Accounting for all variables, ‘Key’ accounts are the ones that help organizations strive to achieve something exceptional. Organizations try to identify and hold on to such key accounts, with a variety of sales strategies to improve numbers. Most of these organizations would already be using a form of customer relationship management, and using Key Account Management Software can be seen as the logical extension of the same. KAM tools focus on a section of clients to build a bond by providing personalized consultation services.
What should you look for in Key Account Management Software?
Once the right accounts are earmarked for Key Account Management, associating a dedicated team with them removes obstacles in understanding, approvals, change requests, and many other activities. Other employees can focus on their main responsibilities, instead of handling client management duties. Key account managers can rely on the support of a cross-functional team for proper execution of deliverables. They can use features of CRM tools their organization is using, to keep track of communication with the account stakeholders, give visibility on what’s going on and what can be done, and ensure effort is not wasted across teams. The tools listed below take different approaches to Key Account Management, and any of them can be chosen based on the needs of the team using the tool. While some are CRM tools with enhanced functionalities, few are built with KAM as their focus.
List of 8 Key Account Management Tools Every Key Account Manager Needs
1. LinkedIn Sales Navigator
Being the world’s largest professional network, LinkedIn boasts of 700+ million users in more than 200 countries and territories, and LinkedIn Sales Navigator uses this wide reach to keep its users up-to-date with the accounts, while identifying and connecting with important stakeholders and new prospects.
What it does
Generate and qualify leads, grow networks, cultivate relationships, grow revenue – the basic responsibilities of KAM team members can be easily executed with LinkedIn Sales Navigator. The option to create custom lists of clients is a positive factor, where the tool fetches insights based on the contents of the list – like job switch of a client manager, prospects who have interacted with posts in the last week, etc.
The need for it
Being the preeminent social network has its advantages – and Sales Navigator provides more contact data than the limited access of the free version. Sales teams can unlock more people in their search results during prospecting. Sales Navigator allows for filtering contacts based on engagement, interactions, and social behaviours and events.
2. DemandFarm
Demandfarm is a Key Account Management tool that makes key account planning effective, yet Easy. The simplicity of the tool enhanced productivity right off the bat, by relieving sales teams from dealing with the clutter of spreadsheets and presentation slides. It improves existing account intelligence and enables insightful opportunities for the sales team members to pursue. Reports can be accessed on demand from the dashboard, from where Account management leads can govern every aspect of the sales funnel.
Checklist: How to Select the Ideal Digital Account Planning Tool
What it does
When it comes to managing key accounts, Demandfarm ticks all boxes. Being one of the very few key account specific tools, it focuses on maintaining and improving the account and provides plenty of features to achieve the same. It provides easy integration options with CRM software, and enriches typical CRM activities with actionable information from various sources. The tool takes in data spread across the sales team, and converts this organizational knowledge into an enterprise memory that can be used effectively by all team members alike.
The need for it
Apart from enriching existing leads and enabling teams to automate routine interactions, Demandfarm maps out multiple buying centres and spots opportunities that can spring up within the account, with WhiteSpace Analysis. The Organization chart with heat maps allows for drag and drop updating of charts and provides an in-depth look at all client relationships. The ‘Grandstand’ dashboard feature of the tool renders for easy review of key accounts from all angles. Account Planning features inspire collaboration, and sales teams can build simple yet comprehensive plans that consider the relationship strength and the business potential of Key Accounts. Change transition support, unified tracking, and reviews with standardized operational reporting aggregate data across multiple key accounts and paint a detailed big picture. From 360-degree clarity to anticipate opportunities to building the right capacities and aligning resources, Demandfarm allows account plans to identify and act upon cross-sell and up-sell opportunities.
3. Chili Piper
Chili Piper is a hands-full add-on for CRMs, and augments their functions with account management related functions (not necessarily key management specific). It simplifies meeting bookings and suggests agreeable times for a connection.
What it does
‘No calendar tetris’ is what Chili Piper promises, and delivers handsomely too. Apart from scheduling and reminding participants, it records every interaction in the CRM, with meeting details time stamped and recorded to help sales teams manage their pipeline better. Their mobile apps and browser extensions help sales executives access the tool from anywhere and book meetings at their convenience.
The need for it
If arranging meetings is a pain for the sales team, Chili Piper works out really well. Features like one-click booking via email, embedding suggested times and smart signatures in emails so that the guests can schedule meetings with one click, automated reminders and rescheduling features etc. seem simple enough, but the mental load of remembering to follow up and reschedule can be quite burdensome on individuals. Sales executives don’t have to refer to their calendars every time they have to arrange meetings, and that is a win all by itself.
4. Outplay
Outplay is a multi-channel outreach tool that helps sales teams scale. Sales teams can connect with prospects on multiple platforms such as email, chat, SMS, Phone, LinkedIn and even Twitter. The ability to personalize interactions across channels is its USP.
What it does
Teams can set up personalized sales sequences, so that they can reach out to prospects timely and effectively. Metrics from these sales sequences can be seen on the dashboard, and performance can be measured on an individual as well as team level. Tools to track emails, integrate with browsers, reply direction suggestions take away the time-intensive work so that sales team members can focus on brain-intensive issues.
The need for it
Outplay helps in tracking website visits too, in addition to email and click tracking. Users are informed when prospects visit their website, and insights based on the pages visited are used to personalise outreach efforts. Sales teams can also set triggers for any activity by prospective clients in their radar, so that they can automate their future actions.
5. Avoma
Learning from the best in the organization or team becomes simple with Avoma, as the tool identifies patterns and aids in building playbooks that match the performance of leading sales executives.
What it does
Avoma records, transcribes, and analyses sales conversations to help teams adopt the best methods (that are working). The analysis is scalable and AI-powered, and helps in performance cloning of leading performers to train and onboard new members faster and shorten their sales cycles.
The need for it
If there are a lot of new members in the sales team, Avoma can be very useful. It enables ongoing coaching and training in the mould of experienced, successful team members, establishes feedback tools that can be used by the entire organization, and saves time by speeding up the training process. The option of augmenting notes of sales team members during calls with AI keeps CRM data entries up-to-date.
6. Lusha
Lusha promises sales intelligence, and helps teams hit their revenue goals by improving various stages of the sales process. The insights provide actionable information on the clients which come in handy during cold calls, customizing a pitch, and increase win rates.
What it does
Lusha provides visibility over the sales funnel to the leaders of the organization, and helps them manage teams from a single platform. Sales executives can search for ideal prospects and book meetings and build qualified leads.
The need for it
The easy integration with CRMs ensure sales teams can make use of the insights quickly. The tool addresses data gaps in customer databases, and enriches leads in the CRM with relevant contact information. Its one-click lead enrolment and enrichment highlights priority leads and new revenue opportunities.
7. Demandbase
Demandbase focuses on targeting customers when they need a certain product or service the most. It provides an overview of the accounts with data pulled from first- and third-parties and analysed by AI. It aims to improve visibility and optimization so that sales teams can gain the most from their ads and outreach initiatives.
What it does
Demandbase is an accounts-based marketing (ABM) tool that handles key account management aspects really well. Its unique, targeted approach to B2B marketing. helps in personalization of campaigns, and its sales conversion components secure leads in the sales funnel. The built-in analytics part helps in visualizing campaign performances, and better understand the success.
The need for it
Demandbase’s account-based marketing foundation equips it with features to automate account-based advertising and retargeting. The advantage of website personalization helps sales teams cater to high value clients with personalization at little cost. The robust support section transfers specific chat sessions to reps or departments for quicker solutions, and website user behavior analytics show visiting organizations to the customer domain and provides insights on improving interactions.
8. HelloSign
Hellosign started off as a contract management solution, but quickly expanded to other aspects of those contracts – from winning them to retaining them. It tries to streamline the sales cycle, automate manual tasks, and improve completion rates with simple and easy to use interface. The plus point is the whole coverage of the processes around contracts.
What it does
Hellosign automates sales workflows by populating proposals and contracts with prospect data, set signing order priorities, send agreements, and automate reminders from the CRM tool used by sales teams. Its speciality is creating and managing aspects of legally binding contracts, so that the work gets efficient and stays organized.
The need for it
If sales teams are great with closing deals but the following procedures and drawing contracts is a headache, Hellosign can be a good tool to use. Its pre-built contract templates, prioritized workflows, and automatic reminders help teams sell faster. The sales force integration also lets teams send, store, and access all the contract-related stuff from their CRM windows.
Words to leave by
Understanding the needs of the sales team is the most important part of the key account management process – employees who are frequently pushed out of their comfort zones because of lack of data or direction can only succeed that much. The strategic account management tools provided by CRMs are a really good starting point for KAM, but dedicated Key Account Management software builds on these features and brings plenty of advantageous ones on their own. Good Key Account Management tools that fit in well with the workflows of sales teams, act as an extra team member who not only takes care of all the routine and time intensive tasks, but also provides key insights and action items every time.
