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Research shows that the tech sector offers profitable opportunities for an account manager. Most SaaS companies look to sell their SaaS product such as software, programs, and applications and they want their account managers to establish appropriate relationships with their customers to make the company more profitable. Usually, this is done when there is more renewal of subscriptions.
Recent research reports show that the average salary for a SaaS account manager in the U. The earning potential significantly rises for organizations based in metro areas. Many companies allow their employees to work from remote locations.
Therefore, relocations may not be necessary for account managers who are interested in higher-paying positions with SaaS companies based in larger cities like New York, Chicago, and Montreal, Ottawa, etc. Also, the account manager must have years of experience in the B2B SaaS enterprise. Research shows that the healthcare industry is one of the fastest-growing sectors in the U.
S, Canada, and the UK. The population is expanding, people from Generation X are getting older, and medical technology is advancing. Also, it is true that people are getting sicker than ever in the fast-paced global world. Our research shows that the salary ranges for account managers in the healthcare industry increase quickly and there are additional responsibilities with the healthcare sector.
When it comes to salary expectations, sub-sectors in this industry do matter. It varies greatly and depends on your skills and areas of expertise. For example, in the healthcare information technology sector, you can even make more because it is more competitive than other sub-sectors of the health industry. So, in this sector, you will often see that it is crowded with account managers and they take the benefit of long-term experience.
This salary does not represent the entry-point salary for an account manager — however, it provides a good indication of what you can expect with your talent and experience. Again, the average salary varies by years of experience, the area of expertise and by the industry. Account managers get benefit from their job position. For instance, typically, they get health insurance benefits, which include medical insurance benefits. Bonuses area is specific to individual organizations — it is common for an account manager to receive a bonus based on their annual bonuses or performance.
Moreover, in some companies, an account manager is incentivized by receiving commissions. These are primarily based on the revenue increments from the key account, which is under his or her leadership.
Likewise, commissions are added as a bonus for a lower to medium salary manager. They are not for higher-paid managers. This is also an area specific to each company. It depends on how the company arranges payments and benefits for the account manager position. You need to know that both your skills can experience have a greater impact on you are paid.
When it comes to experience, it is common for account managers to get a raise in a few years. However, the constraint is that the company monitors the performance and checks for how successful the manager was in the position. Time and experience in the role also have a positive impact on your salary and benefits. When you acquire and refine certain skills, it can help you to earn more in your job.
Moreover, to negotiate higher pay and earn more in the account manager position, you must focus on influential communication, strategic thinking, business development, and inspirational leadership. You can show these skills through a positive track record and experience in areas where these skills are required. You can easily show the relevant skills through the previous job and a few years of experience in the current position. You must think strategically about how to impact your customers positively and help them succeed in focusing on your goals of growth and expansion of the accounts.
This, in particular, is useful in the subscription economy and for getting subscription renewals to retain customers. At the same time, you must not focus entirely on your own goals but also focus on the customers who are willing to buy the product or subscribe to the service to make a long-term partnership.
Inspirational leadership and influential communication are necessary for keeping the key elements in human capital. This allows for the growth and development of partnerships. Account managers foster good relationships with the specific clients they serve. Making that happen involves duties such as:. Attending to these responsibilities requires a variety of competencies.
Those interested in account management benefit from the ability to do the following:. In your account manager cover letter , be sure to show how your skills and previous experience apply to the opening.
Following college, aspiring account managers often start out in either entry-level sales or customer service positions. Such roles enable them to hone the interpersonal skills critical to success as an account manager. Once working as an account manager, some professionals seek to enhance their credentials by obtaining certification through the Strategic Account Management Association. Effective account managers may advance on to an account director position, which involves overseeing several account managers.
Account managers typically work in an office setting, on-site or off. They may travel in order to meet with clients, and are often able to work remotely. As those they serve expect responsiveness, account managers sometimes find themselves needing to be available on evenings or weekends. To see which organizations are hiring right now, check out the FlexJobs database of current account management jobs. Just purchased the Monthly plan. Just purchased the 3 - Month plan.
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