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When applying for a job in Nigeria, it is important that you understand Relationship Management, its importance as a strategy or as a skill, and clearly state why the right application is important in helping the organization achieve its set goals and objectives.

What is Relationship Management?

 

Relationship management is a strategy that organizations use to maintain ongoing engagement with their audience. This engagement can occur between a business and individual customers (B2C) or between companies (B2B). The goal of relationship management is to foster a partnership between the organization and its stakeholders, viewing the relationship as more than just a transactional interaction.

Importance of Relationship Management

1. Increased sales  
2. More effectively identifying customer needs by:  
3. Understanding specific customer requirements  
4. Identifying profitable customers  
5. Enhanced customer satisfaction and retention  
6. Improved profitability  
7. Greater value derived from existing customers  
8. Shortened sales cycles  
9. Better resource management  
10. Reduced costs associated with client support and service  
11. Increased overall efficiency of Relationship Managers while lowering total sales costs  
12. Improved customer satisfaction and retention, ensuring a positive organizational reputation in the marketplace  
13. Continuous learning about customers  
14. Building interpersonal relationships with customers  
15. Tailoring approaches to different customers  
16. Focusing on retention and adding value rather than just reducing costs  
17. Creating business rules that guide all customer relationship management decisions  
18. Retaining the right customers  
19. Presenting a unified face to customers to ensure a seamless experience with the organization  
20. Anticipating customer needs and proactively fulfilling them  
21. Increasing value for both customers and the organization  
22. Empowering yourself with product knowledge and information  

Relationship Management Strategy

1. Establish value and credibility.
2. Project the desired image.
3. Attract high-value relationships to share opportunities.
4. Network strategically.
5. Identify and understand your VIPs (Very Important People).
6. Diversify your network.
7. Analyze client information effectively.
8. Generate referrals and opportunities.
9. Become a trusted advisor.
10. Help others achieve their goals.
11. Focus on continuous improvement.
12. Adapt to different client styles.
13. Prioritise value in every interaction.
14. Drive vision and influence.
15. Define contracts clearly.
16. Facilitate group interactions.
17. Implement a stay-in-touch program to encourage loyalty.
18. Demonstrate and cultivate loyalty.
19. Enhance customer value.
20. Improve points of contact.
21. Develop and implement relationship plans.
22. Provide recognition and express gratitude.
23. Track client activity and engagement.
24. Relationship management is similar to fitness training and athletics; mastery is achievable, and progress is measurable.

The Importance of Relationship Management

 

Creating and promoting an outstanding product or service is often not enough. Your sales approach is just as crucial as what you are selling. The most successful Relationship Managers (RMs) establish a personal connection with customers during the sales process.

 

“People buy from those they like and can relate to,” says Adrian Miller, a sales trainer based in Port Washington, N.Y. “When RM owners neglect the importance of building these personal connections, they risk losing potential customers to competitors—typically those who take the time to build relationships and assist prospects in making a purchase, rather than simply trying to sell something.”

Model Your Business on the Corner Store

Remember the days of shopping at a local store where the owner knew your name and your family’s stories? Aim to emulate that experience. For instance, recall one or two details about your customer and bring them up in conversation. If you know a customer has a daughter graduating from university, congratulate them and ask for an update. Everyone enjoys feeling valued and appreciated through these little gestures — it helps us see customers as individuals, not just as financial transactions.

Ask Questions First

Before launching into a hard sell, take the time to ask probing questions that help your customer express what they are looking for. Once you have that information, it’s much simpler to demonstrate how your product or service can meet their wants or needs. Probing is fundamental to building relationships, and the more skilled you become at utilizing both open and closed-ended questions, the stronger your relationships will be.

Court Your Clients

Selling is akin to dating; you must woo your customers and attract their attention. Estimate that for every 10 people you reach out to, at least 3 will be interested in setting up appointments to learn more about your product. To encourage potential customers to call you back, consider sending them an article you found interesting that relates to their business, then allow them time to respond. Whatever you do, respect their busy schedules.

Talk About Yourself

Another effective way to create a personal connection is to share something about yourself—just ensure it’s relatable and not overly personal. According to Lourdes Martin-Rosa, an American Express OPEN Advisor who assists small businesses in winning government contracts, genuine connections are key. In fact, studies published in the Journal of Consumer Research indicate that if a salesperson shares a birthday or birthplace with a customer, the likelihood of that customer making a purchase increases.

Really Listen to the Prospect

There’s nothing more insulting than feeling ignored in a conversation. It’s crucial to ask questions and truly listen to the responses, rather than formulating your response while the other person is still speaking. Small business owners have a unique advantage in connecting with customers because they often have more frequent interactions. The smaller your business, the more opportunities you have to listen and engage with your customers.

Step Away from Your Computer and Smartphone

While emailing potential customers may be quicker and less stressful, face-to-face meetings and networking are far more effective for creating meaningful connections. These interactions remain one of the best methods for establishing relationships with decision-makers. Communication should not be limited to email and phone calls, although both are important for follow-up.

Be Patient

Developing lasting customer relationships takes time and patience. Resist the urge to rush the process. Take the time necessary to explain how your product or service can benefit each prospect. Cultivating new contacts requires patience, as you never want anyone to feel rushed or pressured.

Relationship Management Skills

1. Awareness of Customer Needs: Understanding your customers’ needs is essential for capturing their attention and convincing them to do business with you.

2. Direct Marketing Skills: Acquiring basic direct marketing skills will help reduce costs in terms of time spent and improve your sales conversion rates.

3. Ability to Connect with Strangers: This is one of the most critical relationship management skills, fostering client trust and making it easier to close deals.

4. Ambition & Motivation: These attributes are fundamental for reaching out to prospects and retaining existing customers.

5. Sales Funnel Knowledge: Understanding the sales funnel helps you recognize that more prospects in your pipeline increase your chances of closing deals. Expand your reach!

6. Strategic Thinking Skills: Developing strategies can boost your innovation and give you a competitive edge.

7. Big Picture Thinking: Consider ways to add value to your customers, as people pay for value.

8. Fantastic Research Skills: Conducting research will provide insights into current trends and future forecasts, allowing you to be the first to inform your customers about market developments.

 

If you have any thoughts about Relationship Management that you’d like to share, please leave a comment below—I’d love to hear from you!

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