An account manager is a person who works for a company and is responsible for the management of sales and relationships with particular customers.
In sales, commerce and economics, a customer is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration.
A sale is the exchange of a commodity or money as the price of a good or a service.
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An account manager maintains the company's existing relationships with a client or group of clients, so that they will continue using the company for business.
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Generally, a client will remain with one account manager throughout the duration of hiring the company.
Account managers serve as the interface between the customer service and the sales team in a company.
Customer service is the provision of service to customers before, during, and after a purchase.
The purpose of being assigned particular clients is to create long term relationships with the portfolio of assigned clients.
The account manager serves to understand the customer's demands, plan how to meet these demands, and generate sales for the company as a result.
Key accounts provide the most business because they contain a small number of clients which contribute a large portion of the company's sales.
According to research, sales from a company's key accounts have increased from 23% in 1975 to 60% currently.
The responsibilities of an account manager can vary depending on the industry they work in, size of the company and nature of the business.
Each customer account can vary in demands and an account manager may work with brand managers for one account and a media department for another.
In marketing, brand management is the analysis and planning on how that brand is perceived in the market.
Account managers usually report directly to the account director or agency director of the activity and status of accounts and transactions.
An account manager may also manage a single account or a variety of accounts depending on the requirement of the company.
Although the responsibility can vary between companies and between accounts, there are a shared set of common responsibilities which are as follows:
Generate sales for a portfolio of accounts and reach the company's sales target
In cost accounting, target income sales are the sales necessary to achieve a given target income.
Identify new sales opportunities within existing accounts to retain a client-account manager relationship by up-selling and cross-selling
Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more revenue.
Cross-selling is the action or practice of selling an additional product or service to an existing customer.
Manage and solve conflicts with clients The Account Manager is expected to have specific information regarding daily operations of the Company and keep the Client updated.
Interact and coordinate with the sales team and other staff members in other departments working on the same account