Account management is essentially the face of the company. They are part big-picture client manager, part consummate people person. In broad strokes, the account manager’s mandate is to acquire new business and maintain old business. Since the account manager is the bridge between the client and the company, they must be sufficiently organized to handle requests from both sides simultaneously.
Account management involves a systematic approach to managing and growing your most valued accounts in order to maximize mutual value and achieve mutually beneficial goals. It is not simply about selling services or products to them, rather, it a process that can generate long-term revenue. Account management focuses sales resources on retaining the clients most likely to generate high levels of revenue and profitability.
Clients are busy and tend not to contact a company unless they encounter a problem. So, account managers must perform outreach by promoting the benefits being delivered. They can achieve this in a number of ways. To build a strong relationship with their key accounts, key account managers must have the ability to collaborate closely with their clients to devise long-term strategies that will help to meet business objectives.
Client needs to feel like they are in good hands and that they are being looked after by someone who knows what they are doing. A good key account manager should have an in-depth understanding of the account they are handling. They also need to have a deep understanding of the customer’s industry, issues, and goals. Account managers must keep abreast of not only the latest within their company but also within their industry as a whole and how their company stacks up to competitors.
Knowledge is a fundamental value proposition that drives sales and strong client relationships. The account manager is the go-between, but also a person of knowledge. By acting as an effective source of knowledge for the key accounts, account managers gain trust and keep the customer satisfied.