what is an account manager?
As an account manager, you contact the company's customers and make sure they are happy. A good account manager has a heart for the customer and business. Your job is to take care of the needs and concerns of customers.
This role of an account manager requires you to wear several hats. The job requirements vary based on the client's needs at that time. You may be a salesperson, offer technical support, provide financial advice or take on a customer service representative role. You also act as a link between the customer, sales department and other departments or teams that impact the client's account. It is your job to ensure the client remains satisfied and that your employer gets a sizable return on investment (ROI).
what does an account manager do?
A good account manager is not focused on selling a product or service. Instead, your focus is on helping customers solve their problems or achieve specific goals. You also prioritize relationships over sales and forgo short-term wins to foster long-term relationships.
Would working as an account manager suit your people skills? Then read on to find out what competencies and qualifications you need to thrive in an account manager role.
account manager jobsaverage account manager salary
According to Job Bank, the average salary of an account manager is $120,024 per year, which translates to $61.55 per hour. In an entry-level position, you start with a salary of $60,000 yearly. With experience, account managers take home over $184,722 annually.
what factors affect the salary of an account manager?
As an account manager, your earnings fluctuate based on various factors. Your education and skills affect your earnings. When you have minimal education, you are likely to earn a lower salary than someone with better qualifications. When you are new in the role, you have minimal experience, which influences your salary. As you grow your expertise, your earnings increase.
Salaries also fluctuate per region, with some locations paying higher average salaries than others. For instance, when you work in Quebec, your average salary is $178,966 per year. In Nova Scotia, you earn $154,625 annually. Ontario pays lower salaries of $109,229 yearly, while British Columbia pays $101,449 yearly. The demand for account managers and the cost of living influence earnings from region to region.
types of account managers
Account managers typically fall into two primary categories:
- national account managers: as a national account manager, you are responsible for coordinating internal and external stakeholders and cross-functional parties. Depending on your employer, you take on quasi-general manager roles.
- regional account managers: as a regional account manager, your main focus is on maintaining quality relationships with distributors and seeking new sales opportunities. You are the relay point between your company and independent stores or distributors. You also gather sales data, analyze trends and provide feedback to the sales team.
working as an account manager
Becoming an account manager is a good career if you enjoy working with people. Check out the tasks, responsibilities and career opportunities for account managers in Canada.
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what does an account manager do?
The main duties of account managers include:
- preparing proposals for new business leads: as an account manager, your job is to increase the number of customers in a business. You are responsible for searching for new leads and preparing proposals to pitch regularly. When a client makes their first order, you follow up on the service delivery. You also inform them of additional products or services that the business offers.
- referring client concerns to the appropriate department: as an account manager, you constantly liaise with clients and help them make orders. You are the contact person when they have concerns or issues with their products. Your job is to relay the concerns to the right department and get back to the customers with the appropriate feedback.
- analyzing consumer data: as an account manager, you identify the needs of potential customers through analytical data. You research each client’s interests and develop effective marketing strategies. You often pitch to businesses and clients likely to order large quantities.
- reviewing account activities: your main role is to manage clients and ensure they are satisfied. That involves constantly reviewing the accounts' activities and identifying ways to boost sales or retain existing customers.
- negotiating contracts: when a client accepts your proposal, you negotiate the terms of engagement and contracts. You also discuss the prices, quantities and discounts associated with the contracts.
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work environment of an account manager
Account managers typically work in office environments. They enjoy a clean, well-lit indoor workplace. However, work environments vary depending on the organization. Your work typically requires a lot of local and international travel since you meet clients to pitch new ideas and negotiate contracts. Some account managers work remotely.
The working environment for account managers is fast-paced and challenging. Generally, you spend a lot of time interacting with clients. That includes talking with them on the phone and through video conferencing or face-to-face meetings. This aspect of the job allows you to work in different locations.
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who are your colleagues?
Account managers work in diverse industries and ensure that all customer complaints are handled promptly. Managing customers and clients, you work alongside customer service representatives, administrative assistants and sales associates. You also liaise with warehouse associates and warehouse managers to ensure products are delivered to customers promptly. HR managers, accounting technicians and sales managers are also colleagues whom you are likely to interact with.
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account manager work schedule
Most account managers work 40 hours a week. The day typically starts at 8 am and ends at 5 pm. However, your schedule may be dictated by your clients' time zones. It is common for account managers to work on weekends, typically to meet clients or attend seminars. When handling high-profile clients, you should be available whenever they need clarification. That means the number of clients you manage determines your work schedule. Though your schedule stays relatively constant throughout the year, high client demands during the holidays or seasonal vacations may require you to work longer hours.
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career opportunities as an account manager
The best way to advance in an account manager role is to gain more experience and improve your academic qualifications. You can move up to a key account manager or account director role when you have adequate skills. When you join the executive team, you can become the vice president of marketing or sales. Some account managers gain experience and become consultants for various companies.
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advantages of finding a job as an account manager through randstad
Working with Randstad offers you a range of benefits.
- always a contact person you can fall back on and ask for help from
- many training opportunities
- a range of jobs in your area
account manager skills and education
The educational requirements for becoming an account manager include:
- post-secondary education: pursue a bachelor's degree in commerce, economics or business administration. Other courses relevant to the role include marketing and sales. If you are an account manager handling financial products, you may require certification as a Certified Financial Planner by completing the requirements of the Financial Planners Standards Council of Canada. If you work for an investment or financial institution that sells financial and investment products, you require a licence from the appropriate governing body.
- work experience: if you want to become an account manager, it is important to gain work experience through sales or marketing positions. Entry-level jobs prepare you for the role, helping you to develop the necessary customer service skills of an account manager.
competencies and characteristics of account managers
The qualities of successful account managers include:
- communication skills: as an account manager, you should communicate well over the phone, via email and across departments or teams. Being comfortable addressing C-level executives, managers, and sales representatives is crucial. You also address clients professionally and maintain good working relationships.
- knowledge of the field: knowledge about the company and customer expertise is required. Since you nurture relationships, you need in-depth knowledge of the company and its customers. It also allows you to identify growth opportunities that match the client's needs with the company's services.
- ability to look ahead: a strategic perspective beyond short-term goals allows you to orchestrate long-term deals and relationships to create a mutually beneficial strategy. Prioritizing long-term relationships over short-term rewards requires forward-thinking skills.
- leadership skills: leadership is necessary for account managers because they interact with many parts of the business. It is important to show confidence and command respect from clients and co-workers. You also inspire sales representatives to improve lead generation.
- negotiation skills: negotiation skills help account managers sell products to customers. You need a sense of timing, good presentation skills and the confidence to know when to push and when to pull back.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of an account manager.
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what is the salary of an account manager?
As an account manager, you earn $120,024 per year. The earnings depend on various factors, from your experience to the size of the company and location. Working in a large company improves your earning prospects due to the significant number of resources available. When you have minimal experience, you receive a lower salary.
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what are the main duties of an account manager?
As an account manager, you perform various tasks to build strong customer relationships. For instance, you connect with key stakeholders and hold meetings to address any issues that arise. You also answer client queries and find new business opportunities among your clientele.
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is account manager a high position?
An account manager role is an entry-level to mid-level management position in large companies. If you work in a small company, your role may include additional responsibilities. For example, in a senior position, you handle the top clients of the company and negotiate contracts with new clients.
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Do account managers require a college degree?
You require formal education to work as an account manager in Canada. Complete a bachelor's degree in commerce, economics or business administration. You also require relevant certification if your company sells sensitive financial or investment products. For instance, to work as an account manager in financial institutions, you require designation as a certified financial planner.
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is being an account manager a good job?
Working as an account manager is an exciting job with promising opportunities. You have great career prospects and can work in both marketing and sales departments.
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how do I find a job as an account manager?
Finding a job near you as an account manager is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the 'Apply' button top right on the page. No jobs available right now? Send us your resume, and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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