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Corporate Account Manager Duties and Responsibilities
Based on postings that we analyzed, corporate account managers tend to have several core responsibilities:
Manage Client Portfolios One of the foremost duties of the corporate account manager is to oversee client portfolios and maintain their financial success and budgets. In this aspect of the role, corporate account managers work with clients to understand their financial goals, needs, and pain points, and manage their portfolios to drive growth and ensure stability. They may identify opportunities to increase profitability, benefitting both the account manager's organization and the corporate client.
Attract New Clients Corporate account managers play an important role in new business development. They use a variety of sales techniques and strategies, often working with sales teams to attract and retain new clients. A corporate account manager may use prospecting and cold calls to approach potential clients and take direct meetings with corporate representatives to explain how the account manager's company can help them achieve their revenue goals.
Guide Strategic Development Many corporate account managers provide advice and guidance to clients regarding business development opportunities and areas for strategic growth. They may recommend new markets, for example, that the client can enter to gain market share. In this aspect of the role, the corporate account manager may prepare reports and projections to guide client decision-making.
Maintain Client Relationships Corporate account managers build and maintain positive relationships with high-value clients by responding to client needs and resolving issues. Most corporate account managers use a client relationship management (CRM) tool to monitor client relationships and manage data related to these clients. They may also meet with clients periodically to assess their account performance and identify opportunities to enhance revenue and market share.
Build Professional Networks Networking plays a major role in the corporate account manager's position. The corporate account manager attends industry events to meet potential new clients, leverages relationships to build client value, and maintains a network of professionals and corporate decision-makers. Successful corporate account managers may also provide guidance and mentorship to other account managers to ensure their companies' success.
Corporate Account Manager Skills and QualificationsCorporate account managers drive revenue growth through strategic relationships with high-value clients. Most workers in this role have at least a bachelor's degree, sales experience, and the following skills:
- Sales skills - corporate account managers should be experienced salespeople and need a high level of familiarity with sales strategies to attract and retain corporate accounts
- Relationship management - this role requires experience with building and maintaining lasting relationships with a wide range of clients. Corporate account managers should be responsive and accessible to maintain a high level of client satisfaction
- Negotiation - corporate account managers should also be skilled negotiators, able to develop contracts and agreements that drive profitability while providing a benefit to their clients
- Team collaboration - many corporate account managers work closely with sales teams and other professionals, so they should be able to effectively collaborate and coordinate with these teams
- Analytical thinking - this role also requires excellent analytical skills to evaluate client accounts and make recommendations to drive profitability and gain market share
- Networking - corporate account managers also need to effectively communicate and network with other professionals through phone calls, emails, and industry events
Corporate Account Manager Education and TrainingMost corporate account managers have at least a bachelor's degree, typically in business administration. Additionally, a sales background provides an excellent starting point for learning how to build relationships, prospect for new clients through networking and cold calling, and maintain client relationships. Many companies prefer to hire corporate account managers who have completed advanced degrees, typically a master's in business administration (MBA). Because corporate account managers tend to have several years of experience in sales or account management, there are few opportunities for on-the-job training in this role.
Corporate Account Manager Salary and OutlookWhile the Bureau of Labor Statistics (BLS) does not provide salary information for corporate account managers, both Glassdoor and PayScale have gathered data related to this role. Glassdoor estimates that corporate account managers earn an average annual salary of $63,009 based on 411 reported salaries. PayScale's median salary estimate is slightly higher at $68,576 based on 342 reported salaries. Although the BLS does not provide employment outlook information for corporate account managers, its data on sales managers may provide a general guideline. The BLS expects employment for sales managers to increase 7 percent by 2026.
We searched the web and found several valuable resources if you're interested in beginning a career as a corporate account manager:
Strategic Account Management Association - corporate account managers can join SAMA to network with other professionals in the field, access industry news and career development resources, and attend events and conferences
Malcolm McDonald on Key Account Management - read this book to learn about developing, attracting, and retaining accounts that drive market share and revenue growth
"Account Management & Sales Strategy" - this blog post covers best practices for account managers to collaborate with sales teams to develop and enact strategies that build relationships and retain high-value clients and accounts
Key Account Management in a Week: Teach Yourself - author Grant Stewart breaks down corporate and key account management into seven steps that account managers can take to improve revenue gain, market share, and client retention
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