Kirloskar Insitute of Advanced Management Studies (KIAMS) has all that it takes to build and foster a successful manager – for the stakes are high. Research shows that between half and three-quarters of business alliances fail due to poor relationship marketing. Today’s economic climate requires them to have a quick turnover while lowering costs and increasing the amount of functionality they can deliver. This climate thus mandates that organizations master at least three critical skills to ensure that performance goals are being met: metrics, negotiation and relationship management.
To address the topic of how to make alliances or relationships succeed, we spoke to Prof. Akash Mathapati, Sr. Lecturer, BBA, MBA who teaches Relationship Marketing, Marketing Management and Brand Management to the students of KIAMS. With 6 years of rich industry work experience behind him, Mathapati gives us fantastic insight into the emerging need of relationship management and outlines what students and budding managers can do to move this from an individual skill into the realm of an organizational capability. He is also a frequent writer and speaker on issues of Brand Personality and Consumer Buying Behaviour, having presented papers in International Conferences and Research Publications.
“When I talk about Relationship Management” he says, “I incorporate it as a holistic distinction between two different kinds of RM. The first kind is focused on a particular transaction or relationship say, with a customer. The second is focused on organizational capability, i.e. what processes, tools, and skills does the organization need to have in place with its suppliers, vendors & other stakeholders to have a truly effective RM.” said Prof. Mathapati.
He adds that, “Ultimately, the cost of a bad relationship can be the outright failure or sub- optimization of the enterprise or effort.” Simply put, a poor relationship can prevent an effort from delivering up to its potential. “The fact that individuals and organizations have different interests, cultures etc. is the reason you need a RM. We all have different sets of experiences, and we interpret data in different ways and thus form conclusions. All of these differences need to be managed.”
Indeed the job opportunities are fairly moving up in this vertical (such as Banking, and IT and ITes Services) as more and more companies are realising to the inadequate attention of the working relationship as being a major cause of failure of an alliance, be it with a customer, supplier or a vendor.