Sales and Account Managers are responsible for delivering new income streams via new clients and increased income streams via renewals and upgrades. Sales is usually tasked with bringing on new clients and in FinTech would often include collaborating with pre-sales and marketing to identify potential new business opportunities, build the correct solutions and in turn, bring in new revenue to the business.
Once the new client has been onboarded they'll usually be assigned a dedicated account manager who would be their go-to for any technical questions and support. The account manager is then tasked with ensuring their experience with the product or service is great which should then result in a renewal at the end of the contract or an upsell when new features are released or when the client requires additional users etc.
As a main source of income for any company, sales and account managers are often very well rewarded when it comes to total compensation. However, that is usually in the form of commission and is often related to OTE or On Target Earnings. This refers to the potential earnings you'll make if you hit your quota, which in turn refers to the amount of new revenue you bring in (via new business sales or account management).
In FinTech a lot of sales positions are tasked with selling solutions to large cap companies such as Hedge Funds and Asset Managers and that usually translates to a higher base salary than the average UK salary for a sales manager, which is £42,500. Salaries for FinTech Sales Managers can exceed £100,000, with uncapped commission and OTE bringing total compensation to at least double that in some cases, making Sales & Account Management a highly lucrative career choice.
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