Trade Relationship Manager: Roles, Skills, Salary & Qualifications
Relationship managers are a vital part of a company in banking or finance. A career as a relationship manager is the most popular and demanding. Out of other Relationship Managers, Trade Relationship Managers are the most significant ones. We will cover certain essential aspects of a Trade RM in this post, like their roles and responsibilities, skills and qualifications required, salary, and much more.
What is a Trade Relationship Manager?
A Trade RM is responsible for managing, developing, and maintaining strong relationships with the other trade members. They play a vital role in building and nurturing relationships with new as well as existing clients. Relationship management includes organized identification, analysis, management, monitoring, and improvement of client relationships in order to target and improve mutually beneficial outcomes. A Trade Relations Manager is responsible for producing and keeping a good organizational image in the trade.
Roles & Responsibilities
Trade RM is responsible for performing core duties which are listed below:
Building Relationships: It is the most important duty of a Trade RM to build relationships with new customers and maintain with the existing ones. Because building stronger relationships with the customer allow a TRM to know about the customer more effectively.
Conducting Meetings: For proper communication with the customers or clients, a Trade Relationship manager is needed to schedule meetings as per clients convenience. It can be a remote or digital meeting and in-person as well. Usually, it is decided as per the clients comfort.
Management & Tracking: The management and monitoring are done by a TRM to identify new opportunities and optimize running projects. The TRM handles the clients portfolio to provide relevant financial growth suggestions.
Researching: A TRM Collects analyzes, and researches trade information to avoid industry risks. It is done to ensure future risks are in check and take appropriate action to minimize or eliminate them. Researching also helps in identifying new growth opportunities as per the industry trends.
Client Satisfaction: It is Trade Relationship Managers duty to ensure customer satisfaction and come up with relevant opinions in case a client faces any issue. Resolving customer issues and concerns is the top priority of a Trade Relations Manager.
Developing and implementing marketing strategies to help the customer elevate their financial growth.
Skills Needed for a Trade Relationship Manager
In order to be an effective Trade RM, one must possess these significant skills:
Communication Skills: It is the foremost skill the person must have in order to be an effective Trade Relationship Manager. Because they need to communicate with the customer to understand more about them better and their needs. It allows a Trade
Relationship Managers to comprehend and make an effective strategy to meet clients objectives and goals.
Analytical Skills: To make an effective strategy for a client, a Trade RM must have analytical skills to scale the project and take it to the next level. These skills are important for the analysis of trade statistics and for serving the client more suitably.
Interpersonal Skills: These are the skills we use in our everyday routine when we communicate and interact with other people, both individually and in groups. A person needs to have an extreme level of patience to understand the customer and their goals. It is essential for flexible communication between the customer and the relationship manager. Being able to listen to customers needs and delivering them the right solutions can result in bringing many loyal customers. It is attainable by someone who possesses great interpersonal skills.
Networking Skills: A Trade RM is responsible for bringing customers, so it is important to have networking skills for a person seeking career opportunities as a Trade RM. Computer Skill: The person should possess computer knowledge to handle large data. Because it can be hectic to store and manage data at a large scale.
Research Skills: It is important because the candidate will be needed to research market trends to stay updated. Researching can open up new opportunities for the financial growth of clients businesses.
Qualifications for a TRM Profile
To land a job as a Trade Relationship Manager, the candidate must have these qualifications:
- The candidate must have a Minimum of a Bachelor’s Degree in a related field from any recognized university in India.
- An individual must have some years of experience in customer service.
- Excellent verbal and written communication skills are required.
- Strong computer skills or knowledge of financial software are required.
- Strong interpersonal skills for communicating with customers.
- Excellent customer service skills.
- Strong presentation and organizational skills are needed.
- Ability to work well in a team environment with flexibility.
Tips To Build Relationships
Building stronger relationships takes time and effort. It is crucial to follow best practices to build stronger customer relationships. Here are some tips that can enhance the overall process.
Follow-Up Important Clients: It is impossible to have weekly or monthly conversations with all customers, but one can focus on valuable ones. Offer Value To Client: Relationship building can be easy if the value is offered to the customer. Make sure to communicate effectively with proper presentations of products or services. Present in a way that customers can trust that obtaining the provided services can elevate their financial growth.
Ask For Feedback: Instead of assuming that the customers are happy with the services offered, ask them. It is a great idea to ask for feedback from the customers about the offered services or products.
Find New Ways To Connect: Exploring ways to connect with prospects or new clients can bring some valuable customers. Make use of technology to send cold emails to targeted customers to educate them about the products and services offered.
That does not mean blasting their inbox with emails. Instead, schedule weekly or monthly emails and do follow-ups periodically.
Salary of a Trade Relations Manager
The salary of a Trade Relationship Manager in India ranges between ₹ 2.1 Lakhs to ₹ 7.0 Lakhs, with an average annual salary of ₹ 3.5 Lakhs. Salary estimates are based on salaries received from Relationship Managers.
Trade Relationship Manager plays an essential role in the clients growth in trade and offers the best suggestions to maximize overall growth. It is one of the most lucrative jobs anyone can go for, with many benefits. TRM can also get advanced over the years and secure a more senior position in the company.