Account managers oversee accounts belonging to their sales clients, who are usually businesses (the selling of products from one business to another is called business-to-business commerce or B2B). Once an account manager closes a sale with a client, that client is then entered into the company’s database as a new account. This account stores information on the client, such as the client’s past transactions with the company. Therefore, the account manager uses that information to note additional products that may be a potential sell for the customer. This is known as “prospecting,” which forms the initial part of account manager work.
Account managers are also adept organizers. It is their job to arrange accounts into easy-to-read modules. These account databases are often taken from Client Relationship Management (CRM) software. Besides storing accounts, this software keeps track of whether the company has drawn full potential out of their accounts. For instance, it will note whether or not clients have been asked to give referrals or testimonials for the company’s products. Giving testimonials and referrals often lures more clients to the company. The software can also record whether the client has been introduced to the company’s full catalog of products and services. Introducing the entire catalog raises the chances of a client purchasing more items from the company.
Besides prospecting, account managers are assigned sales territories where they research new and old clientele to cold-call and follow-up on. When they are not actively selling products, they look over their account database and leverage as much buying power as they can from each client. Because they earn a sizable commission from each sale, they are eager to make the most out of their accounts.
Account manager jobs also demand the ability to forecast sales during a given sales period for a given sales territory. In order to do this, managers keep abreast of market trends and note periods of economic downturn. They report their research to sales managers that may prompt the corporation to sell new products and discontinue poor selling products. They practice time management to avoid procrastination as much as possible to generate maximum sales through cold calling and prospecting. Account managers regard time management, along with account management, as essential strategies to meet sales quotas. If they consistently fail to meet quotas, they may be laid off by their supervisors.
Account managers additionally make sure they are well educated in their sales field. If they work for a company selling medical equipment, they can adroitly demonstrate that equipment and comprehend medical terminology. Account manager careers usually require only a bachelor’s degree, but demand experience demonstrating powerful sales skills.
While prospecting, account managers perform cold calls to do telemarketing. They have knowledge of generalized sales methods, such as turning initial rejections into sales opportunities. They exhibit enthusiasm, friendliness, and reliability with their clients. Their ability to maintain these qualities goes a long way toward building their sales reputations and raising their commissions.
Because so much of account management work goes into cold calling, many account managers work from home. Using a company’s Intranet or online database, they also enter new accounts, perform sales territory research, and continually review accounts for sales opportunities. As a matter of fact, many account manager jobs are becoming online jobs, because it costs less for sales firms to outsource these jobs. Nonetheless, online account managers must demonstrate successful sales records and familiarity with the recruiting company’s trade.
Even home-based account managers travel to demonstrate their products. For instance, an account manager selling software to a corporation will visit that corporation to test-drive the software. During client visits, account managers also answer the client’s questions and set up a payment and delivery process through a contract. They often spend some time negotiating prices, aiming to meet sales goals. Moreover, they can train people at the corporation who will primarily work with the sold products.
Account managers who are home based can also work part time. Working part time, however, still consists of professional account management work. All telecommuting managers, besides having the requisite college education and experience, often go through online training sessions with their companies prior to their first day of work. All account managers, lastly, usually rank in the top 20% of salespeople at their previous employers.
Many mothers choose to work part time jobs in this field because they have young children who need supervision. Otherwise, most account managers choose to work full time because the job requires so much travel to clients’ sites. However, both home based full time and part time managers are usually free to choose their schedules. The other side of this flexibility is that telecommuting account managers may have more difficulty with procrastination, since they work independently. In account management terms, they may struggle with time management that is so intrinsic to their success.
Account managers’ earnings depend on their commission rates. Some corporations pay them 12% as commissions, while others may pay up to 25%. As for salaries, most account managers make about $41,000 per year for the first four years. Their salaries will accordingly rise after ten years to about $60,000. Of course, commissions can reap much higher earnings should account managers collect stellar sales records.
