How to become A Relationship Manager

Any business entity in a quest to optimise professional relationships with clients and partner firms seeks the services of a Relationship Manager to build and maintain those relationships in a satisfactory and trustworthy manner.

• Customer Relationship Manager
• Client Relationship Manager
• Customer Success Manager
• Client Manager

What do Relationship Managers do?

A Relationship Manager would typically need to:

• Help organisations create, improve, and preserve stable relationships with clients, business partners, and employees
• Have a proper understanding of the employer’s values and products/services; meet with clients to figure out their demands and requirements
• Set realistic customer expectations and revenue goals; design and develop plans that meet applicable client needs
• Identify key staff in client companies with whom it is essential to cultivate profitable relationships
• Forward upselling and cross-selling opportunities to the sales team to win additional business streams for their employer
• Promote exemplary sales, supply, and customer service strategies in collaboration with colleagues
• Resolve client complaints and concerns quickly and efficiently; plan and implement strategies for customer satisfaction and conflict resolution
• Aim to retain clients by making them feel valued; ensure the creation and deployment of client satisfaction surveys
• Assume responsibility for the renewal of contracts; negotiate valid payment terms with clients while apprising them of cost-effective sales processes
• Create and administer the use of effective customer relationship management (CRM) software to take care of client information, track communication, and segment clients 
• Acquire in-depth knowledge of the competition’s CRM strategies; identify ways to outperform rivals 
• Use the information to approach and attract potential clients in adherence to organisational rules and regulations
• Develop and implement industry-specific marketing strategies to boost client branding and grow the client base
• Assist in the forecast of organisational sales growth and identification of ways to enhance its communication strategy
• Help enhance and maintain a positive image of the employer’s brand and services

Relationship Managers play client-facing roles in work environments that vary, depending on their specific industry and job role. They generally work in an office environment but spend considerable time meeting clients in person.

Often working in a team environment, Relationship Managers collaborate with other professionals, such as sales representatives, customer service agents, marketing specialists, product managers, and technical support staff. Travel may be required to meet clients and attend industry events and conferences.

Full-time Relationship Managers work standard 9-5, Monday to Friday schedules unless employer and client expectations require them to work evenings and weekends.

Research suggests that flexible hours and generous telework policies appeal more than salary to the younger generation. There has been an incremental increase in employers willing to give promising employees a chance to adjust their schedules as per job demands.

Finding a new job may be challenging. Relationship Managers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies. They may work in an organisation's sales, marketing, and customer service divisions. Part-time work, job sharing, and freelancing are all viable options.

Relationship Managers are generally employed by:

• Banking Firms
• Finance Corporations
• IT Companies
• Insurance Companies
• Real Estate Firms
• Marketing Agencies
• Consultancies
• The Luxury Retail Industry

Professional associations and organisations, such as The Business Relationship Management (BRM) Institute, are crucial for Relationship Managers interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. 

Professional associations provide members with continuing education, networking opportunities, and mentorship services. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Primary responsibility for smoothing any hiccups resulting in delays for the client and loss of client confidence
• Lack of effective communication with demanding clients who have unrealistic expectations
• Lack of efficient collaboration with colleagues and other stakeholders
• Derailment of prescribed performance targets due to the inability to work under pressure and manage time properly 
• Frequent travel that may hamper work/life balance
• Intense competition, with many professionals vying for the same clients and opportunities

Relationship Managers will benefit from tasks outside the classroom that align perfectly with lessons inside it. One may hear countless stories and obtain valuable hands-on experience from more experienced professionals who can turn seemingly routine incidents into unique learning moments.

Summer internships, part-time work at an entry-level position, or short-term paid/voluntary work in customer service, marketing, or sales offer a taste of the work, reinforce account management skills, and give valuable insight into how a company or institution operates.

In addition, prior work experience as a customer service representative, account executive, sales representative, or personal banker can help build valuable contacts, develop business relationship-building skills with clients and colleagues, and improve one’s prospects of getting a permanent job. 

The experience may also help you determine whether the public, private, or voluntary sector is best suited to realise one’s ambitions. Your educational provider’s career service department can provide information about viable work placements, internships and voluntary work opportunities in diverse sectors.

Read about the profession and interview or job shadow experienced Relationship Managers to prove your commitment to course providers and prospective employers.

Individuals interested in becoming a Relationship Manager should pursue a bachelor’s degree in business management, business administration, consumer science, management information systems, sales and marketing management, or communication. 

Students get an in-depth understanding of business concepts and marketing strategies concerning customer behaviour, market research, and sales techniques. They gain a better perspective of human behaviour and motivations for building and maintaining relationships. 

Also of value would be knowledge of economic principles and their impact on businesses and the role of technology in relationship management. Completing a certificate course in foreign languages from a reputed institute can help Relationship Managers connect with clients and colleagues from different cultures.

Some employers may ask for a master’s degree in the abovementioned fields. In contrast, others may accept applicants with only a high school diploma or GED (General Education Development), provided they have adequate skills and work experience.

Recommended high school courses include business and marketing, psychology, economics, computer science, and foreign languages. Classes focusing on English, public speaking and debate will help you develop your research, writing, and oral communication skills.

Remember that completing a particular academic course does not guarantee entry into the profession. Be that as it may, professional qualifications and transferable skills may open up more than one door.

Do your homework and look into all available options for education and employment before enrolling in a specific programme. Reliable sources that help you make an educated decision include associations and employers in your field.

Certification demonstrates a Relationship Manager’s competence in a skill set, typically through work experience, training, and passing an examination. Successful certification programs protect public welfare by incorporating a Code of Ethics.

Accredited business relationship management, sales, and customer service certification from an objective and reputed organisation can help you stand out in a competitive job market and become an independent consultant.

Relationship Managers may also need to undergo an employment background check, including but not limited to a person’s work history, education, credit history, motor vehicle reports (MVRs), criminal record, medical history, use of social media, and drug screening.

Performance, experience, and acquiring professional qualifications drive the career progression of Relationship Managers who have numerous opportunities for professional growth.

Competent incumbents can become Marketing Managers, Vice Presidents (Sales), or Business Development Managers before being considered for executive management positions, such as Marketing Directors, Directors of Client Management, CIOs (Chief Information Officers), or CEOs (Chief Executive Officers).

Those who wish to be self-employed may find consultancy a viable option. Moving into related career fields as a Public Relations Specialist, Purchasing Agent, Financial Manager, or Market Research Analyst is also possible.

The desire to accelerate career growth and personal development has an increasing number of millennials choosing to job hop and build a scattershot resume that showcases ambition, motivation, and the desire to learn a broad range of skills.

Studies prove that job hopping, earlier dismissed as “flaky” behaviour, can lead to greater job fulfilment. Employees searching for a positive culture and exciting work are willing to try out various roles and workplaces and learn valuable, transferable skills along the way.

Relationship Managers who can handle people from diverse backgrounds and with differing temperaments, navigate complex client relationships, handle challenging situations, and manage client expectations, have the best job prospects.

Continuing professional development (CPD) will help an active Relationship Manager build personal skills and proficiency through work-based learning, professional activity, 

formal education, or self-directed learning. It enables the regular renewal of desirable certifications.

Employers provide on-the-job training to familiarise new Relationship Managers with their CRM system. Once you figure out the current process, look for and identify areas for improvement, including communication breakdowns after a customer purchase or inadequate utilisation of customer data.

Improving the organisational CRM system involves gathering more detailed customer feedback directed at serving them better, segmenting customers with increased precision, monitoring social media mentions of the brand, and automating more tasks.

Attend networking events to understand the industry, connect with people, and continue building on existing relationships. Learn about industry trends and stay updated on the latest recommendations to retain customers.

Successful Relationship Managers are fully aware of industry regulations and best practices to ensure they provide clients with the most appropriate and practical solutions.

Current Scenario

The employment outlook of a particular profession may be impacted by diverse factors, such as the time of year, location, employment turnover, occupational growth, size of the occupation, and industry-specific trends and events that affect overall employment.

The job growth for Relationship Managers may be higher in the financial services industry, due to increased demand for their products and services. Similarly, real estate and marketing agencies envision stronger client relationships with appropriate intervention by competent professionals.

If you consider Relationship Managers to be more closely associated with marketing, their job growth (10%) is significantly more promising than when perceiving the occupation as one that ties in better with customer service (5%). Regardless, the need for skilled professionals will remain high as companies prioritise customer satisfaction and retention.

Clinch the Deal with CRM

The ace up the sleeve of every creditable Relationship Manager is a reliable CRM strategy, including the tactics, tasks, and technology necessary to meet organisational goals, such as customer retention, shorter sales cycles, increased sales, and cost-effective customer acquisition.

While creating an effective CRM strategy, points to keep in mind include well-chosen customisation of customers’ experiences and tracking metrics, such as conversion rates and the number of email opens. The collection and categorisation of new customer data and tools and specific tasks assigned to team members would be of equal value.

Tools of the Trade

Notwithstanding the numerous benefits of a well-designed and implemented CRM strategy, Relationship Managers must build and hone professional skills, such as collaboration, leadership, conflict resolution, interpersonal skills, organisational skills and a strong work ethic.

Positive work relationships are another handy tool essential to bridging the gap between management and employees while boosting productivity, engagement, and job satisfaction. 

Relationship Managers who say yes to regular team-building activities, social events, and recognition of employees’ milestones will foster a culture of respect, collaboration, and inclusion.

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Relationship Managers have more flexible work schedules and locations. They own the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.

On the other hand, a full-time Relationship Manager has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

Shy or introverted people who are not at ease talking with a client will listen more than an extroverted personality, keep the communication short and relevant, and may be better at a job like this.

It is a well-known fact that acquiring clients is just half the battle waged and won; Relationship Managers bring substantial value to a company, helping to boost client retention, build an enduring brand name, and drive revenue growth.

“Integrity is important in building relationships. And is the foundation upon which many other qualities for success are built, such as respect, dignity and trust.”  John C. Maxwell