Busting the 5 Biggest Myths of Key Account Management

If you think key account management is all champagne toast and million dollar deals, well, buckle up my friends, because we are about to bust the five biggest myths about key account management, starting right now. Hello heroes, it's your favorite cam coach, Warwick Brown. And welcome to the Cam Club Podcast, a show that is on a mission to help busy key account managers get results. Now, I thought this would make for an interesting topic because, you know, I live and breathe key account management and not a day goes by when somebody doesn't mention something that I think, yeah, you don't really know what key account management is about, do you? Because there are definitely some preconceived notions about what the job entails and what's involved and how hard or how difficult it is. In fact, I've done a few, a few videos actually sword I was looking for videos on the topic. I've done one about what key account management is and also A day in the life of a key account manager, which might surprise a few people as to the reality check of what's actually involved day to day how you spend your time. So you can check both those videos out on YouTube. I'll leave a link in the show notes tkcpodcast.com 036 but for today's podcast, let's set the record straight on a few of these myths and misunderstandings. Now, I'm not too surprised that there are some of these myths around because I was a victim of them myself. I misunderstood what key account management was all about. I used to see key account managers, you know, swat, I used to say, swan in and out. You know, they rock up at 10, seem to just, you know, go about chatting to everybody, then leave at 12 for a long lunch, come back, collect their car keys and disappear here into the sunset. I didn't realize what they actually did behind the scenes. I didn't realize that that short day in the office was actually counterpointed by a much, much longer day on the road traveling like six hours to get to and from a client doing work after hours before hours. It was a very different kind of perspective that you got when you looked at the veneer, the outside of how they might appear to you when you're stuck at a desk in the corner of the office to the reality of what they're doing. And also they're playing interference with a lot of the things that you don't ever see. You kind of are getting a filtered, sanitized version of the things that come through from the client. They often tackle them directly or they Will, you know, say them in a much nicer way or do part of their work for you so that they only give you the nuts and bolts of what needs to be done versus the whole thing. You always have a good idea of what's really going on. So no surprise. And it's one of the reasons why I tell my coaching clients and my training clients don't do invisible work. It's one thing to make things look easy and simple and straightforward, but it's also, you know, sometimes a disservice when people don't understand that there is hard work involved, that there are challenges in getting things completed, that it involves collaboration and cooperation, and it's taken a lot of effort to get the results, to get the thing done. And it's not about tooting your own horn constantly and bragging, or humble bragging, whatever you want to call it, but it's about making sure that when it's appropriate, your clients and your internal colleagues understand and that this is an achievement. The result you got wasn't just by coasting. It was because of the result of your expertise, your persistence, your experience, your strategic oversight, your planning, your relentlessness. All of those things led to that outcome, not just it happened by magic or osmosis or by itself. So as I go into these five myths, think about how you're presenting your role. Think about how people think about what you do and how you do it and how you participate in the outcomes for your clients or your internal stakeholders. Do they understand? Do they appreciate the value, the contribution? Because if they don't, you might need to bust some of these myths yourself. So my first myth is that key account managers are, you know, it's all about relationships. You know, they're not salespeople. They're farmers, not hunters. This is one of the biggest sort of bugbears, like, really gets under my skin. Because, yes, we do need to be likable. Yes, we do need to build strong, influential relationships with our key stakeholders and decision makers and all that sort of stuff. But we need a lot more than charm. It's more than just turning up with coffee and muffins. We have to have deep business acumen. We've got to have strategic thinking. We've got to have strong negotiation skills to understand client needs, tailor solutions, and drive significant revenue growth. Believe me, when a client comes to you, you know, from sales, they think they've bought everything there is to buy. They don't think they need anything else. Sales have told them, sign on the dotted line. We are the answers to your problems. So to continue to grow that account when they already feel like they've already spent as much as they should is challenging when it comes to renewals, it's also challenging because you're not selling the dream anymore. Salespeople get to promise the greener pastures on the other side of the fence, just just on the horizon. When you're an account account manager, you're selling the reality and sometimes the harsh reality. Your clients know, your clients know how things work, right? It's not their first rodeo and they're not going to fall for the same tricks twice. You know, what's that for me? Fool me once, shame on you. Fool me twice, shame on me. So, yeah, when you're a key account manager, promising, you know, upgrades upsells new solutions to old problems, that things will be different or better the next time around if they renew. Whatever you might be doing to try and convince the clients to stay, it has to be believable and it has to be grounded in reality because you can't invent some fiction or sugarcoat a solution just because you want to win the client. It won't fly because I know it's bullshit. So key account managers are salespeople, right? Case closed. I don't want to hear any more about it. Now, myth number two is that cams only work with a handful of clients. So cams do work with a handful of clients, but the reality is more nuanced because you may have high value accounts, but the number of those clients can vary dep depending on the company and the industry. There's no professional standard that says a key account manager should only have six accounts or 20 accounts. That doesn't exist. It's very dependent on how your company thinks about account management and what they require you to deliver in your role. Key account managers really need exceptional time management and prioritization skills to effectively manage their portfolio. And they need to be crystal clear on what they're supposed to be delivering as a key account manager, where the boundaries are between what's included and what needs to be charged for. And to make sure client expectations expectations are met so that everybody's clear on what you are supposed to be doing as a key account manager. Now actually, if you're a member of the cam club, check out the course overwhelmed to optimize designing the perfect account manager portfolios. I did a whole workshop course on this which is around how to determine the optimal number of accounts, manage your workload, and also if you're a leader, how to support your team if they get a bit overwhelmed. So check that out. And listen. While we're at it, how about we hear from our sponsor, me. The GAM Club is the world's most amazing community of key account managers. Inside you will find training templates, guides, courses, and one to one coaching. With me even. I have open office hours every Tuesday and Wednesday. So we can always get some one to one time to talk about whatever you need to talk about to help you get unstuck. Even if it's just event. Everything is member driven. So whatever I create in there is because you guys as members have asked for it. So check it out. I'd love to see you inside. It's www.thecamclub.com. let's get back to the episode, shall we? Myth number three is that key account managers are always on the client side. They always say yes. They never want to say no. Actually, nothing could be further from the truth. Key account managers have to tread a very delicate balance between representing the voice of the customer to the business and representing the business to the customer. And they're constantly being diplomats, they're constantly playing trade offs, they're constant, constantly revisiting, renegotiating, adapting requirements and expectations and deadlines and playing this very pivotal role in finding the compromise, finding the medium ground or the medium ground. Middle ground. Middle ground. That's what I was looking for. The middle ground between what the client wants and what they can actually get and what you can deliver successfully as a business. So they are definitely not always on the client's side. The goal of a key account manager is to ensure account satisfaction, to proactively identify potential issues, and then to foster an ongoing partnership that benefits both parties. Myth number four is that cams are isolated from the rest of the organization. They're out of touch. They don't really know what's going on. In fact, CAMs are far from isolated. They manage by influence, not by authority. They have to collaborate closely with other departments. They have to get to know people in marketing, product support. Otherwise they're not going to get anything done. They're not able to just say, hey, you need to do this. I said, so. It doesn't work like that. There've been definitely some studies done around how account managers get things done. And it's usually by persuasion, by relationships, by informal networks. Very rarely do organizational processes underpin or support, you know, things getting done independently. You know, if the account manager wasn't there and didn't have friends in high places or, you know, no people in other departments. To cut corners or jump the queue. Stuff wouldn't happen. And it's actually a bit of a problem. You know, it shouldn't be like that. It shouldn't be up to the individual account manager to succeed on, you know, getting things done because they know people. It should be embedded in organizational processes. If I can find the study, I'll dig somewhere in my archives and if I can find it, I'll pop it in the show notes so you can take a look. It's a really interesting study about how work actually gets done and the problems with the way most organizations structure account management authority and influence. You can check out the show notes@dkcpodcast.com 036 now the last myth I want to bust, which is myth number five, is that key account management is a dying role in the age of automation. This is absolutely not true because while technology plays a role, human interaction and strategic thinking are going to remain critical and crucial aspects of key account management and of B2B partnerships. Technology can automate tasks, it can interpret and provide valuable data. But as account managers, you still need us to be able to build trust to navigate complex situations and organizations, tailor solutions to individual needs. Those kind of things are not going anywhere, and anybody that says they are clearly doesn't understand account management or quite frankly, how business relationships work. Case closed. Now, in light of what we've discussed in this myth busting episode around account management, here's a couple of things I want you to think about some action steps you might want to take as you ponder this episode. Reflect on your beliefs, have a think about, well, what? What's your perception on key account management? Whether you are in the role or want to be in the role or just happen to be listening to this, what do you think key account management about? Do you have your own misconceptions? Things change all the time. And perhaps some of your beliefs around account management are rooted in an older version of yourself or an older version of the role. And you might need to challenge them. And recognizing your misconceptions is the first step to overcome them. Second thing I want you to think about is to educate yourself. Dive deeper into the world of account management. You can read books, articles, attend webinars, workshops. I host monthly workshops. You can sign up to my newsletter at Account Was it Account Minded Me? I just rebranded it. That's why it's not tripping off the tongue Account Minded Me. You can sign up for my newsletter and of course if you haven't already, subscribe to the podcast now the other thing I want you to think about is to review your camp strategy. If you are a key account manager, take a look at how you're approaching the role. Are you aligned with the realities of the role or are you inadvertently buying into some of those misconceptions? Are you clinging to outdated notions of what an account manager is? Make those adjustments if you need to, and then finally, share knowledge. Spread awareness within your organization about the true nature of key account management. Don't let those people in the corner of the office that see you come in at 10am Think that you're just working part time. Make sure that people understand this isn't a 9 to 5 job, right? I promise you, for every hour I've ever knocked off early, I've paid it back double almost the very next day. It's a very challenging role that requires you to be flexible and to be able to roll with the punches. You know what I mean? Well, that's a wrap on this episode of the Camp Club podcast Heroes. I hope you've gained a deeper understanding of what key account management truly entails and have dispelled some of those myths surrounding the role. There's always more than meets the eye, and key account management is a profession that continues to evolve in our ever changing business landscape. Don't forget to check out the podcast show notes@tkcpodcast.com 036 I've been your favourite cam coach Warwick Brown, and I'm going to see you in another episode real soon. Bye. I'm Sam.