Every company hires an account manager, especially in SaaS. The account manager is one who needs to be responsible for the everyday management of the customer’s account and business with the company. An account manager needs to have exceptional communication skills and keep the business and account at the core of all operations and strategies.
Since we know an account manager is a vital role, how relevant and important is the role in 2023? Post-COVID-19, there has been a major upheaval in how companies function and view things.
An account manager is the first point of contact for customers when they have any concerns, questions, or doubts about the product. They also reach out to account managers when they want to increase their revenue, upgrade their sales, and save money on multiple additional costs.
An account manager in 2023 will look to create lasting relationships with customers and keep the trust alive. The account manager needs to take care of and handle one customer or a bunch of assigned customers, improve the client count, and look for new opportunities to upsell or cross-sell.
Account Manager Responsibilities in 2023
Account managers in 2023 need to connect with customers and maintain strong relationships with them. They need to keep in touch with customers, stakeholders, key business leaders, and other team members. A good account manager needs to connect customers and the business and wear several hats. Account managers need to converse with cross-functional teams and enhance the overall customer experience. They also need to coordinate regarding marketing and customer-focused strategies. They also need to write all the reports related to a specific account.
Here are the main responsibilities of an account manager in 2023
Account managers function as the centerpiece in all account-related processes. Whether it is gathering account holder information, creating a setup of data, or updating information – account managers need to do it all. Account managers need to update the information to align with company goals. If the goals and actions are not in sync, customers will never be happy and satisfied with the product.
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Negotiate contracts and customer agreements to increase profit
Contracts are the base of all account transactions. Account managers need to negotiate contracts to suit the needs of the company and customers. They also need to handle any client escalations and requests which can be challenging.
Maintain lasting and strong customer relationships
Forging, maintaining, and engaging with customers for lasting relationships is one of the primary responsibilities of customer account managers. They need to interact and talk with many teams to ensure all demands and expectations are met. Account managers also need to be intrinsic to all client activities. They need to know where customers are in their journey and communicate the same to other teams.
Communicate clearly and chart progress
Account managers need to communicate clearly and establish strong liaisons with teams. This is to ensure that no information slips through the cracks and gets lost in translation. Account managers need to have excellent communication skills- oral and written. They also need to track the progress of customer accounts and ensure they are not stuck at any stage.
Meet stringent deadlines and ensure timely deliverables
If account managers have promised a specific delivery time, they need to ensure they deliver to clients at that time. Account managers need to deliver projects, tasks, and more as per deadlines. It is important to stick to timelines that you can manage. Account managers need to manage account budgets and engage with them.
Create new account management strategies and identify improvement
Maintain records of all account details and create new plans that help meet customer goals. When you make a note of all the goals, it is easier to allocate resources and fulfill them. They also need to collaborate across customer segments to spot areas of improvement. Account managers need to ensure that customer retention is an active part of the strategy.
Skills Required for Account Managers
Account managers need certain skills. These must-have skills will help account managers ace their job. Selling skills, communication, leadership, and individuality are necessary for account managers. Here are some of the skills an account manager needs to add more value to their customers-
Communication is the base for all customer success. They need to be able to talk to C-Suite executives and other stakeholders without fail. The strategic position requires all stakeholders, like sales reps, managers, and executives, to ensure that customers’ expectations and needs are met thoroughly.
Knowledge of the company, product, and customer
Account managers need to know about the company and customers to find common points and nurture relationships. Account managers need to customize solutions to meet the needs of customers and align with company offerings. This knowledge will help fill gaps in understanding the product and enhance opportunities available to customers.
Account managers also need to direct employees and customers to reach their goals. They need to be enterprising and have the vision to lead stakeholders to success. This will help them gain the results they strive for. As leaders, they even need to be good negotiators and satisfy humans at both ends of the spectrum.
Apart from the above, the account manager needs to possess the following skills and requirements.
- Proven experience working as an account manager, junior account manager, customer success executive, or sales account manager
- Experience with CRM (Customer Relationship Management) software such as HubSpot, Zoho, Salesforce, MS office, and more
- Communicate and influence all stakeholders regarding the product and company
- Establish proper process and strategy with regard to all stakeholders
- Ability to handle multiple issues and maintain attention to detail
- Excellent listening and presentation skills
- Time management and ability to handle multiple escalations
- Adaptability to understand clients and suggest ideas that suit their goals
- Empathy to understand customers and their problems
Why is Account Management more important in 2023?
Account management is necessary for all SaaS companies. The long-term strategy can deliver profitable value over time and improve the prospects of customers. Account managers increase the value of customers over time. Account managers need to increase the expansion revenue from every account. Technically speaking, they can drive more sales from existing accounts.
- Existing customers are interested in the product since they know how it works
- Gaining revenue from existing customers will protect and fence against increasing costs
- Expansion revenue increases the level of competitiveness and enhances profitability
- Account managers must look to sell more to prospects
- They also need to get customer testimonials and increase customer satisfaction
Account managers are professionals who interact with customers and handle their concerns. Account managers look after routine daily tasks in addition to managing client problems and escalations. In 2023, the role will be more relevant than ever. Account managers need to handle client success, customer problems, take charge of customer complaints, and enhance a positive relationship between customers and the company.22
Hiring for account managers is also at an all-time high since there are several queries in tech companies. Customers are growing by the day, and an increased customer base will only lead to enhancing the need for customer support.
You might also like:
- A Day in the Life of an Account Manager – Find out what it takes to be an Account Manager and also take a glance at their roles and responsibilities in day-to-day life.
- To see how SmartKarrot helps B2B companies streamline and scale customer success, Request a Demo.
Stanley Deepak is an accomplished sales and marketing professional with 15+ years of experience. He loves tech products and book reading. He writes on philosophy and culture on LinkedIn.
Published September 12, 2022, Updated March 02, 2023