What Does an Account Manager Do?

Account managers are responsible for managing the relationships between their organization and its clients. They work with a variety of different teams, including marketing, sales, customer service, etc., to ensure that all parties involved are happy and satisfied with the relationship.

Account managers may also be tasked with developing new accounts or growing existing ones. This might involve identifying potential clients, building relationships with them, and convincing them to do business with your company.

Account Manager Job Duties

An account manager typically has a wide range of responsibilities, which can include:

• Preparing proposals for new business leads and pitching them to prospective clients
• Following up with clients to ensure that they are satisfied with the services provided by the company
• Referring client concerns to the appropriate department for resolution
• Analyzing data to identify potential customers’ needs, interests, or concerns in order to develop effective marketing strategies
• Reviewing account activity reports to identify opportunities to increase sales or retain existing customers
• Developing and executing strategic marketing plans that align with a company’s goals and objectives
• Working with senior management to develop and execute sales strategies designed to increase revenue
• Communicating regularly with clients to keep them informed about new products or services that might interest them
• Negotiating contracts with clients to establish terms of engagement

Account Manager Salary & Outlook

Account manager salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of commissions and bonuses.

• Median Annual Salary: $76,500 ($36.78/hour)
• Top 10% Annual Salary: $125,000 ($60.1/hour)

The employment of account managers is expected to grow at an average rate over the next decade.

Demand for account managers depends largely on the overall health of the economy. As demand for products and services grows, companies will need to hire more account managers to oversee their accounts.

Related: 21 Account Manager Interview Questions and Answers

Account Manager Job Requirements

There are a number of qualifications required to obtain a position as an account manager. They include:

Education: A bachelor’s degree is often a minimum requirement to become an account manager. Some of the most common majors for this role are business administration, marketing and communications.

Training & Experience: Account managers typically receive on-the-job training. This training may include learning the company’s products and services, the company’s workflow and the company’s computer systems. Account managers who have previous experience in a similar role may receive shorter training periods.

Certifications & Licenses: Certifications enable professionals to prove their qualifications to current and future employers. Account managers can earn certifications to gain more theoretical knowledge of their responsibilities, test their professional skills and further advance their career.

Account Manager Skills

Account managers need the following skills in order to be successful:

Communication skills: Communication skills are essential for account managers, as they often communicate with clients and colleagues in writing and verbally. You may also communicate with clients over the phone or video chat. Effective communication is key to building relationships with clients and colleagues, and it’s important to be able to explain complex ideas in an easy-to-understand way.

Product knowledge: Account managers should have a thorough understanding of the products and services they represent. This can help you explain the benefits of the products to potential customers and help you identify ways to improve the products. You can also use product knowledge to identify potential customer needs and recommend products that can fulfill those needs.

Problem-solving skills: Problem-solving skills are essential for account managers, as they often work with clients to find solutions to their problems. For example, if a client is dissatisfied with a product or service, the account manager may work with the client to find a solution. They may also work with other departments to find solutions to client issues.

Relationship building skills: Relationship building skills are also important for account managers. You may be responsible for developing and maintaining relationships with clients, colleagues and other business partners. You can use relationship building skills to build trust with clients and help them feel comfortable with your company.

Decision-making skills: Account managers often have to make quick decisions about how to handle customer concerns or requests. You can use your decision-making skills to make the best choice for your company and customers. You may also need to make decisions about how to allocate your time and resources.

Account Manager Work Environment

The work environment for an account manager is usually in an office setting, although travel may be required to meet with clients or attend conferences. Account managers typically work full time and may occasionally work overtime to meet deadlines or attend evening or weekend events. The job can be stressful at times, especially when dealing with difficult clients or managing multiple projects simultaneously. However, most account managers find the work to be challenging and rewarding, and they enjoy the opportunity to work with a variety of people.

Account Manager Trends

Here are three trends influencing how account managers work. Account managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for a More Strategic Role

The role of the account manager is evolving, as businesses are increasingly looking for professionals who can provide a more strategic level of support.

Account managers need to be able to understand the needs of their clients and develop solutions that meet those needs. They also need to be able to communicate effectively with other members of the team, such as marketing and sales professionals. By developing these skills, account managers can become an even more valuable asset to their company.

A Greater Focus on Customer Experience

As customers become more demanding, businesses are beginning to focus on providing a better customer experience. This means that account managers will need to be experts in customer service and relationship building.

By understanding what customers want and how to meet their needs, account managers can help their company stay ahead of the competition. In addition, they will need to be able to track customer feedback and make changes based on what they hear.

More Collaboration Between Teams

In recent years, there has been a trend towards greater collaboration between teams within companies. This is due to the realization that different departments often have unique insights into customer needs that can be combined to create a better product or service.

As account managers are responsible for managing relationships with customers, they are well-positioned to take advantage of this trend by collaborating with other teams to create a better customer experience.

How to Become an Account Manager

When starting your career as an account manager, it’s important to consider the company you want to work for. Do they have a culture that aligns with your values? Are they known for their customer service? What is their growth potential?

Once you’ve found a company you want to work for, it’s time to start building your network. Attend industry events and meet people who can help you advance your career. Be sure to also stay up-to-date on the latest trends in your industry so you can offer valuable insights to your clients.

Advancement Prospects

The best way to advance in this career is to get more experience and education. Many account managers start out with a bachelor’s degree, but the most successful ones have a master’s degree in business administration or a related field. They also have several years of experience working in sales, marketing, or customer service.

As they gain experience, account managers can move up to higher-level positions such as account director or vice president of sales. The most successful account managers have excellent people skills, are good at problem solving, and have a deep knowledge of their company’s products and services.

Account Manager Job Description Example

At [CompanyX], we’re looking for an experienced account manager to join our team and help us maintain and grow our relationships with existing clients. The ideal candidate will have experience working in a fast-paced environment and be able to juggle multiple projects at once. They will be responsible for managing client accounts, developing new business opportunities, and ensuring that all client needs are met in a timely and efficient manner. If you are a motivated self-starter with excellent communication and interpersonal skills, we want to hear from you!

Duties & Responsibilities

• Serve as the primary point of contact for assigned accounts, developing and maintaining strong relationships
• Understand customer needs and requirements, and identify opportunities to increase sales and grow the account
• Actively manage the account portfolio, including upselling and cross-selling products and services
• Negotiate pricing and contract terms with customers, within company guidelines
• Monitor customer satisfaction levels and take proactive steps to address any concerns
• Prepare reports on account activity and performance, as well as forecasts and plans for future growth
• Stay abreast of industry trends and developments, and share relevant information with customers
• Attend trade shows, conferences, and other events on behalf of the company
• collaborate with internal teams—including sales, marketing, customer service, and technical support—to ensure coordinated and efficient account management
• Serve as a liaison between the customer and the company, effectively communicating feedback and suggestions for improvement
• Manage all aspects of the account lifecycle, from onboarding through renewal
• Develop and implement strategies to retain and grow existing accounts

Required Skills and Qualifications

• Bachelor’s degree in business, marketing, or related field
• 3-5 years experience in account management, sales, customer service, or related role
• Proven ability to develop relationships with key decision-makers
• Excellent communication, negotiation, and presentation skills
• Strong organizational skills and multitasking ability
• Proficient in Microsoft Office, CRM software, and Google Suite

Preferred Skills and Qualifications

• Experience working with enterprise clients
• Industry-specific knowledge and experience
• Familiarity with project management software
• Ability to travel as needed