What Is an Account Executive?
In today's world, account executives are highly sought after, and there are currently more than one million account executives employed in the US.
Many businesses rely on their clients to stay in operation. As such, they must maintain solid relationships with these clients at all times. An account executive can prove invaluable here, and they may be the key to you reaching your business goals.
So what is an account executive? Let's take a closer look.
What Is an Account Executive?
An account executive (also sometimes called a business executive or company executive) is primarily responsible for an ongoing business relationship with a client. This is done in line with specific business plans and goals.
They often work in the fields of advertising, public relations, and financial services. Technology companies also often assign account executives to significant clients when providing hardware and software support services.
The Account Executive Role
An account executive acts as the main contact between a vendor and a customer. They typically do this from the very beginning of the business relationship. They'll pitch a deal, negotiate the contract, and fulfill the contract terms, ensuring a strong client relationship is maintained.
They might inform the client of new products and services. This sometimes means arranging for technical or support staff to meet with the client where they can offer a demonstration and assist with the sales pitch.
An account executive typically has a base salary plus sales commission and bonuses. The average base pay in the US is between $55,000 and $94,000 per year.
Responsibilities of an Account Executive
An account executive can have a wide range of responsibilities, and these may vary depending on the particular situation. Some common responsibilities include:
Negotiating with clients and closing contracts
Task coordination for different client accounts
Attending to clients' needs
Nurturing client relationships
Securing new clients through prospecting and canvassing
Assisting new clients through any processes
Account executives are often given annual quotas for bringing in new customers. Their company might also assign them clients that they need to keep in touch with to maintain open lines of communication.
They may have some additional responsibilities based on the specific industry, such as:
Cybersecurity hardware and software needs for banks
Pharmaceutical needs for hospital groups
Prime brokerage service requirements for hedge funds
Wealth management needs for private clients
In the finance industry, all account management must meet regulatory guidelines. An account executive can ensure your business doesn't breach any regulations and remains compliant.
Day-to-Day Tasks
Now that we've covered the general roles of an account assistant, we can take a look at some typical day-to-day tasks. Again, these can vary depending on the specific situation.
Client communication
Sales activities
Account management
Market research
Reporting and analysis
Administrative tasks
A skilled account executive will be able to handle all of these and more.
Does Your Business Need an Account Executive?
If you need help maintaining client relationships, an account executive could be perfect. They can stay in contact with your clients and provide them with whatever they need to keep them happy.
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