Today, whether you’re buying a small item like a pencil or a significant purchase like a television or navigating e-commerce websites, you’ll always find yourself at the checkout. Billing and accounting departments are the lifeblood of any business. These professionals, like customer account managers in SaaS companies, ensure the financial gears keep turning, contributing to vital metrics like Annual Recurring Revenue (ARR), Monthly Recurring Revenue (MRR), and Customer Lifetime Value (CLV).
So, what exactly does the role of customer account managers entail in SaaS companies?
- Quoting Pricing: The process begins with these professionals preparing pricing quotes for prospective customers. They collaborate with Sales Development Representatives (SDRs) to determine the right plan and any additional features the customer may desire.
- Generating Invoices: Once the customer expresses interest in purchasing a product, the baton is handed over from SDRs to the customer account management team. It’s these experts who take care of generating invoices.
- Onboarding: After the subscription is paid, customer account executives activate the licenses and oversee a seamless onboarding experience. They coordinate with the customer support team, arrange best practices calls, and schedule periodic relationship sync-up calls.
- Subscription Management: Regularly reviewing subscriptions and following up on renewals is another vital responsibility. As a subscription nears its end, customer account managers send reminders via emails or schedule calls to encourage renewals.
- Upselling Opportunities: When reaching out to customers for subscription renewals, customer account managers have the chance to promote higher tiers or additional licenses. They highlight the added features and benefits, making it an enticing proposition.
- Cross-Selling: These professionals also explore opportunities for cross-selling products within their brand. By understanding the customer’s future software purchase plans, they can pitch their products and even arrange demonstration calls.
What Impact Do Customer Account Managers Have in SaaS Companies?
Customer account managers are often the primary customer relationship managers in SaaS companies. Their efforts lead to increased customer satisfaction and reduced churn rates. Ensuring that all licenses are actively used and maintaining regular contact through sync-up calls they help build trust in the product and the brand. Satisfied customers are less likely to churn, resulting in higher Customer Lifetime Value (CLV), which directly bolsters revenue and profits.
These professionals are also adept at identifying upselling and cross-selling opportunities during client sync-up calls. By following up on these opportunities, they successfully convert many sales. As Kajal Shetty, Manager of Customer Accounts at Kovai.co, notes, “A customer’s roadmap may include the purchase or renewal of another software product, for which you have a similar product within your portfolio. Once we see an opportunity, we pitch our product by understanding their requirements and accordingly offer a customised demo & a free trial.”
Cross-selling and upselling, which involve increasing revenue from existing customers, consistently lead to sustained profit growth. Loyal customers who already derive value from your product are less likely to churn.
What Fuels the Passion of Customer Account Executives in Their Roles?
“I feel most satisfied when I manage an upsell or cross-sell of our products,” says Pragathi Mohan, Customer Accounts Executive at Kovai.co. “It can be challenging, especially with high-value products. It requires setting reminders, following up, and engaging in convincing conversations. But once the sale is through, you feel amazing.”
Rekha Anand, Lead Customer Accounts, finds fulfilment in convincing customers with pending payments to settle their dues. “Every follow-up call feels worthwhile and helps in building long-term relationships with customers.”
For Kajal, the most rewarding part of her job is convincing customers to provide case studies or testimonials and getting them published on our website. “It’s often challenging to persuade customers to allocate time for a case study, but once you finally obtain one that highlights the value they derive from your product, it’s a remarkable feeling.”
Who Makes an Excellent Customer Account Executive?
Individuals interested in becoming customer account executives should ideally hold a master’s degree in commerce (M.Com) or business administration (MBA), with a specialization in finance.
Personality-wise, effective customer account executives are great conversationalists who thrive on interactions and possess a healthy dose of patience. The role goes beyond billing and subscription renewals, encompassing customer relationship management and a touch of sales. As Shetty advises, “It adds a lot of value if you can spend some time chatting with the customer to get comfortable before diving into a sales pitch or business talk.”
For those with a commerce background interested in joining the customer accounts management team, we encourage you to explore job opportunities on our Kovai.co careers page and submit your applications.
In a world driven by the digital revolution, the work of customer account managers in SaaS businesses is indispensable. These professionals’ power the financial engine and create lasting relationships, driving growth, satisfaction, and profitability.
