How to become An Account Manager

• AM
• Client Manager 
• Customer Relations Manager
• Key Account Manager (KAM)
• Client Relationship Manager
• Account Handler

What do Account Managers do?

An Account Manager would typically need to:

• Provide customer support, upselling, technical assistance and general relationship management to specific clients whose accounts have been assigned to them
• Understand the short-term and long-term business objectives of individual clients
• Develop project proposals including negotiable budgets and time lines and strategies that sync with organisational objectives
• Work with the production and sales teams to establish the work scope and come up with viable quotes
• Resolve issues and implement risk mitigation strategies to ensure expected targets are achieved
• Work closely with relevant company personnel to figure out viable solutions that meet client needs and expectations
• Build and maintain a profitable relationship with every client in their charge; monitor interaction of team members with the client
• Keep the client updated on the latest products (upsell and cross-sell) to increase sales and meet income targets
• Guide the client on localisation strategies and best practices; remain available to address any questions or concerns of the client
• Direct the client’s questions or concerns through the proper channels within the organisation, if unable to resolve them single-handedly
• Manage their portfolio of accounts efficiently; maintain a productive working relationship with key stakeholders in allocated client accounts
• Use customer relationship management (CRM) programmes to conduct regular business reviews and ensure client satisfaction
• Provide regular reports and status updates that apprise the client of the value being delivered while promoting renewal and upsell opportunities
• Review income, expenditure, and resources such as merchandise and fundraising materials
• Work with senior management to study, adapt and adopt strategies that help the company keep up with constantly changing market trends and competitors
• Prepare and present required critical analysis, plans, contact reports, and presentations during internal meetings and seminars
• Seek new business opportunities, such as corporate partnerships that would maximise the company’s potential income
• Prepare proposals for new business opportunities and pitch them to potential clients

Full-time Account Managers may work at a computer in clean and well-lit offices, although remote work is becoming increasingly possible. They work closely with top executives and individuals of interest in the sales and marketing departments.

You may travel locally and internationally to meet clients or media representatives and attend conferences or networking events to drum up new business.

Full-time Account Managers have a standard work schedule that may occasionally extend beyond the usual 40 hours/week to meet deadlines, meet with clients or attend networking events in the evenings or on weekends. Sometimes, you may need to work outside of normal office hours to accommodate your clients' time zones.

Finding a new job might seem challenging. Although the fields where they can get a job are numerous, Account Managers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.

Account Managers are generally employed by:

• Consulting Firms 
• Service Providers
• Tech Companies
• Employment Agencies
• Advertising Agencies
• Public Relations Firms
• Advertising Companies
• Banking Firms
• Biotech Companies
• Marketing Organizations
• Healthcare Companies
• Pharmaceutics Organizations
• Software Organizations
• Food & Beverage Manufacturers
• Online Retail Companies
• Event Management Firms

Professional associations and organisations, such as The Strategic Account Management Association (SAMA), are crucial for Account Managers interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• The need to communicate clearly with the client and their team to avoid miscommunication and misunderstanding
• Clients with insufficient knowledge of their industry
• Getting the client to accept strategic recommendations in the face of slow or immeasurable returns on investment
• Make sure relevant stakeholders in the organisation are in sync with the client’s needs and expectations
• Ensure project budgets and timelines constantly meet with the approval of the client and top management
• High probability of chaos when the client works with more than one account manager
• Inability to stay on track when consultants working with the client fail to keep the account manager in the loop
• Work ethics at stake when the client asks for confidential business information
• Unforeseen ad-hoc requests from the client that throw a spanner into carefully planned-out strategies and projects
• Stress due to demanding clients and more accounts than can be managed efficiently

Considerable experience in lower-level sales, marketing, or customer service positions involving direct customer interaction will help hone critical interpersonal skills and achieve one’s ambition to become a successful Account Manager who can ensure customer satisfaction and an increase in the customer base.

Marketing apprenticeships and internships where you gain optimal benefit from your tasks outside the classroom that align perfectly with your lessons inside it may also serve the purpose.

You may get to hear countless stories from more experienced professionals and obtain valuable hands-on experience when they manage to turn seemingly routine incidents into unique learning moments.

Candidates with key accounts, sales or account management experience will have the edge over their peers in the job market. In addition, employers who sell technical or scientific products may seek applicants with experience in that particular industry.

A high school diploma and some sales experience will stand an aspirant Account Manager in good stead if they are looking for an entry-level position in non-technical industries.

However, a bachelor’s degree in business administration, sales management, mathematics, marketing, communications, or advertising will facilitate your entry into companies that sell specialised products.  

Aspirants who wish to work for companies that manufacture medical devices can qualify for the position with a healthcare, chemistry, biology, or engineering degree. Those who wish to specialise in finance accounting may need to pursue relevant business administration, finance, securities, or banking courses.

Aspirant Account Managers may also consider acquiring an HND (Higher National Diploma) in advertising, marketing, communication, or business management. A postgraduate diploma in marketing, digital marketing, or marketing communications may also prove useful. 

However, employers prefer candidates with a postgraduate technical degree or a master’s degree in business administration or management, which adds appreciable value to client interactions and data analysis.

Focus on maths, commerce, accounts, statistics, and English in high school.

A combination of education, experience, and testing is generally required to gain certification, though requirements differ across regions. Successful certification programs protect public welfare by incorporating a Code of Ethics.

Certification in management accounting, sales management and project management from an objective and reputed organisation can help prospective Account Managers stand out in a competitive job market, increase their chances of advancement and become independent consultants. 

In addition to showcasing the accounting and financial management skills that drive business performance, desirable certifications help an Account Manager prove their ability to handle key accounts.

Account Managers who intend to deal with securities should check whether they need to register themselves with an authorised local financial regulating body.

You may also need to undergo an employment background check, including but not limited to a person’s work history, education, credit history, motor vehicle reports (MVRs), criminal record, medical history, use of social media, and drug screening.

Performance, experience, and the acquisition of professional qualifications drive career progression of Account Managers who may become Senior Account Managers, National Account Managers, and Account Directors. One may eventually become Director of Account, in charge of the entire account management department.

You may advance to a Regional or National Sales Manager position before being promoted to Vice-President or Director of Sales. Other opportunities include moving into a Business Development Manager or Director role en route to senior marketing or sales positions.

A few become Consultants for various companies, and there is a remote possibility that successful Account Managers advance to an Operations Manager role. 

Candidates with relevant education, excellent customer service and interpersonal skills, and significant experience in the field have the best job prospects.

Continuing professional development (CPD) will help an active Account Manager build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. CPD also enables the regular renewal of desirable certifications and registrations.

As a rule, new hires receive on-the-job training that helps get a better insight into the company’s products and services, workflow, and computer systems. Continue to build on your communication and interpersonal skills.

A skillfully developed network, regular meetings with helpful people, and attendance at industry events should enable you to stay abreast of the latest developments in the field and maintain a competitive edge in your workplace.

A master’s degree in a relevant subject and certification in strategic account management skills will ease a forward-looking Account Manager’s way up the corporate ladder.

Account Manager Vs Account Executive 

Although they are crucial for a business to thrive, the responsibilities and scope of work inherent in the two roles differ across companies.

Sometimes known as ‘the hunters,” account executives fill a more traditional sales role on the front end of business as they prospect new business opportunities and convert the leads into clients they hand over to the Account Manager. 

Effective communication and nurturing positive partnerships with the clients assigned to them comprise the sum of an Account Manager’s job. Often they remain the single point of contact between C-suite clients, mid-management, or project managers and the company for as long as the client has a contract with the company.

Lack of standardised job titles, differing organisational structures and business needs may cause the two roles to overlap and be performed by a single individual.

Figuring Out Key Accounts

Instead of leading with revenue alone, accomplished Account Managers select key accounts using 15 criteria, categorised undergrowth, harmony, and value creation. You may disregard irrelevant standards or substitute your own. 

Assess the client against each measure and assign them a score from 1 to 10, applying a weighting for more critical criteria. The clients with the highest totalled scores are your key accounts.

Enhance Customer Experience

Progressive Account Managers make optimal use of CRM to leave no stone unturned in ensuring their clients’ satisfaction. 

A 360° customer view, the ability to bring up any client-related data at the push of a button, a one-click generation of documents, unparalleled coordination across departments, and timely reminders of communications with the client go a long way in increasing leads, sales revenue, and customer retention.

National or Regional?

National Account Managers work to bring internal and external stakeholders and cross-functional parties onto the same page and may fulfil quasi-general manager responsibilities.

Regional Account Managers focus on clients and new sales opportunities within a specific region. In addition to being the relay point between their organisation and independent stores or distributors, they compile sales data, evaluate trends, and provide the sales team with the requisite information.

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Account Managers have more flexible work schedules and locations. They fully own the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.

On the other hand, a full-time Account Manager has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

According to Harvard Business Review, a key account management programme can boost customer satisfaction by 20% after a few years, while revenue and profits increase by 15%.

It is not everyone’s favourite cup of tea, but Account Managers who succeed in championing their clients’ business needs and objectives prevent detrimental customer attrition, save their company money, and increase its profits.

Your client is a flesh-and-blood individual who would respond best to custom solutions and personalised offers.