Key Account Manager Salary
Job Description for Key Account Manager
Key account managers are generally responsible for ensuring that a company's products and services are provided in an acceptable manner to accounts with its most important customers. These managers are often in charge of only one or a few accounts depending on their sizes, and this is often a sales position, so a relevant background and a bachelor’s or master’s degree in sales or marketing are ideal for this position.Read More...
Key account managers may be required to meet certain goals relating to sales volume and profit. It is important to be able to keep costs associated with providing products and services as low as possible while still meeting quality standards, and they may also make projections for sales with approval of upper management. Some bargaining may be involved in this position in order to secure satisfactory payments for both the client and the service or product provider. In some positions, key account managers are also responsible for securing new accounts, and presentations may need to be created to convince clients to make deals.
Strong public speaking and planning skills and the ability to relate to a variety of clients are important in this position, and customer service skills are important to address complaints and concerns voiced by clients. Because this is a management position, key account managers may need to have several years of experience in sales or marketing and prior supervisory experience.
Key Account Manager Tasks
- Liaison between sales and marketing, aiding the development of point of purchase material and marketing of current and new products.
- Define and achieve sales goals, budgets and margin targets.
- Submit monthly and quarterly sales recaps outlining the wins and losses.
- Work directly with key accounts to ensure proper service levels are maintained, special projects are executed and promotional displays are implemented.
Common Career Paths for Key Account Manager
It's not very common for Key Account Managers to move on to become Sales Directors. Average pay for a Sales Director is $98K annually. The most common next step for a Key Account Manager is to become a Regional Sales Manager or a National Account Manager. The former position pays an additional $7K per year on average, and the latter position pays $8K more per year.
National/Strategic Accounts Manager Job Listings
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Popular Employer Salaries for Key Account Manager
Key Account Managers fill the offices of leading firms C. H. Robinson Worldwide, Inc., PepsiCo Inc, Kraft Foods, Inc., Red Bull Company Limited, and Southern Wine & Spirits of America, Inc. Red Bull Company Limited leads the field in terms of pay, with a median salary of $86K.
Popular Skills for Key Account Manager
Survey participants wield an impressively varied skill set on the job. Most notably, skills in Strategic Sales, Technical Sales, Business Strategy, and Sales Management are correlated to pay that is above average, with boosts between 13 percent and 17 percent. Those listing Customer Relations as a skill should be prepared for drastically lower pay. Microsoft Excel and Microsoft Office also typically command lower compensation. Most people skilled in Account Management are similarly competent in Business Development and Account Sales.
Pay by Experience Level for Key Account Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Key Account Managers with a rich background of experience are typically rewarded with larger paychecks. Respondents with less than five years' experience take home $62K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $78K. Key Account Managers with one to two decades of relevant experience report an average salary of approximately $89K. Key Account Managers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $99K on average.
Pay Difference by Location
For Key Account Managers, San Diego provides a pay rate that is 33 percent greater than the national average. Key Account Managers will also find cushy salaries in Portland (+25 percent), San Francisco (+22 percent), Chicago (+20 percent), and Houston (+13 percent). With compensation 5 percent below the national average, Dallas is not known for hefty paychecks and actually represents the lowest-paying market. Workers in Detroit and Denver earn less than others in this profession; their salaries fall short of the national average by 2 percent.