In the mad rush to attract new customers, companies often abandon their old customers and they feel "stranded." The problem of not retaining customers will be noticed by companies only when their growth stops, but then it will be too late. I got a call from the relationship manager of my broking firm, informing me of his decision to leave the company. He said my account will be transferred to his colleague and I will be serviced with the same level of efficiency. I felt uncomfortable hearing the news; my relationship manager was doing a fine job and we had a good rapport. What about the new person? I feel stranded.

Selling has come a long way From the famed selling concept explained by Kotler to the ever quoted relationship marketing, the concept of selling has evolved into a customer-centric strategic tool. Relationship marketing aims at building a mutually satisfying relationship with key customers in order to earn and retain business. It involves a long-term partnership in which both the seller and buyer collaborate to identify the needs and develop customized solutions to fulfill them. Nowadays, most private banks are investing heavily on building a strong customer base on the platform of relationship marketing. We now have relationship managers instead of personal bankers to provide services to account holders. The trend is now catching on. Although theoretically, relationship marketing works magic with the customer, if it's not carefully handled, the same concept may prove to be an irritant. The most important problem that a firm faces in relationship marketing is how to manage the stranded customer.