Closing a deal takes months of discussions, meetings, and demos. Both parties are excited about the new partnership. What now? To help you retain and expand your business, it’s important to build a strategic relationship that is mutually beneficial. Your key might be a well-structured process for account management.
What is the role of an account manager?
A company’s account manager is responsible for managing sales and customer relationships. Account Managers strive to maintain and develop a strong relationships by listening and responding to the needs and concerns of the customers.
What is Account Management?
Account management is an integrated strategic approach that companies use to maintain their best clients throughout their entrepreneurial journey. Account management is the process of managing the client relationship, planning business continuity and overseeing the sales structure. Gartner’s study found that customer service does not drive revenue. However, improving customer satisfaction might. This is where the key account management responsibility comes in.
Account Management vs Sales
These two perspectives are vastly different. A nomad merchant and a global online store are two examples that illustrate the difference between account management and sales. The nomad merchant’s goal is to sell the goods to customers in his area using any and all means. The merchant’s selling proposition is constantly changing. Online stores reach a much wider audience. Online shop owners equip their shops with the best possible equipment and support for the customers. Account management also looks for the potential of future benefits rather than the one-time benefit.
It is not surprising that the art of managing strategic accounts and identifying important clients can be a complicated process. To manage and afford such accounts, you need to have a wide business perspective. They will benefit from your time and efforts in the long run.
You can start your career in Maryland as an account manager.
Maryland is located on the east coast of the United States. It has a rich history and picturesque landscapes. There are also a number of businesses and economies that thrive in Maryland. Maryland’s diverse economy is a result of its strategic location, which allows it to be close to major metropolitan areas. It also has a strong presence within the biotechnology, cybersecurity and aerospace industries.
It’s vital that you consider getting errors and omissions coverage in Maryland if you are an account manager. Understanding what insurance coverage is required can protect your career and financial stability.
What are account managers, and what do they do?
Account managers act as a link between a business and its customers. Account managers are crucial to establishing strong strategic relationships with clients and maintaining a healthy bottom line. Account managers explore the white spaces and think strategically with clients to keep their business and seize opportunities. The white space is the difference between what your customers are currently investing in and other products or services that you can offer them. Account managers are responsible for identifying and solving problems, reducing challenges, and finding new ways to improve client relationships.
They are a key part of the business process and play an important role in enhancing business prospects by retaining the best clients. Account managers must have experience in managing customer relations, but they also need to possess a wide range of (equally critical) account management skills.
Five skills that every account manager should master
- Listening and understanding skills
Listening is essential to a successful working relationship with clients in a business. Listening can help you gather facts to make better decisions. Listening is essential for building trust, and it can also reduce conflict. Listening with purpose can be a powerful tool to help you achieve your goals, identify opportunities and improve relationships. Understanding the larger picture of a client’s business and needs is the next key skill. Analysing the situation carefully can help you to anticipate needs and surpass expectations. Effective questioning can help you achieve this. Account managers should ask questions that stimulate the mind and encourage thinking. Questions that are well-crafted can provide useful information to help make decisions.
2. Collaboration and Customization Ability
Account management is not a solo endeavour, but rather a team effort. Companies can no longer compete solely on the basis of price or product in today’s business environment. Customers’ experience is what will differentiate companies. The future is collaborative selling. Collaboration with customers can build strong relationships and drive sales. It is important for a sales manager to collaborate with his team internally to not only relieve pressure but also to get new and different perspectives on the problem.
3. Leadership and Ownership Capability
Account leaders are always working towards a vision, and they have the ability to inspire clients by presenting a creative future plan. Clients are challenged to take bold decisions by account leaders. This can be used to develop strategic account planning and disruptive transformations. Account leaders are unique in that they embrace every change and can produce huge results. They devote time and energy to the development of their key accounts with a clear plan of action.
4. Dynamic Business Analysis
The ability to identify cause-and-effect relationships quickly is a result of analytical thinking. Understanding the possible outcomes of a process is key to proactively providing a solution. Every account manager’s day-to-day job requires them to deal with a lot of information. Attention to detail will help you to recognize, remember, and evaluate client problems.
5. Excellent communication skills
A successful account manager is the link between the company and its clients. They must have excellent communication skills. It is important to maintain and build strategic relationships with clients. It is important to keep everyone informed of what’s going on and the results of each process. This helps maintain rapport and coordination. The account manager should be able to communicate his ideas clearly, concisely, and convincingly, whether orally or in writing.
Account management is a process that takes a lot of effort and requires highly-skilled account managers. It’s not just enough. Account managers need to be equipped with key account management and account planning tools that can help them on their journey.