 'feel' like?     43
Good practice?     44
Is there a KAM process?     45
Developing the relationship     47
The milk round     47
The hunter     48
The farmer     49
From hunter to farmer     50
The key account relationship development model     51
Charting the course     51
Some pros and cons of each stage     56
Some things to watch out for     63
Making diamond teams work     64
Avoiding frustration     65
An update to the KAM process     67
The good, the bad and the sad     68
Some bad stories     69
Some sad stories     70
Some good stories     72
Learning the lessons     73
KAM profitability     75
Will KAM be profitable?     76
Why customer retention?     77
The costs of large customers     78
Know your margins     79
Cost to serve models     81
The benefits of customer retention     82
The Customer's Perspective
The buying process in financial services     89
The corporate buying process     89
The intermediated buying process     91
Customer requirements in buying FS     92
Supplier considerations in selling FS     95
Matching buyer requirements effectively and profitably     96
Supplier positioning - becoming a key supplier     98
Supplier positioning models     98
The supplier power/buyer power model     99
What relationships, what activities?     103
So, who's the key supplier?     106
Is there any escape for suppliers?     108
Measuring value     110
Value for money in FS     110
Summarizing value     111
The supplier power/value model     112
Open-book trading     113
Demonstrating value     114
Measuring trust     117
Trust matters more than you will ever be able to measure     118
The supplier power/trust model     118
Winning trust     120
The rewards of trust     120
When trust goes out the window     121
Managing financial services suppliers     123
Reducing supplier numbers     124
Rationalization and centralization     126
Tailoring the service to the customer's needs     127
Understanding business strategy, culture and values - becoming a strategic supplier     129
Business strategy     130
What to sell and where? The Ansoff matrix and risk     131
What to sell and where? The product life cycle     133
Why will people buy? Porter and competitive advantage     136
What makes your customers' businesses hum? Treacy and Weirsema's business value drivers     137
The cultural match     142
Preparing for Key Account Management
What will it take? Goals and obstacles     147
Goals     147
Obstacles     148
What will it take? Skills     150
The changing requirement     150
The team's skills and abilities     152
Attitudes and behaviours     152
What will it take? Processes and systems     155
Making it easy to do business with you     155
Customer classification and customer distinction     156
Information systems     156
Communication     160
Operational systems and processes      162
Performance measurement     163
Designing the system     165
Updating current IT systems     172
Building the brain     174
The impact of mergers and acquisitions     177
Integrating KAM systems     178
What will it take? Organization and resources     181
Organization     181
Human resources     187
What will it take? Making it happen     194
Assessment     195
Alignment and managing the change     195
The change equation     196
Critical success factors (CSFs)     198
Identifying Key Accounts
The 10-step process     203
Step 3 - assemble the selection team     204
Segmentation     206
The problem for support functions in an unsegmented business     207
What is segmentation?     208
Methods for segmentation     211
Market map     211
Understanding buying behaviour in context     213
Making the cut     215
Segmentation and KAM identification     216
Benefits of segmentation for KAM     217
A new type of marketing plan? KAM and relationship marketing      218
Identifying your key accounts     220
An identification and selection process     221
Is all this really necessary?     224
The perfect investment portfolio?     226
The selection factors and the selection process     227
The selection process     230
How much effort and how much detail?     232
Key accounts and multiple business unit suppliers     233
Customer distinction     235
Determining distinct strategies     236
The steps towards customer distinction     237
Some comments and advice     240
Entry Strategies
The customer's decision-making process     245
Entry strategy     245
The buying decision process     246
Selling to the organization - the DMU     248
DMU - the decision-making unit     248
Interests and influences - entry strategies     249
The role of the key contact     250
Changes in buying     251
Globalization     253
Other interests and influences     254
Entry strategies     259
The contact matrix and GROWs     260
Contacts over time     262
Dealing with the DMU - hints from the front line     263
Meeting the Customer's Needs
Meeting the business needs - beyond benefits     269
Where are you with your customers?     270
The customer's total business experience     272
Positive impact analysis (PIA)     275
Impact analysis for corporate customers     275
Impact analysis for intermediaries     276
Screening and selecting positive impact activities     278
Lock-in     279
Gaining a share of the value     280
Some hints on using positive impact analysis     282
Key account management and the e-revolution     283
The impact of the e-revolution on FS     284
The e-revolution and KAM     285
Steps in the revolution     286
The strategic approach to e-business     289
The e-revolution and the role of the KAM     293
Making the proposal     295
Proposals are opportunities to show you have listened     295
Open to change?     296
Proposal analysis     297
Selling to the individual     301
Logic or emotion?     302
Ensuring rapport     303
Chemistry     304
Getting motivation right      304
Keeping on Track
Getting there - timetables and performance     307
How will you measure success?     307
Timetables for implementation     308
Training development tracks     310
Regular health checks     311
Writing the key account plan     314
No plan - no key account     314
The plan's purpose     314
A key account template?     315
Some 'must haves'     316
A few tips     318
A sample running order     318
Some tips on writing key account plans     320
Getting further help     322
References     324
Index     327

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"This book is designed to help financial services companies meet the expectations of their larger customers, profitably." — Prof. Malcolm McDonald

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