An Account Executive is a sales professional who is in charge of managing and extending existing client relationships as well as recognizing and pursuing new business prospects. According to Glassdoor research, the average base salary for an Account Executive in the United States is roughly $60,000 per year. Salary ranges, however, can range from roughly $40,000 to more than $100,000 per year, based on criteria such as industry, region, and experience. In this piece, we will explain what an Account Executive does and how to become one, as well as other crucial aspects of the job, such as the salary for a Senior, Assistant Account Executive, and Enterprise Account Executive at Salesforce.
What is an Account Executive?
An account executive supports existing client accounts. Traditional salespeople sell a product or service to a customer and then transfer the account to customer service or account executives. It is the AE’s responsibility to maintain, expand, and renew these accounts. Simply speaking, account executives exist to help customers. And the cost of growing these accounts should be less than or equal to the cost of obtaining a new one.
Understanding the Account Executive Role
An account executive is the primary contact between a vendor and a customer. The account executive is frequently present from the outset of the business relationship. They are accountable for completing the contract terms and keeping the client pleased after pitching the deal and negotiating the contract.
A client may also be contacted by an account executive to introduce new products and services. It may be necessary to arrange for technical, design, and other support personnel to travel to the client to provide demonstrations and assist with the sales pitch.
Account executives are often compensated with a base salary plus a sales commission and bonuses for meeting or exceeding sales targets. According to Glassdoor.com, the average base pay for a job in the United States in August 2022 was $60,000.
What Does an Account Executive Do?
Account executives are responsible for growing client accounts, removing competition threats, and maintaining customer and account satisfaction. They are proactive and inquisitive members of a healthy sales team who frequently find growth potential for clients before identifying a need or gap for themselves.
The following are an account executive’s five primary responsibilities:
#1. Develop your accounts.
How will you know when to expand an account? These chances are frequently tied to exciting client events such as the acquisition of a firm, the completion of a round of funding, or the employment of a new executive.
It is not enough to manage existing accounts and respond when clients require your assistance. It’s also about making things happen. According to Jester, empathy and curiosity are the best ways to get the task done.
#2. Remove competitive threats.
Account executives are in front of so many people that they must be wary of competition. The AE’s responsibility should be to ensure that competitors cannot contact a company with whom they do not already have a connection.
#3. Keep customers satisfied.
The key to success here is documentation. AEs should solicit regular client input on how their organization is performing as a vendor, whether quarterly or monthly. These inquiries should not be limited to determining what is damaged and how it can be repaired. They should inquire about the customer’s emotional reaction to the seller.
#4. Create new accounts.
An account executive’s responsibilities extend beyond keeping current clients satisfied. Account executives are frequently responsible for bringing in new business, depending on their organizational goals and the company’s sales targets.
Account executives utilize their sales knowledge and prospecting skills to gain new clients and grow their company’s business. Also, Account executives with experience can time the acquisition of new client accounts and forecast accordingly with expiring customers to offset revenue drops.
#5. Data collection and analysis.
An account executive can also handle the acquisition and analysis of relevant data about your field to assist your organization in achieving the optimal service mix and setting the appropriate growth goals.
When the account executive is looking for new clients, they should base their judgments on solid facts. Client behavior and lifecycle statistics, industry trends, and growth potential for each new account can all be analyzed. This information should help you make judgments about your company’s entire sales strategy.
Salesforce Account Executive Salary
The average yearly salary for a Salesforce Territory Account Executive in the United States was $81,650 as of June 22, 2023. In case you need a quick salary calculation, that works out to about $39.25 per hour. This equates to $1,570 each week or $6,804 per month.
Senior Account Executive Salary
The average annual salary for a Senior Account Executive in Chicago is $106,126 as of June 22, 2023. In case you need a quick pay calculator, that works out to about $51.02 per hour. This equates to $2,040 each week or $8,843 per month.
While ZipRecruiter has incomes as high as $247,325 and as low as $27,248, the majority of Senior Account Executive salaries in Chicago are now between $73,400 (25th percentile) and $128,400 (75th percentile), with top earners (90th percentile) making $175,538 each year.
The average salary for a Senior Account Executive ranges substantially (up to $55,000), implying that there may be several prospects for growth and greater income dependent on skill level, location, and years of experience.
Enterprise Account Executive Salary
A sales professional responsible for selling to large, enterprise-level clients is known as an Enterprise Account Executive. Enterprise Account Executives often have more responsibilities and may be needed to travel frequently.
The average base salary for an Enterprise Account Executive in the United States is roughly $111,000 per year, according to Glassdoor data. Salary ranges, however, can range from roughly $70,000 to more than $200,000 per year, based on criteria such as industry, region, and experience.
Assistant Account Executive Salary
An Assistant Account Executive is a sales professional who assists Account Executives and Senior Account Executives with their duties. Assistant Account Executives may be in charge of tasks such as customer relationship management, report preparation, and research.
The average base salary for an Assistant Account Executive in the United States is roughly $46,000 per year, according to Glassdoor data. Salary ranges, however, can range from roughly $30,000 to more than $70,000 per year, based on criteria such as industry, region, and experience.
Factors That Influence the Account Executive Salary
The salary for an Account Executive (AE) can vary depending on a variety of criteria, including:
- Industry: The AE’s salary is affected by the industry in which they work. For example, AEs in the technology industry may earn a larger salary than those in the retail or non-profit sectors.
- Location: The geographic location of the AE’s job might also affect their income. AEs in higher-cost-of-living regions, such as San Francisco or New York City, may earn higher pay than those in lower-cost-of-living areas.
- Firm Size: The AE’s remuneration may be affected by the size of the firm for which they work. AEs working for larger companies may earn more than those working for smaller companies.
- Experience: The level of experience of the AE might also affect their remuneration. When compared to those with greater experience, entry-level AEs often receive a lower salary.
- Performance: The performance of the AE can have an impact on their remuneration. AEs who accomplish or surpass their sales targets consistently may be eligible for bonuses or commissions, which can improve their overall remuneration.
- Education and Certificates: AEs with advanced degrees or specific certificates may earn more than those who do not.
Overall, an Account Executive’s income might vary substantially depending on these and other criteria. Individuals must consider these aspects when evaluating job offers and negotiating their compensation.
What Are the Best Cities for Account Executive Jobs?
When it comes to the top American cities for technology, most people think of the West Coast. Northern California’s Silicon Valley, on the other hand, is widely considered the birthplace of the contemporary technology sector, with San Francisco as one of the top cities benefiting from both proximity to the tech sector and a skilled labor pool.
Other cities across the country are becoming IT innovation hotspots, thanks in large part to technology. In terms of potential consumers for SaaS sales agents, New York City leads the East Coast and rivals San Francisco. Austin, Chicago, Denver, Phoenix, Los Angeles, Raleigh, and Atlanta are among the other locations having strong SaaS sales marketplaces.
Do Account Executives Get Paid Well?
An Account Executive’s income might vary depending on a variety of criteria such as industry, firm size, location, and amount of expertise. Account Executives, on the other hand, are often handsomely compensated.
According to Glassdoor data, the average annual base salary for an Account Executive in the United States is roughly $60,000. However, based on the circumstances described above, this can range from roughly $40,000 to more than $100,000 every year.
Account Executives may receive bonuses, commissions, and other incentives in addition to their base compensation based on their performance and the effectiveness of their sales efforts. This has the potential to dramatically improve their overall remuneration. Account Executives are often well-paid, particularly if they are successful in their profession and meet or surpass their sales targets.
How Much Do Key Account Executives Make in New York?
A Key Account Executive’s compensation in New York might vary depending on a variety of criteria such as industry, firm size, location, and amount of experience. However, according to Glassdoor data, the typical annual base compensation for a Key Account Executive in New York City is roughly $87,000.
Is an Account Executive a Good Job?
Your tastes and professional goals will determine whether or not becoming an Account Executive is a good job for you. It could be a fantastic career route to pursue if you enjoy sales, working with clients, and having a strong work ethic.
Is an Account Executive a Stressful Job?
Being an Account Executive may be a demanding career because there is frequently a lot of pressure to fulfill sales targets and preserve client relationships. Account Executives are responsible for managing customer expectations, addressing any difficulties that arise, and ensuring that the client is satisfied with the product or service they receive as the principal point of contact between the company and the client.
Is Account Executive a High Position?
“High position” is a subjective phrase that varies by industry and firm. However, in many businesses, an account executive is considered a mid-level or senior-level role.
The sales position hierarchy in many firms often begins with entry-level positions such as Sales Development Representative (SDR) or Sales Associate, proceeds to Account Executive, and then to more senior roles such as Sales Manager or Director of Sales.
How Many Hours a Week Does an Account Executive Work?
The amount of hours worked by an Account Executive varies according to the industry, corporate culture, and workload. Account Executives typically work a full-time schedule of 40 to 50 hours a week, but may work more during busy periods or when deadlines approach.
Conclusion
Account Executive (AE) salaries can vary depending on numerous criteria such as industry, region, firm size, experience, performance, education, and certifications. According to Glassdoor data, the average base compensation for an AE in the United States is roughly $60,000 per year. However, depending on these conditions, earnings might range from roughly $40,000 to over $100,000 each year.
AEs in businesses such as technology, healthcare, and finance typically earn more than those in other industries. Furthermore, AEs working in cities with a greater cost of living may receive a higher salary than those working in areas with a lower cost of living. AEs with more experience and a proven track record of performance may be eligible for bonuses or commissions, which can boost their overall pay.
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