Key account management to increase share of wallet: Mahindra Satyam

Abstract

Increasingly, business market managers seek to maximize their firms financial returns by balancing efforts to gain new business with activities designed to retain and expand profitable share of business among existing customers. For B2B firms, growing existing customer relationships is often seen as an easy way to generate additional revenue and profits. It assumed that the 'hard part' of winning the first piece of business has been done and the existing relationship provides a platform on which the sales team can build. It s well understood that Customer intimacy is the largest source of a company s growth, sustainable competitive advantage, and profit. But augmenting and deepening relationship (Customer Intimacy) with existing customers are one of the top 2 marketing challenges a marketing executive generally faces in an industry. Each organization and the marketing executive wish to emerge better equipped to develop and implement highly effective business-to-business marketing, specifically CRM strategies that drive the organization's top and bottom line. The project will make efforts to gain new insights and provide frameworks for mastering the current marketing challenges related to business growth from existing customer, consequently improving results Why is it Important to Solve: An enterprise marketing department should be enabled to effectively identify and target their best customers. Build individualized relationships (Intimacy) with customers, with the objective of improving customer satisfaction and maximizing profits. Enterprise should also be capable to provide employees with the intelligent and relevant information and processes that are necessary to know their customers better, understand their needs, and effectively build relationships between their company and the customer. Done right, the approach will enable firm to constantly revisit their targeting and selection decisions and make necessary adjustments when and as required to deliver superior customer value and get a fair return in exchange from the existing customers.