It won’t be out of place to say that many people have possibly heard of or come across the term account manager, but an account manager’s job description seems not to be understood by many, hence the need for this article.
The job description is a brief document explaining an account manager’s roles, duties, and expected skills.
In this article, you will find all there is to know about the account manager’s profession, especially for those seeking a career in finance.
Table of contents
- Who Is An Account Manager?
- What Does An Account Manager Do?
- Responsibilities Of An Account Manager?
- What Skills Should An Account Manager Possess?
- How much does an account manager earn?
- Who Does An Account Manager Report To?
- Best account manager job description template 2023
- Job brief
- What does an Account Manager do?
- Responsibilities
- Requirements
- Frequently Asked Questions Account Man
- Conclusion
- References
- Recommendations
Who Is An Account Manager?
The role of an account manager can vary based on the industry they work in, the nature of the business, and the company’s size.
An account manager is an entry-to-mid-level employee who is responsible for the day-to-day management of a particular customer’s account within a business. They maintain the client’s account and serve as their main point of call.
Account managers are primarily found in financial institutions, and they must attend to all the account-related concerns of the client on and off work.
What Does An Account Manager Do?
An account manager is primarily a business representative who interacts one-on-one with the company client(s). This staff member oversees the daily route tasks regarding customers’ needs and concerns and maintains their account activities.
In most cases, the account manager serves a variety of roles. Some include customer service representatives, technical assistants, sales representatives, and financial advisors.
They switch roles depending on the customer’s current situation and how satisfied that client is with their existing account status.
The account manager’s job description sets them as the link between the company and the client. They provide customer support, upselling, technical assistance, and general human relationship management.
After a company has invested its money and other resources into the initial acquisition of clients, the following line of action will be to do all it can to retain these customers even as they seek new ones.
No business is void of competitors, so they must be at the top of their customer maintenance game lest they leave for a rival company.
Account managers are usually up to date with the products and services available to their clients so that they are not out of words or solutions to the customer’s concerns. Account managers usually work in financial institutions and other related businesses.
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Responsibilities Of An Account Manager?
To further explain what is expected of an account manager, below is an outline of their responsibilities:
- Serve as the first point of contact for all client account management issues.
- Grow and maintain strong, long-lasting customer relationships.
- Negotiate contracts and close deals to maximize profits.
- Develop trusted advisor relationships with key accounts, customer stakeholders, and executive sponsors. Ensure our solutions’ timely and seamless delivery per customer needs and objectives.
- Communicate the progress of monthly or quarterly initiatives to internal and external stakeholders.
- Develop new business with existing clients and identify improvement areas to meet sales quotas.
- Foresee and track key account metrics (e.g., quarterly sales results and annual forecasts).
- Prepare reports on account status.
- Collaborate with the sales team to identify and grow opportunities within the territory.
- Assist with challenging client requests while ensuring no issue gets out of hand.
What Skills Should An Account Manager Possess?
Leadership
A background in project management is an essential skill if you want to build a successful career as an account manager, as the role will require that you lead a team over some projects. With a background in P.M., you can seamlessly lead a team, engage them and bring out their passion. Your team will respect a decisive leader and someone they can trust to delegate fairly.
Communication
Without being told, if you are interested in working as an account manager, then you must be excellent at communication. This is because no matter what sector you work in, healthcare, finance, or Tech, you need to work closely with your client, identify their needs and then implement a plan.
As an account manager, your job requires engaging with customers to drive sales growth. To be a good communicator, you must have an in-depth understanding of your account and up-to-date knowledge of the customer environment.
Commercial
To thrive as an account manager, a high level of commercial acumen goes beyond selling the product. You must also examine the broader strategy and understand how to balance business decisions with costs.
A good account manager will monitor what the competitors are doing and then decide if their clients should compete in the same space or create their path. Commercial understanding is essential to assess risks and opportunities.
Analytical reasoning
A good account manager is one with sufficient analytical skills. There will always be room to enhance what you already know, so data analysis skills will aid your job and give you an edge over your counterparts in the marketplace.
Relationship building
To fit perfectly in this position, one must possess quality people skills. This is because their job puts them in a place that requires them to have strong networking skills and the ability to influence clients. It’s a role where you’ll need to juggle developing and delivering business plans with ensuring that customers receive superior service.
Other Account Manager Skills Include:
- Listening
- Time Management
- Relationship (trust) Building
- Organizational Skills/Multitasking Ability
- Understanding your Client’s Business & Needs
- Adaptability
- Empathy
- Asking Good Questions
- Passion
To improve your time management skills, see also…… Top 20 Management Skills Every Employer Should Have In 2023
How much does an account manager earn?
The duties, qualifications, and salary of an account manager can vary depending on the type of business and the firm’s clientele. Still, without being told, those with higher and specialized qualifications would likely be able to command a higher salary.
Indeed.com says the salary range for account managers in the U.S. is between $45,000 and $85,000 per year. Most U.S. account management jobs are in New York, Chicago, San Francisco, Atlanta, and Los Angeles.
The title “account manager” is sometimes designated for entry-level employees. However, if the organization is large enough and employs enough account managers, they may have assistant and associate account managers reporting to the lead account manager.
An account manager can be promoted 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 a company’s leadership team.
Who Does An Account Manager Report To?
An account manager usually reports directly to the account director or agency director regarding the activity and status of accounts and transactions. Though this may vary depending on the structure and size of the firm, an account manager will always report to an accounts superior officer.
They also work hand in hand with the sales department.
Best account manager job description template 2023
A well-written account manager job description must answer vital questions about the profession. Job seekers, you must read through every job description before applying.
Below are some of the best templates for the job descriptions of an account manager.
Account Manager job description template 1
At xxxxxxxxx company, our client relationships are our top priority. We’re looking for a dedicated and personable account manager to maintain our clients’ accounts and serve as our main point of contact.
Our ideal candidate will have a passion for helping others and a drive to provide exceptional customer service. Applicants should also be comfortable working with spreadsheets, audits, and other organizational software. If this sounds like you, apply today and help us build meaningful, long-lasting relationships that move our business forward!
Objectives of this
- Act as the main point of contact in all client concerns and needs matters.
- Build and strengthen client relationships to achieve long-term partnerships.
- She maintained accurate client records, keeping track of any contract updates and renewals.
- Work with sales and other internal teams to develop strategic marketing plans and ensure KPIs are being met.
- Develop a thorough understanding of our products and service offerings to better upsell and cross-sell to clients.
Daily and Weekly Responsibilities
- Stay on top of accounts, ensuring they’re receiving services within their budget and meeting their needs.
- Take inquiries and requests from customers and address their needs.
- Meet regularly with other team members to discuss progress and find new ways to improve business.
- Generate progress reports to give to clients and higher-ups within the organization.
- Identify upsell, cross-sell, and renewal opportunities and regularly communicate with the sales team.
Skills and Qualifications
- Internship or professional experience in a sales or customer service role.
- Ability to multitask and juggle several responsibilities simultaneously.
- Strong written and verbal communication skills.
- Good attention to detail and organizational skills.
Preferred Qualifications
- We have a proven track record of meeting or exceeding quotas and receiving positive customer feedback.
- Proficiency with joint customer success and customer relationships management software, such as Gainsight and Salesforce.
- Professional certification (e.g., from the Strategic Account Management Association).
Account Manager job description template 2
Job brief
We seek an Account Manager to create long-term, trusting customer relationships. The Account Manager oversees a portfolio of assigned customers, develops new business from existing clients, and actively seeks new sales opportunities.
What does an Account Manager do?
Account management responsibilities include developing strong customer relationships, connecting with key business executives and stakeholders, and preparing sales reports.
Account Managers also answer client queries and identify new business opportunities among existing customers. In this role, you will liaise with cross-functional internal teams (including Customer Service and Product Development departments) to improve the customer experience. This position may require occasional travel.
If you are familiar with account management software (CRM), have a flair for client communication, and understand consumer behavior, we’d like to meet you. Ideally, candidates for this role will know how to meet ambitious individual and team-wide sales quotas.
Ultimately, a successful Account Manager should collaborate with our sales team to achieve quotas while keeping our clients satisfied and engaged with our products and services in the long run.
Responsibilities
- Serve as the lead point of contact for all customer account management matters.
- Build and maintain strong, long-lasting client relationships
- Negotiate contracts and close agreements to maximize profits
- Develop trusted advisor relationships with key accounts, customer stakeholders, and executive sponsors
- Ensure the timely and successful delivery of our solutions according to customer needs and objectives
- Communicate the progress of monthly/quarterly initiatives to internal and external stakeholders
- Develop new business with existing clients and identify areas of improvement to meet sales quotas
- Forecast and track key account metrics (e.g., quarterly sales results and annual forecasts)
- Prepare reports on account status
- Collaborate with the sales team to identify and grow opportunities within the territory.
- Assist with challenging client requests or issue escalations as needed
Requirements
- Proven work experience as an Account Manager, Key Account Manager, Sales Account Manager, Junior Account Manager, or relevant role
- Demonstrable ability to communicate, present and influence key stakeholders at all levels of an organization, including executive and C-level
- Solid experience with CRM software (e.g., Salesforce, Zoho CRM, or HubSpot) and MS Office (particularly MS Excel)
- Experience delivering client-focused solutions to customer needs
- Proven ability to juggle multiple account management projects at a time while maintaining sharp attention to detail
- Excellent listening, negotiation, and presentation abilities
- Strong verbal and written communication skills
- BA/BS degree in Business Administration, Sales, or a relevant field
See also: How To Write An Account Manager Resume In 2023
Frequently Asked Questions
They interact one on one with customers to answer questions or address concerns.
They handle client complaints, profer solutions to their issues, and maintain a healthy relationship between both parties for future business ventures.
A good Account Manager must be customer build trust with customers. They must possess strong communication skills and manage customer accounts properly.
The Account Manager juggles communication between clients and sales representatives.
Conclusion
An account manager’s role is as vital as any other role for customer service and relations. The article above is a good guide for someone seeking a career in account management.
The most important of all the skills are up-to-date with best practices skills. You must know what is obtainable in your business and career. The goal is to win the trust and loyalty of existing clients for the growth of the company you work for.
This, in turn, rubs off your paycheck and promotion when due.
References
- Wikipedia
- monster
- Resources. workable
- iqviamedicalsalescareers
- accountmanagementskills
- business. LinkedIn
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