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July 04, 2021

July 04, 2021

July 04, 2021

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What Is an Account Manager? Guide to Salary, Responsibilities, Skills, and More

Because their focus is on customer retention, account managers work solely with existing customers. Successful key account managers regularly plan business opportunities and strategies with their key customers. By developing a keen understanding of their key customers’ goals, account managers can then work to develop a customer-centric approach that is designed to help them achieve those goals. Acting as a partner in the success of a business’s operations places key account managers in an indispensable position. With a normal sales approach, key customers are unlikely to view their account manager as more than a pencil pusher looking to boost their sales numbers.

sales manager vs account manager

By preventing them from going to the competition, and establishing and cultivating relationships. Indeed, while they can share similar measures and language, if you look closely at selling and strategic account management, they’re not the same. Strategic account management is a systematic approach to managing and growing a named set of an organization’s most important customers to maximize mutual value and achieve mutually beneficial goals. Once a customer has been secured, it is vitally important that a company maintain the relationship with that customer. An account manager is the person responsible for fostering that relationship.

What is an Account Manager?

While a sales team member focuses on the endgame of a pitch, account managers spend their effort on developing the relationship. The sales executive is the person that you will be looking for if you need to buy something. They are in charge of generating revenue by selling a company’s products or services and often work in teams with account managers. They also focus on business development https://wizardsdev.com/ and growing accounts through upselling, account management training, and cross-selling opportunities. The specific skills used on the job by account managers and sales managers can differ depending on the company, product and industry. However, both types of managers typically need to have excellent communication skills, be highly organized and be able to motivate team members.

sales manager vs account manager

You can’t buy loyalty, and if a customer has been with you for years, their needs should come first regardless of current economic conditions. Sure, it feels nice to celebrate when you land a new client in tough times, but just the thought of losing a long-term partner should make you rethink the entire strategy. To see people do the job before they get the job, book a demo today and let our experienced team run you through Vervoe’s full range of ready-made and tailored solutions. This way, hiring managers can quickly identify highly skilled sales professionals who can not just talk the talk, but can walk the walk. What’s more, is that employee turnover in sales is three times higher than other professions – which makes creating good recruitment strategies all the difficult for hiring managers.

Why is there a split between account management and sales?

Key account management is a powerful organizational strategy that can have big dividends for those companies willing to invest in the right managers and infrastructure. Because KAM is all about strategic relationships with customers, KAMs must often adapt their plans to fit the needs of the customer. Without a strong project management foundation, it is all too easy for customer plans to get derailed at the first sign of change or friction.

sales manager vs account manager

Your existing customers were fortunate enough to be with you during the good days, so they’ve already been through that. You don’t have to convince them that your services are worth it because they know that from experience, and if you’ve done your job right, you’ll have a strong relationship with them as well. The most common race/ethnicity among account executive/sales managers is White, which makes up 78.2% of all account executive/sales managers. Among account executive/sales managers, 31.3% of them are women, while 68.7% are men. This is not an entry-level position, as is the case with most managerial roles.

Sales Account Executive vs Sales Account Manager – Which Is The Right Hire For You?

Rather than being stuck switching between app to app, Kapta offers all of the tools that key account managers need in one place. In small and medium-sized businesses, organizations can have their sales teams handle account management too. This gives the members of sales teams a better look at their customer’s needs, and allows them to craft customized plans. As both sales and account management are critical roles, organizations should consider bifurcating them once they have reached a considerable size. Even if sales team members are responsible forstrategic account management, leaders of the vendor organization must ensure the team members understand the different skills required to execute both roles successfully.

  • With existing customers, it’s easier to sell them premium services, and it feels less like a sales pitch and more like a new opportunity for growth based on their previous experience.
  • This includes cold-calling individuals, contacting prospective clients, and considering new ways for business development to cater to new people.
  • Often, this employee will have some type of financial or business background and, typically, would also have some kind of related college degree.
  • Whether you’re a sales rep looking for a new challenge or an account manager ready to take on bigger clients, read on to find out if you have what it takes to be a key account manager.
  • 5) Understanding of marketing principles, especially those pertaining to advertising strategy and research.

Take our online course to watch in-depth instructional videos about account management strategy,and access downloadable exercises you can implement within your accounts. They don’t just want a supplier; they want someone who understands their business well enough to add value to it and help it grow. Because of this, the traditional sales-buyer relationship simply will not work.

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Members of sales teams should know the product they’re selling inside out, so that they design solutions that suit unique needs of their clients. By discussing the benefits of different products, they connect with possible clients – and are involved in creating special deals for high-value clients. It is their job to keep up with sales reports and marketing data, writing contracts , and achieve sales targets set. Account managers often have a background in business, marketing, or communications.

sales manager vs account manager

For this reason and all of the others mentioned, you should focus on farming your existing clients, getting them to renew and scale, and pushing value in any way possible. By following this approach, you’ll greatly reduce the risk you face in the event of an economic downturn, and you can prepare for brighter days where the hunters might be more useful to your organization. If leaders at the top care more about more clients and more brands, then they’re missing out on the big picture.

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Automate everything else, including activity reminders, suggested next steps, etc. Collaboration is at the heart of how we communicate internally, ensuring we are aligned to provide the best solutions for our customers and build a friendly and supportive working environment. Sales Manager job Key performance indicators are quantifiable measures that gauge a company’s performance against a set of targets, objectives, or industry peers. You’ll get instant access to all skills and keywords, plus be able to score your resume against them – no strings attached.

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Posted: Mon, 24 Apr 2023 17:58:09 GMT [source]

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