Finding new sales leads can be a challenging and expensive process. Companies often have to utilize a combination of advertising, cold calling and product demonstrations in order to inform customers about products and services that are available to the company. Retaining existing clients is often cheaper and easier than finding new clients, especially when new clients might not even exist. As a result, many companies hire retention managers to oversee the process of retaining customers.
A retention manager is a type of sales manager. Some retention managers are responsible for renewing client subscriptions and contacting clients whenever it is unclear of whether or not the client wishes to renew the subscription. The retention manager is often in close communication with customers and attempts to determine why a customer has canceled a subscription, often through the use of surveys. The retention manager then communicates this information to the sales team and upper management so better customer-retention policies can be developed. If a problem with a canceling subscriber can possibly be rectified, the retention manager attempts to solve this problem in order to retain the customer, according to Therapeutic Research Center. Retention managers also try to determine which customers are likely to cancel a subscription in order to establish contact with these customers and possibly solve problems.
Most work is performed by a retention manager in an office setting through telecommunication, though this position can potentially be a work-from-home position. In some cases, retention managers have to travel in order to meet with customers who are dissatisfied with the services they have received. These managers usually work 40 hours a week or more, according to the Bureau of Labor Statistics.
A bachelor's degree is usually needed to be a retention manager, according to Therapeutic Research Center, though some managers with relevant experience are promoted to this position without any formal education. Retention managers must have good communication skills and interpersonal skills, since they will be working with customers who might not be happy with their subscriptions. Analytical and problem solving skills are needed in order to come up with solutions to the customer's problems. Organizational skills are needed in order to manage multiple customer accounts.
Between 2008 and 2018, the need for sales managers such as retention managers is expected to grow by 13 percent, according to the Bureau of Labor Statistics. This growth is driven by the need for companies to retain customers in order to continue earning revenue.
The median earnings for sales managers in 2008 were $97,260, according to the Bureau of Labor Statistics. Those in computer systems companies and scientific and technical consulting companies earned the most, while those working for credit intermediation companies and department stores were paid the least.
- Photo Credit professional sales image by Andrey Kiselev from Fotolia.com
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