Relationship Management


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.

BREAKING DOWN '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.

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  4. Relationship Banking

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