What is an account manager?
- Account managers oversee the needs of the client.
- They ensure excellent client relationships for the company.
- Handle customer care, technical service, or processing upgrades.
- Help the company save time and money by taking care of its existing clients.
An account manager is responsible for the regular management of a client’s account with the company. They oversee the needs of the client while ensuring good business for the company. Account managers may even wish they had as many arms as an octopus since they often need to do multiple things for several clients – all at the same time. Multi-tasking is the key to their work.
They are responsible for achieving client satisfaction and maintaining an excellent company-client relationship. A happy client is bound to continue doing business with the company, and that is the ultimate goal of an account manager.
What are the duties of an account manager?
Account managers perform a variety of tasks to maintain a sound relationship between a client and the company. Their responsibilities also include but are not limited to customer care, technical service, or processing upgrades.
Rather than encouraging a client to purchase, an account manager makes sure that a client is buying the right products that fit their needs. For that reason, account managers typically work closely with the sales department. They identify sales opportunities within existing accounts to keep the business going between the client and the company.
As the client-company relationship grows, the client may need help understanding the impact of upgrades or changes in their account. Having a solid understanding of the products comes in handy in these situations. If a customer has any problems regarding the product or the service they have with the company, the account manager’s task is to help the client find a lasting solution and clarify any confusion.
How does an account manager help make a profit?
An account manager helps the company save a lot of time and money by taking care of its existing clients. According to a study by Bain and Company, increasing the company’s customer retention rate by just 5% will increase the profit by 25% to 95%. The study analyzed the difference between the cost and benefits that companies received from clients with different lengths of stay in the company. It showed that new clients render to be unprofitable after all the expenses spent in acquiring them and only in their later years do they generate a significant amount of returns. In addition to that, 82% of companies agree that customer retention is far cheaper than looking for new clients, as reflected in the study done by marketing firm eConsultancy.
High level of trust between the client and the company is an indication that a good account manager is attending to the needs of the client. Although the attitude of the client towards the company still depends significantly on the quality of business received, an excellent account manager can still retain a client by finding solutions that will fit the client’s evolving requirement.