Account management is a post-sales role that focuses on nurturing client relationships. Account managers have two primary objectives: retain clients’ business and grow those opportunities. They accomplish these objectives by learning what their clients’ goals are and helping their clients achieve them.Unlike a traditional sales role, which is short-term and focuses on landing the client, the account manager acts as a long-term liaison and, hopefully, a trusted consultant for the client.In other words, sales is transactional and account management is relational.By understanding their clients’ needs, the account manager can help answer their questions, solve their problems (ideally with customized product or service solutions), and develop a long-term strategic partnership with the client that extends beyond the original sale.
Long-term clients tend to buy more from the company over time and refer other clients to your business, reducing operating costs (such as prospecting and lead nurturing). In fact, in the financial sector alone, a 5% increase in customer retention results in a 25% increase in profits. And that trend occurs across industries.