Definition: An Account Manager is a sales intermediary between the company and its customers and is the person responsible for selling solutions or products to companies of all sizes, usually exists in the sales department.
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.
As companies grow, the need for an effective sales and marketing department grows as well. This translates into the creation of numerous career options. Account Managers are responsible for selling a variety of products to their clients. These products range from advertising and promoting of products (both physical and virtual) to share of profits from fees charged by the company for maintaining sales and relationships.
The job of an account manager is multifaceted. It will differ depending on the size and individual culture of the company and industry. Few are:
- Account Managers negotiate with suppliers, handle accounts receivables and payables, study financial reports, set up budgets for sales staff, handle account openings and closings, and participate in performance reviews by company executives.
- They are also responsible for maintaining the loyalty of their customers by avoiding giving them issues or problems in the future that would hurt or embarrass them and lead to recriminations for the company–this is accomplished through managing customer relationships.
- An account manager also can help other executives with other duties, such as creating budgets and setting up accounts for the different departments in the company. In some ways, they can help executives increase their own sales skills by providing them with ideas for selling specific products or services.
- Other responsibilities can include digital marketing, traditional marketing, accounting, client services, and more. Job duties will vary based on the industry they’re in but many will spend their time working with organizations like financial institutions, startups, entrepreneurs, charities, and even government agencies. This role is typically responsible for guiding accounts, maintaining relationships with their clients, and growing their business through online marketing and sales channels.
Managing clients is a skill that is easy to learn, but hard to master. While being a good Account Manager isn’t easy, being great at managing your clients is.