Account management entails calling on certain accounts periodically.
Many corporations like advertising agencies, insurance or software companies employ account managers, which are virtually synonymous with titles such as account executive, national account manager or key account manager. Account management employees are assigned specific accounts, which they visit periodically throughout the year. The account management job description includes a number of important functions.
Significance
Account management is highly important to companies because each account is usually worth a significant amount of money. The account management professional is the key contact for all his accounts. He must call on these accounts, analyze their business situation, select the products that best fit their needs and close the sale. The account management employee must also be available to answer any questions and technical issues and ensure complete satisfaction among all their accounts.
Identification
Other responsibilities of account management include presenting new products to all accounts, filling out sales orders or purchase invoices, collecting payments whenever necessary and making sure customers receive the exact products and services they ordered. For example, the process for implementing certain software into a company's system can be very complicated. Often, a number of steps are required to complete the process. It is up to the account manager to ensure that the implementation process is completed for each account.
Function
Account management professionals must also make cold calls each month to offset possible attrition among their accounts. For example, some client companies may go out of business or decide to order from a competitive company. Though the account manager will likely try to save that account, inevitably some business will be lost during the year. Because most account management employees have certain sales quotas, they must offset their losses with new business.
Education and Skills
Because of the technical nature of some clients, most account management positions require a college degree. Additionally, account management professionals must be self-driven, well organized, analytical and have excellent communication and management skills, according to the article "What Are The Job Responsibilities Of An Account Manager?" at degreedirectory.com. Account managers must also be trustworthy and reliable and have excellent computer skills.
Salary
The average account manager earns between $38,982 and $65, 409 per year, according to June 2010 compensation data at payscale.com. These figures reflect both salary, commissions and bonuses.
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