What Is an Account Manager?

An account manager is the business representative who generally has the most one-on-one interaction with a given client. They're an entry- to mid-level employee whose focus is on maintaining client satisfaction rather than explicitly trying to generate sales.

The Role of an Account Manager

This staff member oversees the daily, routine tasks involved with addressing the customer’s need𓄧s and concerns and maintaining their account activities.

It is common for an account manager ꦇto serve a variety of different roles. They o🍌ften need to adjust their focus depending on the client’s particular situation, and how satisfied that client is with their current account status.

Depending on the business, an account manager can serve as a combination of a salesperson, customer service representative, technical specialist, and financial⭕ adওvisor.

The account manager is a point of contact and provides customer support, upselling, technical assistance, and general relationship management. An account manager may be in charge of many smaller accounts or focus on a few larger accounts.

Account Manager Responsibilities

Companies use account managers to ensure th💙at customers feel that their needs are being met. It is generally less expensive to keep existing clients than to seek new clients to replace those that have defected as a result of inadequate cust🧸omer service.

In other words, focusing on retention can offer a significant 澳洲幸运5官方开奖结果体彩网:return on investment for financial firms, and most ♒businesses in general.

Once a company has invested the money and resources involved in initially acquiring a customer or client, it is to tha🌠t company’s great advantage to do𓆏 everything in its power to ensure that the client remains satisfied so they do not decide to take their business elsewhere.

Account managers work closely with the sales team to ensure that it is clear what products or services the client has purchased and that those products and services fit the client's needs.

Depending on the specific type of account and the nature of th⛄e client’s needs and concerns, the account manager may also serve as a liaison or go-between with other teams or staff members who may have some relation to or impact on the client’sღ account.

Account Manager Career Path

Account managers often have a background in business, marketing, or communications. They often have a bachel🅘or's degree and usually hold more entry-level customer service roles directly out of college.

Account managers may also emphasize landing experience in interpersonal roles that allow them to develop softer skills suc💃h as organization, communica🐬tion, and professionalism.

As account managers seek to enhance their careers, they may seek to obtain credentials through the Strategic Account Management Association. In addition, account managers may be further promoted into senior🦩 positions and tasked with either managing more clients or focusing on higher, more importa꧅nt clients.

Promotion above the role of account manager is generally to Director of Accounts or Director of Account Management and Vice President of Account Management. These roles coordinate the activities of the account managers and are part of the leadership team of🥂 a company.

Account Manager Salary and Benefits

The specific duties, qualifications, and salary level of a particular account manager can vary widely, depending on the type of business and the clientele served by tha꧙t firm.

Often, this employee will have some type of financial or business background and typically would also have some kind✱ of related college degree. Those with advanced or specialized qualifications would likely be able to command a higher salary.

According to Payscale, as of 2024, an account manager earns an average base salary of just over $62,000 per year. Account managers with less than one year of experience earn closer to $50,000 per year while account managers with at least 10 years of experience earn more than $70,000 per year.

Payscale data also suggests that account managers earn a total compensation package between $41,000 and $99,000 per year. Additional compensation is comprised of bonuses, 澳洲幸运5官方开奖结果体彩网:profit sharing, or commissions. This does not account for common non-financial benefits such as remote work flexibility, vacation hours, or health insurance.

Sales vs. Account Management

Account management may often 🎉be confused with a sales position. T🔥hough salespeople and account managers may have overlapping responsibilities, each has its own set of responsibilities.

Most often, salespeople are responsible for attracting new customers. This includes cold-calling individuals, contacting prospective clients, and considering new ways for 澳洲幸运5官方开奖结果体彩网:business development to cater to new people.

During the sale process, they collect information abo꧙ut the clients including personal data, hobbies, interests, and business needs.

Then, as the salesperson closes a deal, the business relationship may be transitioned oveꦉr to the account manager. A formal transition occurs when the salesperson briefs the account manager about🎶 the information obtained and relationship status.

The account manager is then tasked with maintaining the relationship, ensuring the customer's needs are being continually met or that the customer is aware of new product introductions.

How Will I Use This in Real Life?

Even if you never become an account manager, you will certainly interact with account managers throughout your financial life. Banks, credit card companies, and even cable and cell phone providers employ account managers—or people in similar roles—🐷to retain customers and keep them happy.

If you are dissatisfied with these services, an account manager may attempt to figure out how your needs are changing or persuade you to stay with a more attractive package. You can sometimes leverage this relationship to get a better deal.

The Bottom Line

Once a customer has been secured, it is vitally important that a company maintain a relationship with that customer. An account ma💝nager is the person responsible for fostering that relationship.

By connecting with customers, developing their connectiꦫon to the company, and making sure their business needs are being met, the company can save on new customer acquisition costs and increase the odds of repeat business.