What Makes a Great Relationship Manager?
ICICI Bank's Trade Current Account product is a unique combination of domestic Dedicated Relationship Manager for every One Globe Trade Account. An account manager is an employee who is responsible for the daily management of a situation, and how satisfied that client is with their current account status. upselling, technical assistance and general relationship management. In other words, focusing on retention can offer a significant return on. We know how important your time is and as a complimentary service, we designate a. DEDICATED RELATIONSHIP MANAGER. to address all your banking and.
Balance of payments and Terms of Trade | Economics Help
With access to the Internet, Facebook, LinkedIn, directories, research tools and so on it's not hard to research a company and the management team you are working with to really understand what their business is doing and where it's going. Remember, you are selling to them; your products and services need to add value to their business, not yours.
Knows the customers strategy and where they can add value All business have a strategy and the reason why the buy in products is to help move that strategy along.
If you don't understand the basic strategy of the customer, you cannot know if the products you offer are relevant to them. Use research tools and question the customer about what they are trying to do and where they are trying to get to. Your job is to help them achieve a goal. Too often sales people try to sell products based on the current position of the prospect; think about it - if they are where they are, they don't need your help.
You're needed to move to the next milestone.
Balance of payments and Terms of Trade
Knows the value proposition to the customer of their products and services This is the core of the role; providing the customer with value. If they don't get value from your company why would they buy?
Use research and questions to discover the customers strategy and use this to explain how your product adds value to what they are trying to do, how quick to market they can be, how they payback works. If possible, show how working with you can help the customer achieve their long-term strategy sooner. Value is a different issue for different people, sometimes it can be monetary, others positioning, or just leadership; understand it or lose it.
Understands their own companies value to the customer Selling should be seen as a long-term objective hence the relationship manager tag. You should be looking to build a partnership between the two companies that may have a small start but that can blossom over time. Your company has services and products that add value to the customer; some of these are support, knowledge, future development and the like, others are more tangible like discounts for long-term customers, free upgrades and so on.
Use research to understand where the customer wants to go and then see what and who in your company can add value to their goal.
If you aren't looking for a relationship, why are you talking to the customer? Has a synergistic view of the two companies' strategies If your customer isn't going in a direction that matches your own strategy and complements it, then where is the value in dealing with that customer? The relationship should be built on what we can help each other achieve in the long-term building on short-term requirements, but long-term needs.
Ask yourself constantly, will this sale add value to my products and services, will it take us in new directions, can we add new functionality, will we gain traction in new markets; will we grow because of this ale or are we just after revenue. You wouldn't marry someone just because they were a good proposition at 25, you'd want to evaluate how that person can help and partner you on the journey of life; children, jobs, leisure, retirement.
So why would you not see a customer as a partner on life's road? Knows within their own company who has the knowledge they need The biggest mistake relationship people make is thinking they have to have all the knowledge. How often do you hear 'if I understand it, my customer will understand it. Organisations are full of experts, people who have been there for years, fought the fights, been in the battles and emerged as 'experts' and bear the scars.
Your job is to know who they are get them in front of the customer to help progress the deal. Experts are usually pleased when asked to participate because everyone likes to tell their stories. Accepts their role is to bring the two together Your role is to bring the two companies together into a partnership that mutually benefits both sides. The role is difficult which is why people like you are needed to do it.
Therefore more currency will be leaving a country. This would mean an increase in the supply of pound sterling and lower demand. Therefore, it is likely to cause a devaluation. This would mean cheaper exports and more expensive imports.
We say this would be a deterioration in the terms of trade. Example, in the early s, the US has a large trade deficit, and this has been contributing to a devaluation of the dollar. Therefore there are a deteriorating the terms of trade. However, other factors may be affecting the terms of trade. For example, it depends on whether there is a strong capital inflow on other aspects of the balance of payments like the trade in services of financial account capital flows Also, other factors can affect exchange rates like confidence, speculation and relative interest rates.
Related Effect of devaluation on the terms of trade — a look at the example of the UK in the late s where a devaluation failed to improve terms of trade and current account deficit. This entry was posted in trade.