Account management refers to the overall process of managing ongoing relationships and maximizing satisfaction, loyalty, and lifetime value amongst existing customers. While sales teams focus on net new account acquisition, account managers are tasked with customer retention and growth.
Key responsibilities in effective account management include serving as a primary point of contact, overseeing contracts and renewals, addressing issues, identifying expansion opportunities through cross-sells or upsells, managing relationships with key decision makers and influencers, and regularly collecting feedback to ensure account health.
By proactively maintaining positive customer experiences and coordinating internal resources to enable success, skilled account managers increase retention rates and lifetime value. A strategic enablement program and shared tools across account teams drive consistency. Overall, robust account management is essential for sustaining multi-year relationships and revenues.