Unpicking the meaning of value in key account management

Purpose – This article aims to build on existing literature on value and proposes new perspectives and facets of relational value in key account management (KAM). Design/methodology/approach – Building on traditional value perspectives, value in KAM is conceptually deconstructed and linked with strategic value approaches. Findings – The article finds that a multifaceted key account value perspective includes three different types of value: exchange value, proprietary value, and relational value. Depending on the type of value constellation within a KAM relationship, a number of distinct key account value strategies are presented and discussed. Originality/value – The article provides an innovative concept of value in strategically important business‐to‐business relationships. Based on this, several strategic implications regarding the management of value are derived which enable further empirical research and a more nuanced managerial approach towards KAM.