What Is Account Management – Your Ultimate Guide
In the world of business and sales, there are so many terms and definitions – so what is account management?
And what are the benefits of account management?
In this article, you’ll learn what is account management, as well as what are the benefits of having account management in place.
What Is Account Management?
So, you may be applying for a new role, or perhaps you may just be curious in regard to what is account management?
Simply put – it is the process to manage an account after a sale or transaction has been made.
Once the sale has been made, the new client will need to be served to ensure everything they signed up for is delivered effectively.
Account management may consistent of:
- Managing the relationship
- Identify cross sell, or up-sell opportunities
- Put in place KPI’s, and manage them accordingly
Related article: Cross Selling – Your Ultimate Guide
What Can You Do To Increase Sales As An Account Manager?
Generally, there are three ways to increase your sales as an Account Manager.
These include having clear KPI’s, meeting with the right stakeholders, and using consultative sales strategies.
Clear KPI’s will ensure that you’re meeting the demand of what’s required, and it’ll also open new potential opportunities on where and how you can improve.
Meeting with the right stakeholders is also important – because they’ll most probably be decision makers, you’ll create new up-sell and cross sell opportunities.
Finally, you should always be using consultative sales strategies.
By consulting and asking good questions, you’ll learn more about their pain points, and how you can potentially serve them better.
Further reading: 3 Ways To Increase Your Sales As An Account Manager
Account Management Best Practices
Client/account management isn’t just necessarily about up-sell or cross selling.
More importantly, it’s about keeping good accounts so that you can consistently grow your business.
Although there are many, we’ve identified five client management best practices.
- Keep communication flowing
- Get to know their business
- Use a sales process
- Meet with decision makers early
- Never stop learning
To read more about these best practices in more detail, read the linked article directly below.
Related article: 5 x Management Best Practices To Succeed
What Is Key Account Management?
Key account management is the process of putting in place systems to ensure you deliver ongoing value, consistency, and hold onto your current clients you already have an agreement in place with.
Sales focuses on closing new business, and key account management focuses on enhancing the relationship with the client when you’ve already won the business.
When putting in place a management system for your business, many business owners may find that this can be quite costly.
However, depending on your business type, there are definitely benefits of having a management system in place.
Further reading: What is Key Account Management?
Account management can be very beneficial for when you close a new client, because it’ll give you the opportunity to keep and enhance your relationship with your new client – which can mean further profits.
Many businesses and Sales Professionals put a lot of effort into winning new clients.
Although this isn’t an issue, they should also pay as much attention to servicing their current clients.
This way, your business will become a lot more profitable, and it’ll be easier to forecast future profits and budget.