Totum

Key account management: a cross-sector analysis

Key account management (KAM) has become increasingly critical for professional services firms (PSFs) looking to maintain and grow revenue lines in a highly competitive market. But as our comparison of four different firms from across the PSF sector shows, managing your most valuable clients is a complex business with considerable variables according to specific sector, size of firm, type of practice/division and differing client requirements.

This doesn’t mean, however, that there are no opportunities for sharing cross-sector expertise. The four firms we interviewed in the property, law, accountancy and actuarial sectors face many of the same client management challenges despite their obvious differences in service offerings and business structures. And yet, in general, these sectors seem to know very little of each other’s experiences or the potential solutions that have been tried, perhaps because of an ingrained perception that the differences between each sector is too great. This is only reinforced by numerous conferences and publications that focus on just law or accountancy, and so on.

In this piece, we seek to break down some of these barriers to improve cross-sector learning and collaboration, and so support the increasingly critical role of business management professionals working across all types of professional service firm…

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