• The “Find a Key Account” strategy can help in many ways. 
• If you are sure that your product or service is capable of setting industry standards, this marketing strategy is for you. 

If you want to set industry standards with your product, you’ll need to persuade customers and competitors; which marketing strategy would you use? Find a critical account or a channel that has the potential to set your product or service as an industry standard. It’s more like finding your niche and targeting it in such a way that your product or service becomes an industry standard. 

There’s a two-part approach for incorporating this strategy into your business module. Part I is the identification of key accounts, which defines your Ideal Customer Profile (ICP), a detailed analysis of existing customer data, and optimal use of market research and sales intelligence. Part II is developing a Key Account Management (KAM) strategy, which includes deep research, personalized outreach, relationship building, & account planning. 

Before diving deep into the “find the key account” marketing strategy, let’s discuss how EV manufacturer Tesla is dominating by setting a charging standard in North America. 

How is Tesla Dominating via Its Charging Standard? 

Tesla is believed to be a pioneer in electric vehicles and has persuaded many manufacturers to switch to all-electric cars. However, with so many manufacturers in the market, a significant problem was the standardization of charging. It should be noted that EVs require a robust charging network across the country, and if every manufacturer provides different charging points, it’s difficult to accommodate them all in the network. 

In a bold move, Tesla has established its charging technology, complete with a charging port and related infrastructure, as an industry standard in North America. Before Tesla came into being, the EV landscape was largely fragmented. At the time, the Combined Charging System (CCS) was backed by various automakers, but Tesla developed its proprietary design. It’s similar to how all Android smartphone manufacturers now provide C-type charging as standard. 

Tesla & its North American Charging Standard (NACS)

Similar to C-type charging, which was made standard for all smartphone manufacturers, in late 2022, Tesla rebranded its connector as the North American Charging Standard (NACS). With a vast network of charging stations nationwide, Tesla persuaded other brands to switch to NACS and increase network utilization and profitability. 

Moreover, by using a single charging standard, other EV manufacturers mitigated the need for adapters that could cause inconvenience. There’s a strong possibility that a widespread adoption of NACS would solidify Tesla’s position in the Electric Vehicle Market. This scenario could lay a welcome carpet for newer customers who prioritize the ease of charging. 

The Domino Effect of Tesla’s NACS

With the United States government intervention, the NACS is now prominent in America. Major automakers like Ford, Chevrolet, etc, have also incorporated NACS into their vehicles. Plus, several charging stations are offering NACS alongside CCS. This shift prompted the U.S. government to reassess its stance on federally funded electric charging standards. 

Despite the momentum already in place for the EV charging scenario, there are some hurdles, challenges and uncertainties that need to be addressed. Still, some automakers and charging networks remain committed to CSS. Although Tesla is trying to capitalize on the superiority of NACS, there is still a requirement for independent testing and long-term reliability data. 

Tesla is trying to establish NACS as an industry standard, and the initial signs are promising, but the ultimate success would depend on various variables. The standard should be adopted by other automakers and charging networks. The company must address the technical challenges to ensure long-term reliability and try to address anti-trust issues. 

How You Can “Find the Key Account” & Set Industry Standards? 

If you want to use this marketing strategy successfully, there’s a two-part process to follow. 

Part I: Identification of Key Account

The first step in incorporating this marketing strategy is to figure out the ideal key account. It should be noted that not every big pool of customers can be your critical account. Marketers must be able to define the Ideal Customer Profile, thoroughly analyze the existing customer data, and utilize market research and sales intelligence in hand.

To figure out the details of the Ideal Customer Profile, brands can find answers to these fundamental questions. 

• What industry does your service or product serve the best? 
• What company size can you afford and benefit from? 
• Is there a growth potential in the company or your offerings? 
• Is your team ready to handle and navigate the challenges and decision-makers? 
• Does your solution solve the major pain points of the company or industry? 

Having a detailed answer to all these questions would work as a guide to keeping your strategy on track. Before investing valuable resources in incorporating the approach, a detailed answer to the above questions would be beneficial. 

Part II: Develop a Key Account Marketing (KAM) Strategy 

Part I lays the groundwork or foundation, and Part II completes the rest of the construction. Tesla is succeeding in its NACS venture because it managed to touch the crowd on a personal level, mainly because they are promising an ease of charging, which is a significant roadblock in widespread EV adoption.  

Businesses and marketers are advised to conduct profound research, develop methods to personalize the outreach, build a relationship with the target audience, and conduct account planning. Marketers must go beyond the surface-level information and focus on their short and long-term objectives, with detailed information challenges and know-how of current online presence. 

To successfully use this marketing strategy, brands must rely on something other than a generic sales pitch and tailor their approach. Marketers must emphasize framing the solution as an investment with a clear Return on Investment. Also, demonstrate how they can work together to achieve the greater goal. Marketers can use e-mail, LinkedIn, phone calls, etc. 

A significant aspect of KAM is building a long-term relationship and partnerships, not just closing the deals. They must provide thought leadership by sharing valuable content, whitepapers, and industry insights relevant to their key accounts and decision-makers. 

Businesses or marketers must offer to help beyond immediate sales or position themselves as a strategic partner. The team must create a detailed KAM plan for each account. Identify potential decision makers and influencers within the organization and determine the roles and responsibilities of sales, marketing and support staff that would engage with the account. Measuring success with clear timelines is a crucial aspect. Industry Standards

Interesting Case Studies Showcasing How to Successfully Use the Strategy? Industry Standards

There have been multiple examples in history where businesses strategically collaborated and found the critical account to scale up their business. Some of them are discussed below. Industry Standards

GumGum & T-Mobile Industry Standards

The media and telecommunications giants came together to highlight the power of personalization. It is also a clear example of how better to understand decision-makers’ interests beyond the business context. The major challenge for GumGum was to land T-Mobile as a client in the competitive market. 

Team members from GumGum deeply researched the T-Mobile decision-makers and discovered the CEO’s love for Batman. To execute the deal, they created a personalized comic book featuring T-Mobile as a hero, attempting to leverage Batman’s popularity with the CEO. The outcome was a highly successful campaign that grabbed attention, and GumGum was able to secure T-Mobile as a client. 

Adobe & Fortune 500 Companies

The above case study revolved around a relatively minor group of decision-makers compared to Fortune 500 Companies. Adobe successfully reached the decision-makers within larger organizations with more complex hierarchies. To bring everyone on the same page, Adobe implemented a multi-layered Account Based Marketing (ABM) approach. 

This ABM approach included personalized content, conducted targeted events and facilitated relationship building. Adobe leveraged various channels like e-mail, social media, and direct mail to reach specific individuals within the target accounts—this increased brand awareness among the key decision makers, which guaranteed the securement of various high-value leads. 

What are the pros and cons of the “Find the Key Account” marketing strategy? Industry Standards

There are multiple pros and cons of incorporating the marketing strategy. Some of them are discussed below. 

Pros: 

Critical accounts offer significant revenue potential mainly because of their large size, high purchase power, and potential for long-term partnerships. The focused attention on critical accounts leads to a deeper understanding of the need to boost satisfaction and loyalty. Successful partnerships with critical accounts solidify the brand’s reputation as a leader. 

Suppose the brand or business can concentrate on a smaller group of high-value accounts. This streamlines the marketing and sales activities, reducing the overall costs. Moreover, the key accounts could provide valuable feedback on market trends, competitor strategies, and evolving customer needs. 

Cons: 

Despite all the positives of finding the critical account strategies, this marketing strategy has some cons. Firstly, it is resource intensive; identifying, developing, and maintaining the relationship with key accounts requires significant time and resources. This can be a challenging endeavor for smaller businesses with limited resources. 

Negotiations and decision-making procedures within large organizations take time and effort. This could lead to a slower generation compared to broader marketing campaigns. However, This strategy seems suitable for businesses with a vast and diverse customer base; implementing KAM for a more significant number of accounts could be a lot of work. 

Overreliance on a few key accounts can expose the business to a higher risk if either of the accounts decides to switch providers or is facing financial difficulties. For instance, if NACS becomes a standard, EV manufacturers and charging station providers might need to help to accommodate NACS. 

Although this “focus on key account” strategy sounds promising, businesses must conduct thorough research before incorporating it. Remember, the efforts here aren’t scattered; the aim is to build a deep relationship with high-value accounts.  

This marketing strategy is slightly different from mass marketing; it is more of a targeted marketing approach. Ensure that you have a superior product; it must have the potential to set industry standards. The simplicity of C-type chargers made it an industry standard. It’s a highly demanding and competitive marketing strategy and should be incorporated wisely.