Account managers are the connection between a business and their clientele. They have the ability to enhance those relationships and make it even easier for a company to gain new business. But for all the communication and integrity they possess, what do account managers do? account manager duties
Employers looking to hire an account manager, potential candidates looking to work in account management, and companies looking to improve their client retention must understand the role. Account management goes beyond answering emails and attending client meetings. It requires relationship management, problem-solving, planning, organizing, negotiating, reporting, and keeping a finger on the pulse of the industry.
Managing Clients
In today's economy, one unhappy client can lead to the loss of that account. What good account managers do is understand and define the expectations that each client has so that the internal teams meet and exceed those expectations.
What Does An Account Manager Do?
The main objective and responsibility of an account manager is to ensure the ongoing and positive relationship between a business and their clientele. They take ownership or responsibility of the relationship and see to it that the client's requirements are communicated and fulfilled.
An account manager manages their client accounts on a day-to-day basis. Every company has its own intricacies that affect the account management function, so within a broad scope, the day-to-day tasks of an account manager can differ based on the company, industry, and clientele that they cater to. An account manager in recruitment will have a different set of priorities than an account manager in advertising.
Relationship management is key to client account management. Client account managers need to understand their clients’ expectations and challenges, and envision their clients' long-term goals and objectives. It is essential to develop trust with the client by demonstrating a consistent commitment to the relationship. This is accomplished by account managers through follow through on commitments, and by communicating the status on any requests to the client and managing expectations.
An account manager needs to understand their client's requests on a deeper level. For example, if a client requests additional recruiting support, and an account manager simply supports that request, the client's request is solved as an immediate concern. However, the account manager can provide a better service and better support to the client if they provide additional staffing support based on the client's rapid business growth.
This approach shows an account manager as a partner instead of simply a contact.
- Working with Internal Teams
Coordinating internal teams within the organization is perhaps the most difficult task of an account manager.
An account manager may need to work with:
Sales
Recruitment
Marketing
Operations
Finance
Customer Support
Product Support or Technical
Senior Management
The account manager must ensure information flow is correct to the client and internally.
Jotting things down and following up is a large part of the job.
Because even a small gap in communication can cause a large concern.
- Managing Client Concerns and Issues
Problems will always arise in a business, however the speed and professionalism of the resolution is critical.
When a client has a concern, the account manager usually:
Listens
Analyzes the concern and the underlying issue
Makes sure the expected resolution is clear
Coordinates with the appropriate internal team
Communicates a work estimate and outstanding timeframe
Does not rest until the client concern is resolved and satisfaction is confirmed.
The goal in closing a complaint is to ensure client confidence is restored.
Account Manager Daily Tasks
The daily routine of an account manager can vary dramatically based on client needs. However there are several daily activities that are consistent.
Morning Client and Account Review
The account managers day can begin with checking emails, messages, account dashboards, tasks to be completed, and deadlines.
Account managers can prioritize accounts based on urgency, revenue importance, deadlines, or the potential negative impact of not meeting a client request.
Client Communication
Meetings, calls, emails, and video conferences can take up a large part of your daily work.
There are different types of calls such as:
Updates on projects
New requests
Performance call
Calls about service
Calls about pricing
Calls about timing
Calls about contracts
Calls about future business
There is also internal calls to sync with others on the team.
After client calls, account managers generally inform the appropriate teams of the client's needs.
As an example, if a client sets a new deadline, the account manager must go to the operational team and see if they can set this new deadline, then communicate the new deadline plan to the client.
Reporting and Documentation
Account Managers generally put together performance, revenue, service delivery, client comment, outstanding issues, and priority work reports on a weekly or monthly basis.
Good documentation decreases the likelihood that important words become unfulfilled promises.
Account Manager Functions in Sales and Business Growth
Account management is more than just upholding a relationship.
In a variety of organizations, account managers are expected to manage the account in order to grow the business.
Upselling
Upselling is selling a more high-value service or solution that fulfills the client's need.
Cross-Selling
This is selling a related service to a client.
For instance, a recruitment client may initially hire on a permanent basis, then later need contract staffing, bulk hiring, payroll support, or executive search services.
An account manager will recognize these and other service expasion opportunities without transforming a client call into a sales call.
Contract Renewals
Oftentimes it is more economically significant to retain existing clients because relationships are more valuable than continually acquiring new clients.
Account managers keep track of contract terms, performance levels, pricing, discussions renewal requirements, and more.
Important Skills for an Account Manager
The best account managers have strong interpersonal and organizational skills, but also a great deal of commercial understanding.
An account manager must have strong communication skills and be able to:
explain concepts in simple language
listen
write polite and professional emails
notify clients of situations which will likely cause problems without creating unnecessary friction
A strong account manager is skilled in negotiation and is able to meet the needs of aclient and the company. Clients may expect faster delivery, a lower price, additional services, improved terms, and more.
When a problem occurs, clients generally want an explanation and a solution. An effective account manager is less concerned with identifying the cause, and more concerned with finding a solution.
Account managers must also be skilled in planning. With numerous clients, a single upsetting task can dominate the day and leave not enough time for important and strategic tasks.
Strong relationship building is essential and often becomes more difficult with changing expectations. Strong account managers must be able to manage expectations, and difficult situations, while remaining polite and professional.
Account Manager vs. Sales Manager
While there is a good deal of overlap, there is also a good deal of divergence.
A sales manager usually works to achieve sales goals. They work to improve existing sales pipelines.
An account manager works to manage existing client relationships. They work to Identify new opportunities for client accounts.
Yet contemporary firms combine these activities more often than not. Some Account Managers are expected to hit large revenue goals and be responsible for business development with existing clients.
Account Manager Functions by Industry
The function varies according to the industry.
Recruiting & Staffing
A recruiting Account Manager may interact with a client to understand an employment position, manage recruiters, monitor candidate submissions, track interviews, and ensure candidate joining.
Advertising & Marketing
An account manager may manage a marketing campaign, coordinate a creative team, set marketing goals, manage campaign marketing, and present campaign performance.
Technology
An account manager may manage technical implementation, client support, renewals, and product adoption.
Financial Services
Account managers in financial services may manage client relationships, coordinate service requests, oversee account performance, and offer financial solutions.
Their function is client ownership across the board.
The Importance of Account Manager Tasks to a Business
A business my seriously lack customers, despite having an excellent product, due to poor communication.
Thus, account management deserves priority.
An excellent account manager possesses the following attributes:
Better customer satisfaction
Improved customer retention
Minimized communication gaps
discovery of new revenue channels
Enhanced customer loyalty
Swift resolution of customer issues
Improved coordination of service
Retention of valuable business relationships
Account Management directly affects customer satisfaction and also customer revenue.
Things Employers are Expected to Look Into when Employing an Account Manager
Merely examining years of experience is not enough.
Employers must determine if candidates can:
- Build business relationships
- Analyze, or understand, various business needs
- Be confident while communicating
- Handle many business accounts/clients
- Manage problematic business clients
- Coordinate multiple business/work teams
- Assess the performance of business accounts/clients
- Negotiate
- Identify business opportunities
- Follow through on commitments
Of these skills, strong relationship management and flexibility are as important as business experience.
Conclusion: Building Strong Client Relationships Through Effective Account Management
Account management involves more than communicating with clients. Account managers are required to build relationships, coordinate efforts, resolve issues, report, make negotiations, retain business, and grow the business.
The top account managers do not wait for their clients to make requests. They identify existing or potential problems, and recognize opportunities to grow the business. These account managers develop and align the client to the internal team.
For organizations, excellent account management equates to improved client satisfaction and retention as well as improved business growth. For an individual, excellent account management leads to a rewarding career.
Effective account management focuses on the following: understand the client, centralize the internal team, and strengthen the business relationship.
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