What Is Relationship Marketing ?
Relationship marketing refers to the marketing strategy aimed to build long-term relationship with customers rather than prioritizing one-time transactions. It helps to create positive relationship and long-term connection with customers that helps to increase loyalty and customers satisfaction that leads to increase goodwill and image of the business.
Some notable characteristics of relationship marketing are as follows:
* It gives focus on building long-term relationship with customers
* It promotes customer retention
* It encourages two-way communication between the firm and the customers
* It emphasizes on customer satisfaction
Understanding The Levels Of Relationship Marketing
Different levels of relationship can be developed with customers. The extent to which an organization practices relationship marketing depends on its investment (time and money) in building the relationship.
1. Basic Marketing
The marketer simply sells the product without call backs or feed-back from the customers. Here, there is no effort to build the relationship.
After selling the product, the marketer encourages customers to report their comments, complaints, and suggestions. Here, there is some effort to build the relationship.
3. Accountable Marketing
After selling the product, the marketer calls back the customer after a short time to find out if the customer is satisfied or not. Here, there is increased level of effort in building the relationship.
After selling the product, the marketer remains in regular contact with the customer and provide suggestions for better use of the product, servicing, and repairs. The marketer also informs the customer about the firm's new products, improved quality and services. Here, the marketer is working harder to enhance the level of relationship.
Under partnership marketing, the marketer continuously works with its customers and other stakeholders for mutual benefits. Here, the marketer works jointly with the customer to find ways and means to help customer perform better, effect savings, and increase the level of satisfaction. Thus, partnership marketing is the best form of relationship marketing.
2. Reactive Marketing
After selling the product, the marketer encourages customers to report their comments, complaints, and suggestions. Here, there is some effort to build the relationship.
3. Accountable Marketing
After selling the product, the marketer calls back the customer after a short time to find out if the customer is satisfied or not. Here, there is increased level of effort in building the relationship.
4. Proactive Marketing
After selling the product, the marketer remains in regular contact with the customer and provide suggestions for better use of the product, servicing, and repairs. The marketer also informs the customer about the firm's new products, improved quality and services. Here, the marketer is working harder to enhance the level of relationship.
5. Partnership Marketing
Under partnership marketing, the marketer continuously works with its customers and other stakeholders for mutual benefits. Here, the marketer works jointly with the customer to find ways and means to help customer perform better, effect savings, and increase the level of satisfaction. Thus, partnership marketing is the best form of relationship marketing.
