How can I serve you better?
This question is always a starting point for me in my conversations with clients, I use it as a means of checking in to uncover whether my client’s goals and investment objectives have been met or it has changed over time.
Surprisingly, some of the feedback I get sort of addresses the areas I need to improve on and the areas I am doing above and beyond.
The point is one should always ask clients often how one can be of better service to them, then actively listen to their feedback and modify your approach to managing them effectively.
This brings me to the topic Effective Relationship Management or Customer Relationship Management:
Relationship management, sometimes also called customer relationship management (CRM), refers to a business’s process of managing and optimizing interactions with its customers: past, present, and future. Like I call it “growing with your customer”
Relationship management encompasses several aspects of business operations, including:
- Activities around selling products and services, such as guiding customers through the sales process.
- Service-related activities, such as helping customers use products and answering their questions/clarifications.
- Data analysis to study large amounts of customer data from different channels.
- Forecasts of potential sales growth opportunities.
A solid approach to relationship management creates the ability to:
- Observe customers as they mature through the sales journey.
- Segment customers according to their objectives.
- Create a customer-centric culture in your organization.
- Value customers for the relationships you can build with them.
- Meet customers’ needs more effectively.
- Increase customer satisfaction.
- Retain customers.
- Drive sales.
What are the duties of a Relationship Manager:
A relationship manager manages the process of building relationships with customers and clients.
Some basic duties are listed below:
- Meeting with prospective clients to present new products
- Identifying ways to enhance the company’s branding strategy
- Communicating with other teams within the company to improve customer experience
- Offering existing clients advice, guidance and assistance with products
- Keeping customers and clients actively engaged
- Resolving customer complaints and issues
- Keeping the sales team informed of new opportunities
- Actively tracking new customer data’s
- Analyzing competitors’ CRM strategies to identify ways to outperform them
- Helping the company maintain a positive reputation
- Monitoring social media’s mention of the brand and actively responding to inquiries
How to manage relationships with customers:
A key element of customer relationship management is to step out of a sales-first, transactional way of doing business and into a relational approach.
Below are the strategies one can cultivate to enhance meaningful relationships with clients:
- Create an effective CRM – Customer Relationship Management Strategy based on the goals and objectives of your firm.
- Gather more detailed feedback from clients to discover better ways to serve them.
- Segment customers with more precision.
- Personalize customer experience at every business stage.
- Active communication with customers from before to after purchase.
- Track conversion rate.