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Key Account Management (KAM) – Research companies, use KAM technology and maintain momentum

Red Star Kim

Key Account Management (KAM) – Research companies, use KAM technology and maintain momentum. Key Account Management (KAM) – Research companies Larger firms may have access to research and knowledge specialists. How should firms identify their strategic accounts? Why do law firms needs SAM?

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Selling challenges in professional services: Sales processes and skills

Red Star Kim

Amongst the delegates were business development executives and managers with responsibility for between three and five clients as part of their firm’s Key Client Programme (KCP) or Key Account Management (KAM).

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The Wild West, Cher and Covid – Reflections from a Referrer Management workshop (June 2022)

Red Star Kim

The MBL workshop on Referrer and Intermediary Management earlier this week combined those in front-line fee-earning roles (e.g. employment and family solicitors) with those from marketing and business development in legal, tax, wealth management and property firms. Recent articles on referrer management.

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Sales Targeting Toolbox for Professional Services Firms

Red Star Kim

Our target markets span large and small businesses; private, public sector and not for profit sectors; centralised and decentralised buying processes; procurement and user-led purchasing behaviour. Essentially a focus on the most profitable clients. So targeting is often more important and more challenging.

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Book review: All you need to know about commercial awareness by Christopher Stoakes

Red Star Kim

I invited him once to facilitate a junior professionals’ networking event for an accountancy practice – where he talked about one of his other books “All you need to know about the City” (latest version updated in 2022). And the important distinction between cash and profits is highlighted.

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Context and curiosity drive commerciality and pricing

Red Star Kim

The crux of marketing is to anticipate (and meet) client needs whilst maximising profit. Price is a major driver of profit. Differential pricing is rarely discussed in professional services although it is often implicit in key account management. So marketing is reliant on research and financial knowledge.

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Referrer Management Strategies – Rationale and Challenges

Red Star Kim

There are many reasons why referrer management strategies are important for the marketing and business development of professional service firms. Research indicates that most firms generate 80% of their fees and profits from 20% of their clients. Do you have a Key Account Management (KAM) programme at your firm?