Business

relationship management

What is relationship management?

Relationship management is a strategy in which an organization maintains a constant level of interaction with its audience.This management can take place between a business and its customers (business-to-consumer [B2C]) or between businesses and other businesses (business-to-business [B2B]). Relationship management seeks to build partnerships between an organization and its customers, rather than treating relationships as mere transactional.

Learn about relationship management

Relationship management involves strategies for building customer support and increasing brand loyalty for a business and its products. Most of the time, relationship building happens at the customer level, but it’s also valuable between businesses.

A business might hire a relationship manager to oversee relationship building, or it might combine this function with another marketing or HR role. Building a relationship with a customer pays off for all parties. Consumers who believe a company is responsive to their needs are likely to continue using the company’s products and services.

A company’s reputation for responsiveness and generous after-sales engagement can often spur new sales. Staying in touch with consumers allows companies to spot potential problems before they become costly.

Customer Relationship Management (CRM)

B2C businesses rely on customer relationship management (CRM) tools to build strong relationships with their customers. CRM involves a lot of data and sales analysis as it tries to understand market trends, economic conditions and consumer tastes. A CRM can also include marketing technology and after-sales support programs.

Typically, a CRM program will include written media (such as sales announcements, newsletters, and post-sales surveys), video media communications (such as advertisements), and tutorials. Ongoing marketing is critical for businesses because it costs more to acquire new customers than to maintain existing ones. Marketing helps businesses measure consumers’ interests and needs and run campaigns to maintain loyalty.

Business Relationship Management (BRM)

B2B relationships with suppliers, suppliers, distributors and other employees can also benefit from relationship management. Business Relationship Management (BRM) promotes positive and productive relationships between companies and their business partners. BRM seeks to build trust, cement rules and expectations, and establish boundaries. It can also help resolve disputes, contract negotiations and cross-selling opportunities.

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