Account Management is managing the relationship that your company has with your customer. Unlike acquisition sales or new business sales, Account Managers usually look after existing customers to develop a long-term relationship with their contacts.
Why do we need Account Managers?
As organisations get bigger, Account Managers have to manage the contacts within their own sales organisations, and also at a customer.
Imagine working with a large company where you have teams of buyers. It makes sense to have an Account Manager look after the entire account, spending time getting to know the different stakeholders and understanding how the business operates.
Additionally, as it costs a lot less to keep a customer rather than acquire a new one, it makes sense for vendor organisations to invest in Account Management teams to ensure customers continue buying their product, renew their contracts and expand the share of wallet within the account (i.e. increase the customer spend overall).
Who would suit an Account Manager role?
Account Managers tend to work on established accounts rather than acquisition or new accounts. Because of this, there is less focus on cold calling and dealing with cold leads as there is often an existing relationship established with the customer.
Want more sales tips and free sales resources? Get them straight to your inbox!
What is My Sales Academy?
My Sales Academy is an online portal, full of sales tools, tips, resources and downloadable assets to accelerate your sales.
It gives you superhero sales skills but without the boring training. Designed for busy sales reps, sales managers, entrepreneurs and small business owners, it's a simple way to build up your sales skill confidence.