Key Account Manager Job Description, Skills, and Salary
Are you searching for a key account manager job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a key account manager. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a key account manager.
Who is a Key Account Manager?
Key account managers are individuals responsible for ensuring that a company’s most important clients receive its goods and services in a satisfactory manner. In any organization they find themselves in, they are frequently in charge of one or a small number of accounts, depending on the size of the accounts.
More so, key account managers handle an organization’s most important clients.
The goal of every key account manager is to increase client satisfaction and loyalty, which in turn lead to increased sales and income for the company they offer their services.
Key Account Manager Job Description
What is a key account manager job description? A key account manager job description is simply a list of duties and responsibilities of a key account manager in an organization. Below are the key account manager job description examples you can use to develop your resume or write a key account manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a key account manager include:
- Locating and pursuing new potential clients.
- Managing all facets of the customer relationship while acting as the main point of contact for the designated key accounts.
- Coordinating with other company departments to provide customers with high-quality goods and services.
- keeping track of and monitoring all correspondence between important clients and other divisions within the company.
- Collaborating with internal teams to guarantee that all customer orders are promptly and accurately processed.
- Building enduring connections with key customers to boost sales and expand the business’s influence in the sector.
- Engaging in contract negotiations with customers
- Working internally to consult with business management on budget.
- Setting negotiating sale terms and prices with customers on the company’s behalf.
- Managing account plans proactively, ensuring that all tasks are in line with the client’s priorities and strategy.
- Developing and implementing strategies to increase sales and clientele.
- Selling goods or services to customers to increase business revenue or profits.
- Monitoring customer satisfaction with current goods or services to determine if changes are needed.
- Coordinating employee education on new company services and products.
- Conducting data analysis to identify trends and provide advice to upper management.
- Identifying new business opportunities with existing or potential customers.
- Preparing status reports on key accounts for upper management.
- Keeping in touch with customers on a regular basis to check on their satisfaction with the purchasing process.
- Attending trade shows and conferences related to your industry.
- Making presentations and proposals that are tailored to the needs of clients.
- Drafting client activity reports and submitting them to management for review.
- Investigating competitor activity to identify potential threats to business relationships.
- Promptly and professionally resolving any customer problems or complaints.
- Creating sales projections based on previous performance, current trends, and client needs.
- Keeping current on assigned accounts, including knowledge of the client’s services, products, business, and industry trends.
- Maintaining client databases containing information such as phone numbers, emails, addresses, positions, and contact names.
- Keeping in touch with clients on a regular basis to inform them of new goods and services that may be of interest to them,
- Staying abreast of market trends and advancements in the industry.
Key account managers have the following qualifications:
- Bachelor’s degree in business, sales, or a related field.
- 5+ years of solid account management experience.
- A track record of exceeding sales targets.
- Excellent negotiation, presentation, and communication abilities.
- Excellent organizational and time management skills.
- Ability to persuade others and form relationships.
- Extensive knowledge of the market and industry trends.
- Experience providing client-focused solutions based on customer needs.
- CRM software knowledge.
- A track record of successfully managing multiple projects at once.
- Ability to pay close attention to detail.
To be successful, key account managers must possess the following skills:
- Excellent Communication and Negotiation Skills:
Key account managers in most cases communicate and bargain clearly with clients. To ensure that the client gets the best deal possible out of the business relationship, they must be able to present their company’s goods or services in an appealing manner.
Moreso, key account managers work remotely and may not always be able to meet with clients in person, and as a result of this, they must be good communicators.
- Financial Analysis:
Your ability to comprehend and evaluate financial data leaves you thriving in this career path. You may be expected to analyze sales data, revenue streams, budgets, and other client-related financial data as a key account manager. Being proficient in financial analysis will allow you to determine how to best meet your client’s needs while also ensuring that their business objectives are met.
- Product Expertise:
Key account managers must be knowledgeable about the products and services they represent. This can help you find ways to improve the products and explain the benefits of the products to potential customers. You can also use product expertise to identify potential customer needs and recommend products that can meet them.
- Project planning:
Effective planning is the key to every successful project. Key account managers must have project planning skills because they help organize the various tasks associated with their client’s campaigns. A key account manager may create a plan for a client who wants to increase their social media following, which could include scheduling posts for specific days and times and researching different types of content. The key account manager would then track the results to determine which tactics were the most effective.
- Business Development:
As a key account manager, you may need to make new business connections in order for your company’s revenue to grow. Using your business development skills, you can prepare sales pitches, conduct market research on potential customers, and negotiate contracts.
- Decision making:
Key account managers must be able to make sound decisions. You could be in charge of deciding how to approach a client, which clients to target, and what strategies to use. You may also be in charge of deciding which clients to terminate relationships with and how to do so.
As a key account manager, you will be required to manage groups of salespeople or other subordinates. You can help your team members succeed by providing direction and guidance through your leadership abilities. Using your leadership skills, you can motivate your team to work hard and build long-lasting relationships with clients.
- Technical Expertise:
Key account managers build their technical expertise to comprehend and apply the guiding principles of a subject. As a key account manager, you may be in charge of managing a company’s social media accounts, so having technical knowledge of these platforms is essential. Similarly, if you’re in charge of a company’s website, having technical knowledge of web design and coding is highly needed.
- Customer Relationship Management:
This job role requires you to develop and maintain positive relationships with customers. Honing this skill can help build client trust, which can lead to increased sales and customer retention. Customer relationship management entails listening to your customer’s needs, meeting those needs, and addressing any problems they may be experiencing.
Working with clients in different time zones or managing multiple projects at the same time are both options for key account managers. Being well-organized can help you manage your workload more effectively and meet all deadlines. It’s also essential for keeping track of client information, such as specifics about their preferences, needs, and previous interactions.
- Risk Assessment:
One of the tasks assigned to key account managers in every organization is to identify potential risks and devise plans to mitigate them. As a key account manager, you may be in charge of ensuring that your company meets its contractual obligations to clients. This entails identifying any risks associated with meeting those obligations and developing plans to address them. If a payment deadline is approaching, you might work with other members of your team to ensure that one of your clients receives their payment on time.
- Strategic Thinking:
Being able to think strategically entails considering long-term goals and how current actions may affect them. Strategic thinkers can identify opportunities, develop plans to achieve their goals, and evaluate their effectiveness. Strategic thinking is essential for key account managers because it allows them to plan and execute actions that advance the company’s overall goals.
If you have problem-solving abilities, you can recognize problems and come up with solutions. You may be in charge of overseeing a client’s entire account as a key account manager, making you the go-to person for any problems or inquiries. Using your problem-solving abilities, you can provide excellent customer service and maintain positive relationships with your clients.
- Work Morale:
A key account manager must be completely committed to achieving their objectives, as well as be able to effectively communicate with and gain the trust of both key clients and company stakeholders. A strong work ethic is required to deal with difficult customers and complex requests, adapt to change and inspire junior staff.
- Time Management Skills:
Key account managers frequently oversee a variety of tasks and projects, therefore, they must be able to effectively prioritize their time by identifying the most important tasks at any given time and ensuring that they are completed on time.
They must also be aware of client deadlines and other internal business procedures in order to meet those expectations.
- Ability to work both Independently and in Groups:
Although key account managers frequently work alone, they also collaborate with other teams within their organization. They may need to communicate with salespeople and customer service representatives to ensure that every aspect of the client experience runs smoothly.
Working as a team allows key account managers to consult with others when making client decisions.
- Customer Service Skills:
A key account manager must have customer service skills to understand what clients expect from the company. Customers must be satisfied in order for the key account manager to generate new business from existing clients.
- Task-Switching Ability:
An account manager typically manages several accounts at once. They must be able to pay close attention to every detail while selectively focusing on each account’s most important features.
- Business Acumen:
In order to best meet the needs of clients, key account managers must have a thorough understanding of the company’s revenue, costs, and profit margins. Understanding accounting procedures, bookkeeping techniques, and other business-related topics can also assist you in analyzing the performance of your company.
- Contract Negotiation:
Account managers must be skilled negotiators because they frequently negotiate contracts between clients and suppliers as well as between clients and customers. Finding a solution that is acceptable to all parties requires listening to what both parties want during the negotiation process.
How to Become a Key Account Manager
Follow the steps below to become a key account manager:
- Earn a bachelor’s Degree in Business, Marketing, or a Related Field
A bachelor’s degree in business, marketing, or a related field is required for the position of key accounts manager. Business administration, sales, and marketing classes should be included in the curriculum.
While pursuing your degree, consider interning with a company that sells to large clients. Through this, you will gain experience working in the type of environment where you will eventually find employment.
- Gain Sales and Account Management Experience
Key account managers with at least three years of sales and account management experience are preferred by the majority of employers. If you’re new to the field, consider volunteering or interning to broaden your network and gain the skills needed for this position. You might be able to work as a manager’s assistant to learn more about the position.
- Obtain a Master’s Degree
Among key account manager candidates with comparable experience and qualifications, some hiring companies prefer master’s degree holders. A master’s degree in business administration or another related field can help you stand out from the crowd before, during, or after landing an entry-level position in the industry.
- Network with other Professionals
As you gain experience, you can begin networking with other experts in your field. Managers and coworkers are likely to be the first professionals with whom you want to network. As you become more comfortable in your position, you may seek mentors within your company before contacting individuals in other organizations who hold positions similar to yours. Through networking, you can learn about the industry, test ideas, and develop more skills required for your success. Networking can also give you solid references when applying for jobs.
- Apply for Key Account Manager Jobs
Once you have the necessary education and work experience, you can begin looking for a key account manager position. If you have been working in a lower position at a company, it may be a wise career move to inquire about a promotion to a key account manager role. You can also look for open positions online, through job boards, or by contacting potential employers directly.
- Stay up to Date on Industry Trends
As a key accounts manager, you should always be up to date on the latest industry trends. This will allow you to better assist your clients and provide them with relevant information. Reading trade journals and attending industry events are two methods that can aid you to stay current.
You should also keep up with any new offerings from your company’s line of goods or services. This way, you can ensure that when you interact with customers, you accurately represent your company.
Where to Work as a Key Account Manager
Key account managers can work in a variety of settings, including offices, factories, and retail establishments. They may travel to meet with clients, and attend conferences, or trade shows. Key account managers work during normal business hours, but they may be required to work late at night or on weekends to attend events or meetings.
Key Account Manager Salary Scale
Key account managers’ salary is based on a number of factors such as education, prior experience, company size, clientele, and location.
According to payscale.com, an entry-level key account manager with less than a year of experience can expect to earn an average total compensation of $59,688 (including tips, bonuses, and overtime pay). Similarly, a key account manager in their early career with 1-4 years of experience can expect to earn $65,940 in total compensation.
In the same vein, a key account manager in their mid-career with five to nine years of experience earns an annual salary of $76,697 on average. A key account manager with 10 to 19 years of experience earns an average total compensation of $85,164. The average total compensation for employees in their late careers (20 years or more) is $90,818.