Strategic Account Manager Salary
Earnings for Strategic Account Managers in the United States come in at around $77K annually on average. Overall compensation packages to Strategic Account Managers range from $50K on the low end to $146K on the high end; this includes bonuses that peak near $35K and profit sharing that approaches $16K, with some high rollers snagging commissions as high as $56K. Career duration is the biggest factor affecting pay for this group, followed by geography. For the most part, Strategic Account Managers enjoy their work and report high levels of job satisfaction. Men working as Strategic Account Managers who took the survey just slightly outnumber women at 55 percent. Medical benefits are awarded to nearly all, and most earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Strategic Account Manager
The primary responsibility of the strategic account manager is to serve as the primary point of contact between a company and its customer base, including providing official communication in both directions. The strategic account manager works for the customer as much their employer, and it is their task to ensure the continuation of healthy client relationships by making sure that deals between both parties are fair and to the satisfaction of all. The strategic account manager typically spends much of their time developing and executing strategies to maximize sales by locating and increase the size of the client base, and ensuring the happiness of the existing base.Read More...
Though the practice of managing accounts is primarily done in the office, the customer-oriented nature of the strategic account manager's responsibilities may require significant amounts of travel in order to meet with new and existing clients.
Success at this position requires strong verbal and written communications skills to effectively reach out to clients and maintain existing business arrangements. Also important is the ability to manage time effectively, as strategic account managers are often tasked with meeting quotas representing either sales figures or raw client numbers.
Companies may hire strategic account managers on varying levels, with those atop the hierarchy responsible for entire regions or even countries. As such, there may be specific educational demands from employers, especially in positions which require international travel. For all levels, a bachelor's degree in business management or a related field generally is a requirement, and previous experience with account management is always preferred.
Strategic Account Manager Tasks
- Maintain contact with key markets by visiting and investigating the operations and local conditions.
- Provide customer service to assigned customer accounts; understanding business requirements.
- Maintain business relationships with accounts and develop new opportunities.
- Ensure execution of the developed sales strategies, objectives, goals and targeted revenue generation.
- Manage key or specific customer accounts.
Common Career Paths for Strategic Account Manager
As Strategic Account Managers transition into upper-level roles such as Business Development Director, they may see a strong upturn in salary. Business Development Directors earn $112K on average per year. Strategic Account Managers go on to become Regional Sales Managers more often than anything even though median pay for the role is $84K. Strategic Account Managers who move into a National Strategic Accounts Manager role, another well-traveled path for those in this field, tend to find salaries of $101K.
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Popular Skills for Strategic Account Manager
Strategic Account Managers seem to require a number of specific skills. Most notably, skills in Sales, Contract Negotiation, Business Development, and Project Management are correlated to pay that is above average, with boosts between 8 percent and 13 percent. Skills that pay less than market rate include Customer Relations and Customer Relationship Management. Most people experienced in Account Management also know Strategic Sales.
Pay by Experience Level for Strategic Account Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Strategic Account Managers with a rich background of experience are typically rewarded with larger paychecks. The average worker who claims fewer than five years of experience earns around $69K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $90K. Professionals who claim 10 to 20 years of experience can secure some pretty cushy paychecks; the median for this group is a six-figure $105K. Strategic 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 $121K on average.
Pay Difference by Location
For Strategic Account Managers, busy Atlanta offers a higher-than-average pay rate, 41 percent above the national average. Strategic Account Managers can also look forward to large paychecks in cities like Denver (+30 percent), Los Angeles (+22 percent), Boston (+22 percent), and New York (+13 percent). Trailing the national average by 15 percent, Dallas is the market with the smallest paychecks. Chicago and Phoenix are a couple other places where companies are known to pay below the median — salaries tend to be 13 percent less than the median.
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