I like spending some time talking to my clients and colleagues in financial institutions here in Malawi. Most of my contacts are in business development and relationship management in various local banks. I can tell you, the outcry about how the Malawi financial services market is saturated cannot be underestimated. Is it a real outcry? No, if you ask me. I do conduct training sessions in other SADC countries and the story is the same: market is saturated. Actually, some people ask me how they can penetrate the Malawi market as it is believed to be better!
So, if you think Malawi financial services market is saturated, why are there new banks entering the market? There is something you are not doing right that keeps your customers moving their business to your competitors.
In this era, building deep relationships beyond rapport with your key clients is of supreme importance. That way you can be able to optimise the partnership. More business is almost guaranteed from customers that you are well connected to. An account relationship manager can find herself busy with five key customers and not much need to look for new leads. It is achievable through win-win partnerships and client optimisation.
Follow my next articles as I examine:
- Client Optimisation
- Business partnership benefits for Account Relationship Managers.