Relationship Management

The quantifiable relationship between business and customer that has worked for thousands of years for many businesses and the same also works sometimes to maintain peace between countries. Though the concept is intangible in nature, yet the measure of success is tangible in nature. #Organizations that use B2B, B2C, channel partners (Distributors, Dealers, promoters, etc..) need an exceptional relationship management matrix in place.

The use of Relationship and Value matrix clearly defines the stages, a #relationship can be built in four steps.

(Jeevanandam, 2018)

1.  New Hire – The on boarding process of a client into the organization’s sales funnel is important. One who understands the value of the organization and the product. Whilst leaving alone the product value, the on boarding process also involves of how the new vendor or new client feels privileged with the process and service they receive during the initial phases has a significant impact on how long the vendor or client will stay with the organization. (Bowel, 2013)

2. Trusted Advisory – At this stage, the client or vendor who has received a feel-good factor to be with your business now begins to look for credibility. It is now the point to prove the value of the organization, its beliefs and the product or offerings. The anatomy of relationship now takes a proper shape if the Client Manager can provide service with value for the client instead of pushing the product to the client. This step forward can quantify the relationship standards that can be agreed upon for a long-time intervention and the #engagement strategies can be planned thereof. (Bowel, 2013)

3. Strategic Partnership – The service excellence comes into picture in the run up to have a profitable #partnership. In all the engagements and the value that has been imparted during the process, the client is in a way is obliged to engage and prove their value by giving in to the offerings of the organization as much as early at this stage. Though the take away of the client may not be a bag a huge cash inflow for the business yet here is the point in which the strategic partnership is being built which could last for year and decades to come which in turn would be a marketing outcome for the offerings of the organization in the market. (Kliener, 2002) (Bowel, 2013)

4. Capitalizing the Relationship – This is a very important and a critical phase which is not time bound, the start of having a more profitable engagement begins and at every offering point, the organization and the Client Manager has to accurately set the agenda, deliver value and the offering in a more customized manned, building a strong portfolio using the quantum theory of trust which is promoting and acquiring new #prospects through referrals or mutual partnerships. (Kliener, 2002) (Bowel, 2013)

At any given point of time the organization or the Client Manager needs to have a valuation metrics to understand the gaps and opportunities to have a robust relationship management which is profitable and as a corner stone for the organizations growth that it can always rely upon.

References

Bowel, A. (2013). Relationship Management . andrewsbowel.com.

Jeevanandam, I. J. (2018). Relationship Management . London , United Kingdom of Great Britian and Nothern Ireland: Isaac John Jeevanandam.

Kliener, A. (2002). Quantum theory of trust. Karen Stephenson’s Quantum Theory of Trust.

#Relationship #Management #Partnership #B2B #B2C #Capitalization #ClientManager #KeyAccountManagers #TrustedAdvisory #StrategicPartnership #CapitalizingtheRelationship