Definition of 'Relationship Management'
A strategy employed by an organization in which a continuous level of engagement is maintained between the organization and its audience. Relationship management can be between a business and its customers (customer relationship management) and between a business and other businesses (business relationship management).
Relationship management is a focus of the financial and investing industries as a way to identify potential cross-sales of products and services.
Investopedia explains 'Relationship Management'
Relationship management aims to create a partnership between the organization and its audience rather than consider the relationship merely transactional. Consumers who feel that a business responds to their needs are more likely to continue using the products and services that a business offers. Additionally, maintaining a level of communication with consumers allows the business to identify potential sources of costly problems before they come to a head.