Account management is a process to determine a complete relationship between your business and the client, along with nurturing the relationship and providing value to prospective customers. The successful implementation of account management processes adds value to an initial transaction that was price-driven originally. It enables you to create a stable, substantial, and long-term relationship and provide a quality service or product. Also, superior account management services boost customer loyalty and business profitability.
However, while you are seeking to manage accounts appropriately, an account manager needs to have certain skills. This article briefly explains the skills every key account manager needs.
But, let's understand what role account managers do.
What is the role of an account manager?
An account manager serves as the connection between an employer and the accounts (customers) they have been designated to manage. They observe a client's needs carefully and find out the ways to achieve the intended objectives.
If any issue occurs, an account manager collaborates with the appropriate executives within a company to resolve the situation. Besides, whenever customers necessitate questions answered, they understand exactly who to contact for quick and reliable answers. More precisely, here are the listed duties that an account manager performs:
- Rendering progress reports to the clients
- Making the client informed of other services and actions that drive success
- Monitoring the client's budget, explaining costs, and accommodating new terms if required
- Following up on trends, shifts, and competitor moves that might affect their client
7 skills that each key account manager needs
Communication
It is a crucial skill that every manager should have. Especially, a person who is working for account management for an organization needs to have sound communication skills (written and verbal). If the manager is able to maintain a clear communication bridge between the company and the potential client, then only the intended work will be streamlined.
Holding everyone in the team well acquainted about what is happening and the consequences of every process help in utmost coordination and establish rapport. Whether verbal or written, the account manager must be clear, concise, and convincing with his thoughts.
Active Listening
Active listening is critical while handling account management. A manager must listen to the situation, customers' needs, and understand the company's requirements. Purposeful listening can support building smart objectives, discovering opportunities, and improving relationships at every communication with the client.
The following vital skill is to know the bigger picture of the client's needs and business specifics. The retrospective review can help you predict the needs and surpass the expectations. This can be achieved by effective interrogation after active listening to a matter.
Leadership
Account leaders continuously work towards a vision and have the strength to encourage clients with an effective plan for the future. They confront the clients and inspire them to make confident decisions. This can assist in building strategic account planning for disruptive transformations.
Account managers embrace diversity in every process that can yield tremendous results. They converge time and attention properly in the expansion of key accounts with a definite purpose of actions.
Analytical Knowledge
Analytical thinking is the critical expertise to recognize the cause and effect relationships quickly. It means comprehending the situation of what might occur in the process and proactively offering a solution to that.
Dealing with a bunch of data from various sources is crucial for each account manager in his day to day work. Thus, having good attention to detail is essential to notice, retain, and accurately assess client problems.
Time Management
Account managers are often expected to be a juggler of sorts and to be able to balance multiple projects and accounts simultaneously. Also, while they handle multiple tasks, it needs to manage with accuracy. So, the manager needs to distribute time wisely in order to accomplish a number of tasks accurately. Henceforth, a key account manager's essential skill is to manage their time efficiently to assure they get to everything timeously.
Adaptability
This is the ultimate skill that a key account manager needs to have. He should be able to adapt to the change as quickly as possible and guide the business and the clients to make the right decisions. Also, his versatility needs to adjust as the situation demands or market trends change. An account manager who has mastered the skill of adaptability can surely guide the business and customers in the right direction at any time (even during a crisis).
Skillful negotiation
In the end, a key account manager's goal is to strengthen the lifetime value of their customer. To do this, they need to sell to the customer and negotiate terms. This demands a sharp sense of timing, sound presentation skills, and the determination to hold their ground and push back when needed.
An account manager who has the skills mentioned above can outperform the accounts management responsibilities. When you search for accounts management services in the market, you may find various options. But, you should assess the capabilities of the account manager before making a final decision. The fundamental skills to look for in a key account manager include communication, listening, adaptability, negotiation, time management, and analytical skills. Whether you are thinking of outsourcing account management services or hiring a permanent employee, make sure the executive has certain skills.
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