Key account managers play a vital role in most sales organizations, taking on the company’s top client accounts and effectively growing these relationships to maximize their value. As such, your performance can have a critical impact on your employer’s bottom line. To be successful, you will need to be a peerless relationship builder, possess great communication and interpersonal skills, intuitively understand clients’ needs and excel at finding the right solutions.
Average salaries for key account managers vary significantly depending on a number of factors, including where you’re located, the company you work for, the scope of your responsibilities and more. With that in mind, average salaries for key account managers range from $57,000 to $90,000 annually.
Having specialized skills or knowledge in a particular area can help increase earning potential. Performance bonuses and employee benefits may also be part of your compensation package.
Key account managers usually work normal business hours in an office environment, although travel for offsite meetings will likely be part of the job. Depending on your employer, you may be able to work from home on a part-time basis. In most cases, you will answer to a regional or senior account manager.
While day-to-day responsibilities for key account managers can vary based on the company or industry, there are a number of common responsibilities that go along with the role. Here are some of them:
Key account managers can work for companies in virtually every industry in which client relationships are a factor in success. While opportunities abound from coast to coast, California, Texas and Illinois are the three states with the highest levels of demand for key account managers at present.
While previous experience as a key account manager will certainly be an asset, it probably not the only thing that’s going to be listed in the job descriptions of prospective employers. Key skills you will need in order to be successful in this role include:
Additional skill requirements will depend on the type of the accounts you are managing, the type of clients and the sales strategies being deployed by your company.
Most hiring companies require candidates to have undergraduate degrees in business administration, economics, sales, marketing or a related field. A graduate degree, particularly an MBA, can also help set you apart from other candidates. Business or sales training and certification will be an asset, as well. Prior management experience is generally preferred, but some amount of on-the-job training will likely be provided once you come on board.
As a key account manager, you have a variety of great career options to choose from. For example, many key account managers go on to roles such as regional sales manager, national sales manager, business development manager — or even VP- or director-level leadership. With sufficient experience, you might consider a career in consulting, too.
If you are a sales professional and looking for key account manager roles, we can help. Start exploring career opportunities with Randstad.
Looking to hire a key account manager or two for your organization right now? Get in touch with us to learn how we can deliver bottom-line value.