How To become a relationship manager?

How To become a relationship manager?

relationship manager work only with clients, working to solve any business or technical challenges that they face. They will help them with sales opportunities and drawing in customers. They also observe the competition to see what strategies they are using and to stay ahead of the game. Relationship management has two areas of focus: clients and business partners.

Relationship managers use data to look for trends and problems and analyze communications, contracts, and negotiations. The insights are used to refine company practices.Relationshipp Managers also have a key role in the development and execution of sales plans. They may also provide indirect feedback, based on customer experience, on the development of new products or improvement of existing services. The role of a Relationship Manager in an organization is very interesting as it involves fieldwork as well as desk duty.

Steps to become a relationship manager

Pass class 12th

Earn bachelor degree

Do an internship

Earn master degree

Take up entry level job position

Work closely with sales and customer department team

Gain 5 to 7 years of experience

You may find that experience in other jobs will help you become a relationship manager. In fact, many relationship manager jobs require experience in a role such as customer service representative. Meanwhile, many relationship managers also have previous career experience in roles such as account executive or personal banker.Since you will be working closely with customers and a sales team, any experience in customer service or sales is an advantage. 

Minimum Education

MBA or BBA

Companies generally hire management degree holders for the role of Relationship Managers. 

For entry level job position bachelor degree is necessary but for manager job position MBA or master degree is preferred.

Degree required

Graduation, preferably in a management course such as Bachelor of Business Administration (BBA).

A postgraduate degree course in management such as Master of Business Administration or MBA.

Since Customer Relationship Management (CRM) is part of an MBA in General Management course, it would be sufficient for this role.

Some colleges also offer an MBA in Customer Relationship Management course, which is specifically designed for this field.

Understand customer needs and develop plans to address them

Identify key staff in client companies to cultivate profitable relationships

Resolve customer complaints quickly and effectively

Forward upselling and cross-selling opportunities to the sales team

Promote high-quality sales, supply and customer service processes

Aim to preserve customers and renew contracts

Some of the top recruiting areas of Relationship Managers include:

Banks

Insurance Companies

Consultancies

Wealth Management Firms

Brand Retailing etc

Salary

Relationship Managers in America make an average salary of $102,207 per year or $49 per hour.

In India The average salary for a Relationship Manager in India is ₹390511.