Having focused exclusively on Fintech sales roles for over 15 years, we can quickly spot changing and emerging trends.
One of the latest changes we’re seeing is a gradual increase in Account Management roles as sales teams stretch their remit and headcount in order to maximise revenue from existing accounts.
Here’s an overview of what Account Managers do and why it’s such a fast growing area.
What is account management? And what’s the average salary?
An account manager is responsible for managing relationships with a company’s existing clients or customers. Their goal is to increase client satisfaction and ultimately retain customers and grow the account.
The average base salary range for Account Managers in the Fintech industry is £60k-80k. For more experienced, senior Account Managers it’s up to £100k. For more strategic Account Directors, it can be well into six-figures.
The face of the company, they’re the primary point of contact for clients, ensuring that their needs and expectations are being met and a collaborative long-term relationship is built.
In addition to relationship management, an account manager’s job description may also include developing and executing account strategies, identifying new opportunities for growth, and collaborating with other teams within the company to deliver products or services to existing clients.
What skills does a good account manager need?
Successful Account Managers blend stakeholder management, great communication skills, business and commercial acumen.
All Account Managers need to be great communicators. Building good relationships with clients means being able to listen actively, convey ideas clearly, and handle challenges with tact and empathy.
Account managers also need to be organised and detail-oriented. They’re responsible for managing multiple client relationships at once, so they need to be able to keep track of everything and ensure that all client needs are being met.
Successful Account Managers are able to build trust and knowledge of their clients’ business to understand their challenges, offer solutions and ultimately grow the account.
What separates good Account Managers and great Account Managers?
The answer is simple. Expertise.
Account managers that have a deep understanding of the industry in which their clients operate are able to provide valuable insights and recommendations. This builds trust, connection, and a real sense of value which makes it hard for clients to go elsewhere – essential in highly competitive markets like Fintech.
Why is Account Management important?
We’re in economically rocky times and all companies are under pressure to retain customers and deliver more revenue.
Usually the first thing that springs to mind is to find more customers – new customers – but the increasing drive for Account Managers shows that more companies are recognising the value of the customers they already have.
Research by Bain & Company found that increasing retention by just 5% could boost profits by as much as a quarter. As well as revenue growth, there’s also a cost saving with the average new customer acquisition cost ranging from as low as $200 for SaaS firms to $640 in financial services.
With happier customers that stay with the business longer and spend more, it’s easy to see why more businesses are choosing to invest in hiring Account Managers.
For advice on growing your sales team or help filling a vacancy, reach out to the Finiti Search team – the only Fintech sales recruitment specialists.