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What is the difference between an Account Manager vs Account Executive?
If you’re a sales-driven business looking to expand your sales team, you may need an Account Manager or Account Executive (or both).
Both Account Managers and Account Executives typically work within the sales team, but what many don’t know is that they’re quite different roles.
So, what is an Account Manager? What is an Account Executive? And what are the differences between the two roles?
Let’s find out so you can hire the right candidate for your team!
What Is An Account Manager?
What is an Account Manager?
An Account Manager is part of the sales team, but their role doesn’t necessarily revolve around direct sales.
In fact, their involvement typically begins after a contract is signed and a sale is finalized.
So, what do they actually do?
In a nutshell, Account Managers are responsible for maintaining client satisfaction, particularly with larger or more influential clients.
They look after multiple client accounts simultaneously and work with the rest of the sales team to comprehensively understand each client’s needs.
The idea of a dedicated Account Manager is to deliver exceptional support to every single client.
Some of the key responsibilities of Account Managers include:
- Acting as a central communication hub between the company and existing clients.
- Conducting regular meetings with the client to ensure they’re happy and everything is running smoothly.
- Nurturing a positive relationship with existing clients.
- Identifying and presenting new services or products to current clients.
- Efficiently managing and resolving customer complaints or issues.
What Is An Account Executive?
Okay, so now that you know what an Account Manager is….what is an Account Executive?
Like Account Managers, Account Executives also play a role within an organization’s sales team.
The difference is that their involvement is more direct, as they’re responsible for driving sales.
Account Executives are often the first point of contact.
Essentially, they find and actively engage with potential clients to drive sales.
It’s important to note that Account Executives differ from company executives because they typically do not hold managerial positions.
That said, Account Executives often have greater flexibility and influence than regular sales associates.
An Account Executive’s roles and responsibilities include:
- Engaging in strategic networking activities to identify potential clients.
- Acing as a representative of the company during sales calls or client meetings.
- Establishing and nurturing a positive relationship with potential customers.
- Delivering persuasive sales pitches to communicate the company’s offerings.
- Meeting predetermined sales quotas or targets set by the organization.
- Responsibly address and resolve any issues or concerns a client may have before finalizing the sales contract.
Account Manager vs Account Executive Key Differences
To break it down simply, here are the key differences between the two roles:
- An Account Manager steps in when the deal has already been closed and is responsible for maintaining a solid relationship with the client.
- An Account Executive is generally the first contact a new client has with the company and is responsible for understanding the client’s needs and closing the deal.
Account Manager vs Account Executive Similarities
Okay, now that we know the differences between an Account Manager vs Account Executive, are there any similarities?
Even though the roles are different, they’re both critical to a company’s sales team and directly influence its revenue.
- Account Executives create new revenue streams through outreach techniques and sales.
- Account Managers maintain recurring revenue by upselling and cross-selling.
Both Account Managers and Account Executives are responsible for representing the company and maintaining client relationships.
As the initial point of contact for clients, Account Executives set the bar for the entire relationship (and frequently serve as the face of the company.)
Account Managers are then responsible for ensuring the impression existing clients’ have of the company is positive, friendly, and professional.
Do You Need An Account Manager or Account Executive?
You may be thinking….do I actually need to hire an Account Manager and Account Executive?
Well, if you sell products and services (particularly B2B transactions), you may benefit from an Account Manager or Account Executive!
Some organizations may need both positions, whereas others may only require one.
I suggest carefully assessing your specific objectives and goals for the role. What do you want to get out of the role?
Is your goal is to increase new sales, build new customer relationships, and identify new leads?
You absolutely should be looking for an Account Executive to join your team.
But what if you want to increase upselling/cross-selling, improve customer satisfaction, and maintain revenue from existing customers?
You may benefit from an Account Manager.
Read more about our Best Accounting Software for Self Employed
Stews Final Thoughts
Both Account Managers and Account Executives are valuable positions within an organization.
Account Executives play a vital role in identifying leads and converting them into sales.
On the other hand, Account Managers are indispensable for nurturing client relationships, safeguarding revenue, and ensuring client satisfaction.
By understanding the difference between these roles, you can make the right hiring decision!
It is important to note that neither position is superior to the other.
Both Account Managers and Account Executives are equally valued and highly sought-after by organizations.
I hope you can now confidently identify the difference between an Account Manager vs Account Executive.
Good luck with your hiring journey!
