Business Relationship Management stimulates, surfaces and shapes business demand for a provider’s products and services and ensures that the potential business value from those products and services is captured, optimized and recognized.
The concept of Business Relationship Management (BRM) is related to and employs the techniques and disciplines of Customer Relationship Management (CRM). However, while CRM most often refers to a company’s external customers, the BRM typically deals with a company’s internal business partners or an internal provider’s products and/or services.
While BRM has its roots in CRM, it has come to mean different things to different people–often depending upon the specific industry context. For example, in banking and finance, the Business Relationship Manager manages and maintains current business relationships and seeks new accounts. Banking BRMs are typically responsible for a portfolio of small to mid-sized businesses. In other industries, the label “BRM” has come to be a euphemism for “account executive” or even “salesperson.”