Client relationship marketing practices: an exploratory study of the financial service industry.

Abstract

Client relationship marketing leverages service firms to resist undifferentiated and pressuring business competition, and help nurturing long-term business growth. However, Studies in client relationship marketing practice in professional service were rarely focused. This research contributed to explore practices used by professionals in the financial service firm, to create, maintain and enhance relationship with clients. The relationship marketing practices were identified through six in-depth interview with key personnel. The finding reveals eight client relationship marketing practices. Despite minor variations, the findings show similarities in practice with the Kok Ming Woo & Kannika “Mink” Leelapanyalert’s (2014) study in a legal industry, and Claycomb & Martin’s (2002) in U.S. commercial industries. The research also showed that despite limitation in client relationship, financial firms can nurture the relationship through inducing trust and commitment in profession-aspect interactions. A relationship development process model was verified in different context of professional services and confirmed by the research outcomes.