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What is the role of a key account manager?
An account managers role is to find and retain potential customers. Once they engage with the customers, they have to feed into these key relationships.
They have to be strategic in order to keep bringing in new opportunities for the company. Account managers are a key element for the company’s success. They impact sales and revenue.
Retaining customers is part of their daily challenge. This keeps revenue margins high and helps the company remain competitive.
What skills do you need to be a key account manager?
Active listening and time management add value to an account manager. Because account managers work to build long-term, strategic partnerships, having sociable skills and relationship building are necessary skills to be the best.
Another strong set of skills is written and verbal communication. Account management requires constant communication with potential clients and the general public. This includes constant written and verbal interactions via email, social media platforms and in-person presentations.
Account management also involves lots of multitasking. A strong account manager should be able to handle multiple clients, calling and following up as well as coordinating meetings and presentations simultaneously.
What is the difference between an account manager and a key account manager?
Account managers oversee account teams and their clients. An account manager has the skills to create brand loyalty.
They focus on their client needs by managing the communication between a client and the internal project team. Account managers are also key negotiators in order to avoid losing business and clients.
On the other hand, key account managers focus on large accounts. For this reason, they are assigned to work with clients that generate a large percentage of profit margins.
They usually report directly to senior-level management. Key account managers are responsible for:
- Nurturing and retaining VIP clients.
- Expanding contracts with existing clients
- Creating solutions to avoid revenue loss
- Insuring that their client receives high-quality services
- Reporting progress and sales forecasts