WHAT IS ACCOUNT MANAGEMENT IN SALES AND MARKETING? - LESSONS IN INDIA

In business, everything today is about relationships. It is your interactions with people that determine your firm’s success. Today’s business world is all about managing people, and being a master at interpersonal relationships. Good business is often built on good relationships. However, it is easier said than done, when it comes to nurturing and maintaining relationships. In a scenario where the competition for clients is fierce and loyalty is hard-won, it is important to have relationships that are strong no matter what. This is where Account Management comes into play. An account manager’s objective is to maintain strong client relationships and a healthy bottom line. It is a post-sales role that focuses on nurturing client relationships. Account management relies on two primary objectives. Retailing the client’s business, and growing those opportunities. Account managers learn what their client’s goals are, and help them achieve it. A traditional sales role is short-term, focusing mostly on landing the client. An Account Manager acts as a long-term client liaison, and hence a trusted client consultant. Sales work is transactional, while account management is relationship-based. The key account manager roles and responsibilities center around understanding their client’s needs, so they can solve their problems, and help answer questions, in order to develop a long-term strategic partnership with the client, that stays much after the original sale. The account manager is primarily responsible for growing business partnerships through up-sells and cross-sells. They are also involved with managing relationships between the client, sales and customer support. And finally, their objectives include retaining long-term business through contract renewals, by ensuring the client stays satisfied. Basically, the job of the account manager is to delight the customer. Account management is important for some key reasons. Maintaining communication Communication, or the lack of it, can make or break any relationship, so good communication between the company and its customers is vital. The account manager is responsible for keeping this dialogue on, by knowing exactly what customers want so that the firm can deliver it to them. Nurturing relationships The account manager nurtures his/her relationship with the client. At the same time, they also include other members of the client support team, like sales and marketing. To know more: https://timespro.com/course/certificate-programme-in-insurance-sales-and-service-management/