What is an account executive, then? Let’s discuss this.
An account executive supports existing client accounts. Customers are typically sold a product or service by traditional sales representatives, who then turn over those accounts to account executives or customer service departments. The AE’s responsibility is to maintain, develop, and renew those accounts.
Simply put, the purpose of account executives is to support clients. And the cost to grow these accounts should be less than the price of opening a new account, if not more. Let’s talk about the history and credentials of an effective account executive at every level.
For more information, keep reading.
Table of Contents
Account Executives: What Are They?
Typically, a vendor and a client will communicate with one another through an account executive. In order to achieve the highest level of client satisfaction, they manage the ongoing interactions between the two parties. An account executive’s duties also include aiding in client acquisition and generating new business for their organization. Account executive is a position that is typically found at technology companies, public relations companies, financial services companies, and advertising agencies.
What Does A Sales Account Manager Do?
Depending on the type of company they work for, an account executive may be in charge of a variety of tasks, but in general, they are in charge of both account acquisition and account management. Their role requires them to:
- Close deals after negotiations.
- By attending to their needs and building a strong client relationship, retain current customers.
- Expand current customer bases to boost revenue.
- All tasks pertaining to their accounts should be coordinated.
- enlist new customers for the business.
- By researching market data and trends, create sales strategies.
- the buying process with potential customers.
- Attend client meetings and get ready for them.
Requirements And Skills
- Proven experience as an Account Executive, or similar sales/customer service role
- Knowledge of market research, sales and negotiating principles
- Outstanding MS Office proficiency; expertise with CRM applications (e. Salesforce) is a plus
- Excellent communication/presentation skills and ability to build relationships
- Organizational and time-management skills
- A business acumen
- Enthusiastic and passionate
- BSc or BA in business administration, sales or marketing
Account Executive Vs. Account Manager
Account executives and account managers have many similar responsibilities; in fact, businesses occasionally use these job titles interchangeably, and small businesses frequently only hire one person for both positions. The primary distinction between the two sales positions is that account executives are also in charge of acquiring new clients while account managers are solely in charge of managing clients after the sale. For more details Account Executive Vs Account Manager: The Distinguishing Differences
Ways To Be An Account Executive
Although there is no specific field of study that prepares students for a career as an account executive, many applicants for this position hold a bachelor’s degree or higher in a field like business administration, communications, or marketing.
Before moving into an account executive position, many account executives start their careers as sales representatives or account coordinators. Junior account executives are frequently hired because they are newer to the position or don’t have the necessary background.
What Is A Junior Account Executive?
A junior account executive typically aids more senior account executives in acquiring new client accounts and in maintaining client relationships. A junior account executive’s typical tasks include prospecting and outreach for new clients, producing and distributing advertising materials to draw in new customers, and maintaining relationships with current clients.
A senior executive on the team usually receives reports from junior account executives. They operate as the link between the client and the company and, as such, must hone the following skills:
- Communication skills — account executives are “people” people. They are skilled at igniting conversations (both in-person and virtually), creating and maintaining connections, and fostering trust. Through practice, they develop the skills necessary to generate feedback and raise customer satisfaction.
- Negotiation prowess: When concluding both new and ongoing contracts, AEs are skilled negotiators. They bring a good deal of persistence, active listening, flexibility, and persuasion to the negotiating table.
- Since this is a sales position, it should come as no surprise that the best account executives have strong sales abilities, such as pitching, social selling, public speaking, and more. To gather client information, communicate with them effectively, and create standout value propositions are the ultimate objectives.
A senior account executive can manage client relations at the corporate level for more complicated organizations or larger businesses.
Senior Account Executives: What Are They?
Typically, a senior account executive is in charge of managing the client accounts’ profitability and sales strategy. In many cases, senior account executives supervise account executives and make sure their organizational objectives are being met.
For senior-level account executives, necessary skills and qualifications include:
- Account executive experience — Senior account executives require practical experience in sales as an account executive. Before taking on senior-level responsibility, qualified candidates should at the very least meet the requirements for a mid-level account executive role and have a history of success as an account executive.
- Leadership and management skills — A team of entry-level and mid-level account executives is frequently under the management of those in this position. In light of this, they ought to be capable of acting in a leadership capacity, or at the very least indicate a desire to take part in management training. Senior account executives should be able to mentor and coach members of their team as a manager, giving them the tools they need to succeed and providing solutions that will help them grow.
- Analytical skills — Senior account executives frequently have the responsibility of working with sales leaders to establish and monitor appropriate goals for their team. They must have the ability to read and interpret pertinent data in order to comprehend the performance of their team and forecast appropriate goals.
- Problem-solving skills — Senior account executives need to be inventive, successful problem solvers, whether they are on the spot for assisting a client in resolving an issue or need to handle a personnel matter on their own team.
In order to justify an account executive’s pay and commission, you need satisfied customers. For the time being, keep hiring reps if you’re not quite there. Continue reading to learn what an account executive does if you have a sufficient number of untapped customer accounts.
Faq
What Exactly Do Account Executives Do And Have To Do?
Account executives work in a variety of industries and support the growth of their businesses by generating leads, closing sales, and providing ongoing client support through a range of services, including marketing plans that are specifically suited to the requirements of each client.
What Qualities Distinguish A Good Account Executive?
Account executives should have excellent communication and presentation skills, as well as a thorough knowledge of the goods and services offered by their companies, in order to create sales strategies that will help the business achieve its objectives.
Who Does An Account Executive Work With?
To develop strategies and accomplish the client’s objectives, account executives collaborate closely with their clients. In order to manage projects across various teams and coordinate account activity, they also collaborate with other sales representatives and team members.
Conclusion
Support for current customer accounts is provided by customer executives. Customers are typically sold goods or services by traditional sales representatives, who then turn them over to account executives or customer service departments. AE’s responsibility is to develop, maintain, and update these accounts.
Account managers are there to help customers, to put it simply. Additionally, the value of these accounts should be lower or higher than the price of opening a new account. Let’s talk about what makes a good account manager and what makes them successful.
Please let me know if you have any questions.
Many thanks for reading.
