Wessex Key Account Fundamentals Bundle

As globalization takes hold several things happen; customers are more demanding and sophisticated, competition gets tougher, business is more complex and fast changing, and highly competent global account managers are in short supply. The managerial challenges of competing in a global world are more difficult in orders of magnitude than competing domestically. Life is especially tough when the corporation is not centrally focused on the global customer when corporate personnel across functions and around the world do not get it. To get it means understanding at a visceral level that success or failure with global customers maybe synonymous with success or failure of the entire enterprise. Unless all employees are focused in the firms relationship with its global customers, competitors that do get it will surpass them. Indeed, competitive advantage based on building global supplier customer relationships may be longer-lasting than competitive advantage based on products or services. Companies cancel products but they less easily cancel people, especially those that have served them well. But the promise of long-run sustainable competitive advantage can be secured only if the firm truly focuses in serving the global customer. No matter where they are located, all firm employees must understand they are competing in a global world and that success with global customers is the Holy Grail. They must throw off the shackles of ethno-centrism and nationalism acquired in their youths, and embrace the global challenge. Not only should they defend their turf against global competitors but they must do what they can to make their global customers succeed. In pursuing this goal, they may develop a global account management system that in itself becomes a competitive advantage.

The Dictionary of Selling Terminology (DST or Dictionary) provides a comprehensive reference list of the terminology and definitions used by both sellers and buyers on a global basis. The goal to address the necessity for a standardized and universal language to mitigate the confusion and ambiguity inherent in the selling and buying language due to definitional differences.

Standardized terminology is a common language, nomenclature, classification, or taxonomy that depends on a uniform use of correct terminology to bring clarity to terms that are unclear and could have several possible versions in the source language or several versions of translation.

The language of selling is not a single language. In fact, every sales organization, either for-profit or not-for-profit, has a different and unique language for the selling process based on organizational factors such as culture, industry, market sector or segment, channels, competitors, and geography.

However, in order to standardize the sales language, the seller’s sales organization needs to understand the product from the buyer’s perspective. To identify the core buying emotions, sales professionals, and those serving in supporting roles to the sales organization, need to learn the language of prospective buyers and current customers — the way they talk, the way they discuss their problems, and the way they feel about certain subjects, and so on.

Because of the way that language works as a living entity that continually changes, it is important to note that many of the terms included in the Dictionary will continue to evolve as the result of numerous factors such as culture, markets, and industries.

Both legacy and current terms are included in the Dictionary. Numerous entries reflect the increasing influence of technology and automation on enablement and operational processes including buyer enablement, content management systems, contract lifecycle management, and customer relationship management.

In addition, the terms inherent in the cross-functional departments which support the sales organization are included. The cross-disciplinary terms include: Finance —revenue, gross profit, and price, and Marketing — promotion; Legal — rules, regulations, compliance, governance, and risk; Manufacturing —quality as well as numerous Ethics terms.

Sales professionals, including Chief Sales Officers, Field and Inside salespeople, Frontline Sales Managers, Chief Learning Officers, Sales Enablement and Operations Directors, Key Account Managers, Business Development Directors, as well as marketing professionals will benefit from this definitive dictionary.

The Dictionary is also a valuable resource for those professionals who have accountability for the Supply Chain and Procurement functions.

Also, those professionals who serve in supporting functional roles such as Finance, Legal, Accounting, Operations, Human Resources, and all of the internal and external stakeholders will gain a deeper knowledge, understanding and appreciation of what it is like to walk in the shoes of the sales professional and the buyer.

No one rises to the top and stays on top of their game without lifelong learning and intentional growth initiatives. If you want to be more effective and efficient in your professional role, whatever that role is, you need to study and master the craft, which includes the language.

If you have a suggestion on a word to add to the next edition of the Dictionary,please fill out this form and send to us.

Market2Win (M2W) simulations are virtual training tools which allow the participants to take the role of a sales, finance, key account, marketing, or other departmental role under conditions defined by limited time and information to reinforce the requisite knowledge, skills, and abilities. Numerous games may be run simultaneously thus making simulations a cost-effective training method.

The learning methodology underlying the Market2Win simulations was designed and developed by Professor Malcolm Donald, Emeritus Cranfield University based upon his key account and marketing expertise in both an academic and business context combined with the expertise of Edmund Bradford, Managing Director, Market2Win (M2W) gained throughout his 30+ year career.

Simulations emulate the real work environment through experiential learning. The M2W simulations are built with deep learning processes which entails all forms of learning where the participant is behaviorally and cognitively challenged. Simulations complement theoretical education by providing a dynamic, interactive risk-free learning environment.

The purpose is to bring “real-world” learning into live or virtual classrooms and put the participants through a myriad of different experiences and measuring performance, providing feedback and recommendations. Research shows that 70% of what is learned is from experience, 20% is from social interactions and 10% is from traditional learning sources.

The M2W simulations are designed to address the processes, procedures, and methods requisite to developing a viable strategy as well as how to effectively execute the go-to-market strategy and action plan in a game format. Also, the M2W simulations are designed to provide extensive application of the knowledge, skills, abilities, tools, and analytics required for successful management of a key account, sales and/or marketing function. Templates are provided for analysis, strategy specification, tactical execution, and real-time analytics.

Simulations make learning new skills fun while creating favorable emotions with the learner and the training content. The participants acquire knowledge faster, and retain the knowledge longer, because they can experience and apply the concepts learned in a realistic real world, in a controlled environment. Participants can make mistakes and learn from them by experimenting with new methods to address the same issue. The moment participants become confident in their new abilities based on the outcomes of their decisions, typically they become capable of making lasting changes.