Hiring Account Managers
You hire account managers to build the backbone of any organization. They are the driving force behind the company's growth and are responsible for acquiring new business and maintaining old businesses. A good communicator through and through, they handle external leads and assist current clients, providing value for their clients at every opportunity. A successful account manager is adept at networking, building, and sustaining relationships. This role is found in all sizes and types of organizations, such as: consulting firms, product and service agencies, tech companies, employment firms, advertising agencies, public relations agencies, advertising, banking, etc. With an average base salary of $63,746 per year, an average bonus of approximately $12,000, and a commission package of about $15,000 per year, the total compensation is quite competitive as their role directly drives a company’s revenue. Hiring an account manager is a good fit for people who love to work in a fast-paced environment and want an opportunity to work in one of the core revenue drivers of an organization. The career trajectory generally leads to the position of a senior account manager and a key account manager with the right experience.
The Key Undertakings
The account manager is responsible for overseeing a portfolio of customers, developing new business from existing clients, and actively seeking new sales opportunities. The role includes forming strong relationships with customers, connecting with key business stakeholders, generating business, and preparing sales reports. Account managers are also entrusted with the duty of answering client queries and identifying new sales opportunities with existing customers. In this role, one will be liaising with cross-functional internal teams (customer service, development, finance, etc) to improve the entire client experience. An ideal candidate for this role will know how to meet individual and team-wide sales quotas. This position may also require occasional travel. Ultimately, a successful account manager should be able to collaborate with his team, to achieve targets while keeping clients satisfied, and be engaged in the organization's offerings in the long-run.
The Finer Details
As an account manager, one would need to show solid organizational skills in order to manage and respond to a large number of client requests effectively and efficiently, and more often than not, simultaneously. They must know how to prioritize and should be willing to divide and delegate tasks in order to achieve company sales targets. In addition to having good interpersonal skills, they need to be attentive listeners so that they are able to understand the expectations of existing and potential clients. Furthermore, the role can often become challenging if a client is not satisfied. Therefore, knowing how to stay calm and manage conflict is an essential part of the job, which helps to bring in new and repeat business. The right hire should have excellent negotiation and presentation abilities along with strong verbal and written communication skills. The applicant should have a proven track record in a relevant role. As far as education is concerned, a BA/BS degree in Business Administration, Marketing or related field is mostly preferred. Additionally, knowledge in any CRM software and MS Office is a plus. Finally, experience in contract management, accounting skills, primarily billing, etc is always preferred.
Seek a candidate with interest and experience in driving business, negotiating contracts and agreements, and maximizing organizational profits for the role of a profitable account manager.