Account Manager Job Description
Account managers are becoming more prevalent across all industries to create better customer relationships and improve client retention rates. Is recruiting account managers essential to optimize your sales process? You tell us. Account managers are responsible for developing strong customer relationships, connecting with key business executives and stakeholders, and preparing sales reports. Account managers also answer client queries and identify new business opportunities with existing customers. They act as a liaison between internal teams (like customer service and product development departments) to improve the customer experience. Account managers are vital to successful client relationships and managing client expectations and needs. Adding an account manager to your team may be the right decision to strengthen and manage client relationships.
More and more companies are looking to strengthen their client relationships. Are you looking for reasons to hire an account manager? Due to this, account manager jobs are a growing occupation in every industry today, with the job growth rate for account managers projected at 5% from 2018-2028. Are you looking to strengthen your client relationships but need help finding the benefit of adding account managers? We included the top 5 benefits of recruiting account managers and adding them to your team below.
Top 5 Benefits of Recruiting Account Managers
- Client Retention
- It is no secret that long-term business success relies on creating great customer experiences and improving client retention. Generally speaking, 80% of business comes from existing customers. Company profitability widely depends on client retention: repeat customers are much more profitable than new customers because you know their needs, and they are already familiar with your team’s process, regardless of whether you are selling a product or service. In the banking industry, a 5% increase in client retention equals a 25% boost in earnings. This is where account managers act as a multiplier for client retention and thus help increase earnings in the long run when the job is done effectively.
- Communication Improvements
- Keeping the communication channel between the client and your business is important to the long-term success of doing business together. According to Gallup, only 29% of B2B customers are fully engaged, meaning they have formed an emotional connection with your brand rather than a strictly rational one. The flip side? Nearly 70% of your customers already have one foot out the door. Improving communication with your clients can help them be more emotionally connected to your brand. Account managers can help facilitate communication as the customer’s main point of contact. All positive relationships start with open communication between both parties.
- Building Credibility
- Without credibility, it is hard to maximize customer relationships: being transparent and honest with your clients helps them understand your process more. Customer impact is how your business positively impacts customers’ lives and is the number one driver of customer engagement; companies that drive customer impact have 72% more engaged customers. A deep understanding of your client’s goals and prioritizing them over your own can help build brand credibility and trust between both parties. Account managers help you and your clients reach goals quicker.
- Promotes Collaboration and Engagement
- Approximately 40% of B2B customers are satisfied with their sales representative (account manager), which means 60% of your clients may not be fully engaged. This is why it is important to seek feedback from your customers. Collaboration between your company and clients is important in maximizing your relationships with your clients. With proficient account managers on your team, they can help support client engagement and promote industry referrals. This will then contribute to building new and retaining existing clients.
- Customer Satisfaction
- Strong customer relationships are the core of your company’s stability and expansion. Customer satisfaction is the number one driving force on whether your clients continue working with you or seek another party to fulfill their needs. Customer relationship improvement increases the odds of preventing competitor consideration by 32%. Customer relationship improvement drives growth through improving client retention rates.
As you now see, there are ample reasons to consider adding account managers to your team. Sales teams that prioritize customer retention, open communication, and building lasting relationships are the driving force behind the success of top companies across all industries.
The world of recruitment is constantly evolving as the job market becomes increasingly crowded. Job seekers have easy access to as many job applications as they can find. This can slow things down for your talent acquisition department, which has to sift through leads to determine qualified ones.
NCW offers direct-hire services for sales recruitment and hires the best candidates for your company. NCW is a top national sales and recruiting firm with over 20 years of experience in staffing and recruiting that can quickly and accurately match candidates with the roles you are looking to fill. On the hunt for a qualified account manager now? Lucky for you our team specializes in placing account managers with clients across the United States. Connect with us ASAP so you can bring in the best talent to accelerate your growth.
Professional Services Recruiting: https://www.teamncw.com/industries-served/professional-services-recruiting/.
When Is It Time to Outsource Recruiting: https://www.teamncw.com/2023/01/17/when-is-it-time-to-outsource-recruiting/.
Account Manager Should Be Your Next Career Move: https://www.teamncw.com/2022/03/03/become-an-account-manager/.