How to become an account manager
Account managers are often advantageous for businesses with clients. These are the employees who draw in and keep clients for businesses. Occupation as an account manager can be a perfect match for you if you enjoy interacting with people and finding solutions to their problems. In this guide, we will talk about the requirements, salary, different types of account manager jobs, and steps to become an account manager.
Job market outlook
The job market outlook for account managers is generally positive. As per BLS, employment for sales managers including account managers will grow 7% from 2019 to 2029, about as fast as the average for all occupations. The increasing use of digital and online media in advertising and marketing is driving demand for account managers who can manage digital advertising campaigns. As businesses continue to increase their online presence, account managers with digital marketing experience will be in high demand. Demand for account managers may also be affected by the specific industry or field they are working in. For example, industries such as technology and healthcare are projected to experience strong growth in the coming years and this could lead to increased demand for account managers in these fields. Overall, the job market outlook for account managers is positive, and those with the right combination of education, experience, and skills are likely to have good job prospects.
What is the job of an account manager
An account manager is a professional responsible for managing relationships with a company's clients. They are responsible for identifying new sales opportunities, maintaining existing client relationships, and ensuring that clients are satisfied with the products and services they receive.
The specific responsibilities of an account manager can vary depending on the company and the industry, but some common responsibilities include:
- Building and maintaining relationships with clients: Account managers are responsible for building and maintaining strong relationships with clients. This includes communicating with clients regularly, understanding their needs and goals, and providing them with timely and effective solutions.
- Identifying new sales opportunities: Account managers are responsible for identifying new sales opportunities and for developing strategies to convert these opportunities into new business. This includes researching the market, identifying potential clients, and developing relationships with decision-makers.
- Managing client accounts: Account managers are responsible for managing the day-to-day operations of client accounts. This includes handling client requests and inquiries, ensuring that clients receive the products and services they need, and ensuring that client expectations are met.
- Collaborating with other teams: Account managers often work closely with other teams such as sales, marketing, and customer service teams to ensure that clients receive the best possible service.
- Meeting and exceeding sales targets: Account managers are responsible for achieving sales targets and ensuring that the company's revenue goals are met. This may involve developing sales strategies, creating sales reports, and analyzing sales data.
- Staying up-to-date on industry trends: Account managers should stay informed about the latest trends and best practices in their industry, and share that knowledge with clients and colleagues.
In summary, an account manager is a professional responsible for managing and developing relationships with clients, identifying new sales opportunities, and achieving sales targets. They work closely with other teams and need to have strong communication, interpersonal, and negotiation skills.
Steps to become an account manager
Here are the steps to becoming an account manager;
- Obtain a bachelor's degree in a relevant field such as business, marketing, or communications. A bachelor's degree in a relevant field is often required for entry-level account management positions. It will provide you with a strong foundation in business principles, marketing strategies, and communication techniques that will be useful in your role as an account manager.
- Gain experience in sales, customer service, or a related field. Account managers are responsible for managing relationships with clients, and experience in sales or customer service will help you develop the skills needed to be successful in this role. You can gain experience by working in retail, customer service, or sales roles, or by interning at a company that has an account management team.
- Develop strong communication and interpersonal skills. As an account manager, you will need to communicate effectively with clients, stakeholders, and members of your own team. Strong written and verbal communication skills, as well as the ability to build and maintain relationships, are essential for success in this role.
- Connect with professionals in your industry. Networking is an important part of building a successful career in account management. Building a network of professional contacts in the industry can help you learn about job opportunities, stay updated about the latest trends and best practices, and gain valuable insights into the industry.
- Consider obtaining a relevant professional certification, such as Certified Professional in Management. Professional certifications can demonstrate your knowledge and skills to potential employers and can help you advance in your career. The Certified Professional in Management (CPM) is a professional certification that is specifically tailored to account managers and can help you stand out in the job market.
- Look for entry-level account management positions and apply for them. Once you have completed your education and gained relevant experience, you can start looking for entry-level account management positions. These positions may have titles such as account coordinator, account executive, or account representative.
- Prove your skills and work your way up to a senior account manager role. As you gain experience and prove your skills, you may be promoted to a senior account manager role, where you will have more responsibility and autonomy in managing client relationships.
- Continuously improve your knowledge about the industry and stay updated about the latest trends and best practices. The marketing and advertising industry is constantly evolving, so it's important to stay informed about the latest trends and best practices. This can be done by reading industry publications, attending conferences and networking events, and taking continuing education courses.
What are the academic requirements necessary to become an account manager
The academic requirements necessary to become an account manager vary depending on the employer and the specific role. However, many employers prefer or require candidates to have a bachelor's degree in a relevant field such as business, marketing, or communications. A bachelor's degree in business or marketing can provide a strong foundation in business principles, marketing strategies, and consumer behavior which can be valuable for account managers. A degree in communications can help develop the communication and interpersonal skills that are important for account managers. Additionally, some employers may prefer or require candidates to have a master's degree in business or marketing or a related field. This can help demonstrate advanced knowledge and skills, and can also open up more senior or specialized roles. Also, a degree is often preferred, some employers may hire candidates with relevant experience and skills even without a degree.
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What tools do account managers use
Account managers use a variety of tools to help them manage their clients and achieve their sales targets. Some of the most common tools that account managers use include:
- CRM software: Account managers use customer relationship management (CRM) software to manage and track interactions with clients. This software allows account managers to store and access client information, schedule meetings, and follow-ups, and track sales progress. Examples of CRM software are Salesforce, Hubspot CRM, Pipedrive, and Zoho CRM.
- Marketing automation tools: Account managers use marketing automation tools to help them create, manage and track marketing campaigns. This software allows account managers to automate repetitive tasks, such as sending emails and analyzing the results of marketing campaigns. Examples of marketing automation tools are Pardot, Marketo, and Act-On
- Communication tools: Account managers use communication tools such as email, instant messaging, and video conferencing to communicate with clients and other members of their team. Examples of communication tools are Zoom, Slack, and Google Meet.
- Project management software: Account managers use project management software to coordinate and manage the different aspects of client projects. This software allows account managers to assign tasks, set deadlines, and track progress. Examples of project management software are Asana, Trello, and Monday.
- Data analysis tools: Account managers use data analysis tools to analyze sales data, customer behavior, and market trends. This software allows account managers to identify patterns and insights that can inform their sales strategies. Examples of data analysis tools are Tableau, Power BI, and Google Analytics
- Social Media Management Tools: Account managers use social media management tools to track and manage social media campaigns and interact with customers on social media platforms. Examples of social media management tools are Hootsuite, Buffer, and Sprout Social.
What are the various types of account manager jobs
There are several types of account manager jobs, each with its own specific responsibilities and focus. Some of the most common types of account manager jobs include:
- Business-to-Business (B2B) Account Manager: B2B account managers focus on managing relationships with other businesses. They work with companies that sell products or services to other businesses and are responsible for identifying new sales opportunities, managing existing accounts, and achieving sales targets.
- Business-to-Consumer (B2C) Account Manager: B2C account managers focus on managing relationships with individual consumers. They work with companies that sell products or services directly to consumers and are responsible for identifying new sales opportunities, managing existing accounts, and achieving sales targets.
- Key Account Manager: Key account managers focus on managing relationships with a company's most important clients. They are responsible for identifying new sales opportunities, managing existing accounts, and achieving sales targets. They also work closely with other teams, such as marketing and customer service teams, to ensure that clients receive the best possible service.
- Digital Account Manager: Digital account managers focus on managing relationships with clients in the digital space. They work with companies that sell digital products or services, such as software, mobile apps, and e-commerce platforms. They are responsible for identifying new sales opportunities, managing existing accounts, and achieving sales targets.
- Technical Account Manager: Technical account managers focus on managing relationships with clients in the technology industry. They work with companies that sell technology products or services, such as software, hardware, or IT services. They are responsible for identifying new sales opportunities, managing existing accounts, and achieving sales targets.
- Strategic Account Manager: Strategic account managers focus on managing long-term relationships with key clients. They work closely with clients to understand their business goals and develop strategies to help them achieve those goals. They are also responsible for identifying new sales opportunities, managing existing accounts, and achieving sales targets.
What is an average salary of an account manager
The average salary for an account manager varies depending on factors such as location, industry, and level of experience. According to the Bureau of Labor Statistics (BLS), the median annual salary for sales managers, which includes account managers, was $126,640 in May 2020. Salary can also vary depending on the specific role and industry of the account manager. For example, account managers working in industries such as technology and healthcare may earn a higher salary than those working in other industries. In the United States, the average salary of an account manager can range from $50,000 to $110,000 annually. However, some account managers can earn more than $150,000 per year depending on their level of experience, the size of the company they are working for, and their performance. The salary for an account manager may be affected by many factors such as the company, location, level of education, and years of experience, so the salary can vary greatly. It is always best to check with the employer or research the salary for the specific role and location you are considering.
What certifications are essential to become an account manager
While certifications are not always required to become an account manager, they can demonstrate your knowledge and skills to potential employers and can help you advance in your career. Some certifications that are relevant to account managers include:
- Certified Professional in Management (CPM): The CPM certification is specifically tailored to account managers and is offered by the Institute of Management. It covers topics such as customer service, business management, and leadership.
- Certified Sales Professional (CSP): The CSP certification is offered by the Sales Management Association and covers topics such as sales management, sales strategy, and customer relationship management.
- Professional Certified Marketer (PCM): PCM certification is offered by the American Marketing Association and covers topics such as marketing strategy, digital marketing, and customer relationship management.
- Six Sigma Green or Black Belt: Six Sigma certifications are offered by several organizations and focus on process improvement and quality management. These certifications can be helpful for account managers who work in process-oriented industries such as manufacturing or healthcare.
- Project Management Professional (PMP): PMP is a globally recognized certification offered by the Project Management Institute (PMI) for project management professionals. It covers knowledge of project management best practices, methodologies, and tools.
Obtaining certification may require additional coursework and passing an exam. Additionally, it is crucial to check the specific requirements and prerequisites for the certification you are interested in. Some certifications may require a certain level of education or experience before you can apply.
Account manager job description
Account managers represent clients' interests and collaborate with internal departments to make sure that their demands are recognized and met. They could help in closing deals, resolving customer issues, gathering and evaluating data, and enhancing the general customer experience.
- Interacting with customers to learn about their requirements and convey the benefits of the product.
- Coordinating with internal divisions to facilitate meeting client needs.
- Gathering and studying information to discover more about customer behavior.
- Managing precise records for the stock and account records.
- Maintaining up-to-date information about the products and services the company offers.
- Striving to enhance the purchasing experience, supporting the preferences of the customers.
- Strengthening procedures to address concerns and stop problems
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