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
For Key Account Managers, progressing to a VP of Sales role may result in a significant raise. On average, a VP of Sales can earn $144K annually. Career advancement for the typical Key Account Manager often leads to becoming a Regional Sales Manager or a National Account Manager; median salaries in these positions are $7K higher and $8K higher, respectively.
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Popular Employer Salaries for Key Account Manager
Well-known firms with a reputation for hiring numerous Key Account Managers include C. H. Robinson Worldwide, Inc., PepsiCo Inc, Kraft Foods, Inc., Republic National Distributing Company, and Southern Wine & Spirits of America, Inc. Red Bull Company Limited offers the largest salaries in town — $88K on average.
Popular Skills for Key Account Manager
Key Account Managers seem to require a rather large skill set. Most notably, skills in Technical Sales, Strategic Sales, Strategic Planning, and Business Strategy are correlated to pay that is above average, with boosts between 17 percent and 19 percent. Those listing Customer Relations as a skill should be prepared for drastically lower pay. Microsoft Office and Customer Service 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 lot of experience tend to enjoy higher earnings. Salaries for the relatively untried average out to around $62K, but survey participants with five to 10 years of experience earn a significantly higher median of $78K. Key Account Managers with one to two decades of relevant experience report an average salary of approximately $89K. Key Account Managers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $100K.
Pay Difference by Location
Home to some of the best pay for Key Account Managers, San Diego offers exceptional salaries, 33 percent above the national average. Key Account Managers will also find cushy salaries in San Francisco (+25 percent), Portland (+23 percent), Boston (+23 percent), and Chicago (+19 percent). With compensation 8 percent below the national average, Denver is not known for hefty paychecks and actually represents the lowest-paying market. Workers in Charlotte and Minneapolis earn salaries that trail the national average for those in this profession (5 percent less and 4 percent less, respectively).
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