关系营销及其在企业实体中的作用 Relationship Marketing 英语作文论文.docx
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关系营销及其在企业实体中的作用 Relationship Marketing 英语作文论文.docx
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关系营销及其在企业实体中的作用RelationshipMarketing英语作文论文
关系营销及其在企业实体中的作用
RelationshipMarketingItsroleinBusinessEntity
RelationshipMarketing:
Abusinessestablishmenthastoensurethatitisabletoattractandretaincustomersforachievinggrowth,profitability,andsustainability.Theimportanceofretainingcustomersintothebusinessisofprimeimportanceandhenceformostofthebusinessestablishments,customerretentionismoreessentialthancustomeracquisition.
Abusinessentityachievesmostofitsprofitabilityfromrepeatcustomersorthebrandloyalcustomersthatareretainedintothebusinessbyimplementingethicalandeffectivecustomerrelationshipmanagementstrategies.Thecustomersneedtobemadetofeelspecialandrespectedbythebusinessentitythatwillkeepthemattractedtowardthebrandandrestrainthemfromventuringawayintosomeotherrivalbrands.
Therefore,itistheresponsibilityofabusinessentitytoensurethattherearesoundrelationshipmarketingstrategiesandtechniquesthataredriventowardattractingthecustomersandretainingthemintothebusiness.
RelationshipMarketingwithcustomers
Thestrongertherelationshipbetweenthebusinessanditscustomers,moreisthechanceofachievingeffectivecustomerretention.Today,thesupremacyandsuccessofabusinessestablishmentaremeasuredthroughthecustomerretentionratethatisachievedbythebusinessonayear-on-yearbasis.
Therefore,relationshipbuildingwiththecustomersisamandatethateverybusinessorganizationmustundertakeinordertokeepthemajorityofthetargetcustomersattractedtowardthebrand.Arelationshipcanbedevelopedwithcustomersthroughtheimplementationofdiversestrategiesandtechniquesbyabusinessentity.
UsesofRelationshipMarketing
Relationshipmarketingisoneofthemostpopularandwidelyusedstrategiesthatisdeployedbymostofthebusinessentitiestodayforensuringthattheyareabletobuildandnurtureaclosebondingwiththecustomerssuchthattheyturnintoloyalcustomersofthebusiness.Itisevidentthatthemajorportionofbusinesscomesfromtheexistingcustomersascomparedtothenewcustomers.
Thisisbecause,theoldcustomersofthebusinessareconsciousandusedtowiththelevelofproductsandservicesbeingofferedbythebusinessandhence,theyhavedevelopedthedesiredtrustandconfidenceonthebusinessthatdrivesthemtowardundertakingrepeatpurchasesfromthebusinessorganization.Relationshipmarketingplaysakeyroleasamarketingtechniqueofabrandthatisintendedtodevelop,strengthenandsustainalong-termrelationshipbetweenthebusinessorganizationandthetargetcustomers.
Whatresearchsays?
AccordingtoresearchundertakenbyFrederickReichheldofBain&Company,around5%increaseincustomerretentionbyabusinesshasthepotentialtoenhancetherevenueofthebusinessbyaround25-90%.Oneoftherenownedglobalbrands,AmericanExpressalsodeterminedthatitistheexistingandloyalcustomersofabusinessthatmainlyspendmoreascomparedtothenewcustomers.
Thereasonbeingthattheexistingcustomershavealreadydeterminedtheworthofthebrandandtheyarewillingtostayloyaltothebrandastheyareconfidentaboutthegoodintentionsofthebrandtoservethemethicallyandinadedicatedmanner.
Acustomerwillmakerepeatpurchasesfromabrandifheorsheisconfidentthattheproductsorservicesofferedbythebrandwilloffervalue-for-money.Hence,relationshipmarketingstrategiesneedtobeprudentinordertoensurethateachofthecustomersofthebusinessistreatedwithempathy,respect,andconcernandinthefutureproductsandservicesareofferedtothemaspertheirtastesandpreferences.
Thiswillsurelyincreasethelevelofcustomersatisfactionandcustomerretention.Wecansaythatthesuccessorfailureofamodernbusinessentityisentirelydependentontheeffectivenessofrelationshipmarketingstrategiesthataredevelopedandimplementedbythemarketingdepartmentofthebusiness.
WhatistheconceptofRelationshipMarketing?
Theconceptofrelationshipmarketingcanbedescribedasatechniqueofmarketingundertakenbyabusinessorganizationthatfocusesondevelopingdeeperandstrongerrelationshipswiththetargetcustomerssothatthecustomerscanenjoylong-termsatisfactionfromtheproductsandservicesofferedbythecompany.Thisleadstothegenerationofbrandloyaltyforthebusinessbythecustomers.
TargetofRelationshipMarketingThetargetofrelationshipmarketingisnottoachieveshort-termgoalssuchassomequickrevenuesandprofitability,buttheaimistoensurecustomersatisfactionforalong-termthatwillleadtoeffectivecustomerretention.Relationshipmarketingstrategiesenableadeeperunderstandingoftheneedsofeachofthecustomersofabusinesssothateffectivemarketingstrategiescanbeformulatedforeachoneofthem.
Today,abusinessneedstoensurethatitisabletotakepropercareofeachofitscustomerssothattheycanbeservedinthemosteffectivemanner.Theultimateobjectivesaretofosterawarmandfriendlyrelationshipwiththecustomersinsuchawaythattheyhavetheintentandthedesiretocontinuethismutuallybeneficialrelationshipforalongperiodoftime.Wecansaythatthekeypurposeofrelationshipmarketingistoaddresstheneedsofthetargetcustomersinthemosteffectivemanner.
Customerrelationshipmanagement
Intoday’sbusinessentitiesthemanagementfocusesonstrategiesofcustomerrelationshipmanagement(CRM)whichhasbeenemergingasoneofthemostsignificantareasofstudyinthedomainofrelationshipmarketingstrategiesthatareundertakenbyseveralbusinessentitiesaroundtheworld.ThemoderntechniquesandstrategiesofrelationshipmarketingaredependentonInformationTechnology(IT)toagreatextent.
Weknowthatamodernbusinessentityhastodealwithalotofinformationrelatedtoitscustomersinordertoanalyzeanddeterminethelikingsandpreferencesfortypesofproductsandservicespreferredbyeachofthecustomers.Managinganddealingwithsuchvoluminousdataisahighlychallengingtaskforthebusinessorganizationandhence,itadoptsanIT-basedframeworkthatisneededtosupportthemodernapplicationsofcustomerrelationshipmanagement.
Conceptofcustomerrelationshipmanagement
Theconceptofcustomerrelationshipmanagementincludesprocessessuchasanalysisofsalestoeachofthecustomers,analysisoftheprofilesofthecustomers,analysisofvariousmarketingandsalescampaigns,analysisofloyalty,analysisofcustomercontactsandanalysisofprofitability.OneoftheotherstrategiesofrelationshipmarketingistheDatabaseMarketing(DbM)technique.
DatabaseMarketing
DatabaseMarketing(DbM)canbedefinedastheprocessinwhichdatabasesareusedforanalyzingcustomerinformationthatwillleadtotheformulationofeffectivemarketingstrategiesforeachofthecustomers.OneofthekeyadvantagesofusingDbMisthatitoffersindividualizedattentiontotheneedsandpreferencesofeachofthecustomers.
Thesystemundertakespersonalizedcommunicationwitheachofthecustomersandrelevantadvertisingandpromotionalstrategiesaresharedwiththembasedontheirchoiceofproductsandservices.Therefore,themoderndevelopmentinIT,softwareandhardwaretechnologieshavemadeitconvenientforthebusinessorganizationstohandlecustomerdatainamoreeffectiveandethicalmanner.
RelationshipMarketingTechnology
Oneofthekeyaspectsofrelationshipmarketingthatweshouldconsideristhedevelopmentofrelationshipmarketingtechnology.Thistechniquedeeperunderstandingoftheneedsandexpectationsoftheconsumersfromthebusinessbasedonwhicheffectivemarketingstrategiescanbedeployedforeachoftheconsumers.
Itcanbesaidthatwithinthepurviewofrelationshipmarketingstrategies,theroleofDirectMarketing(DM)techniquesandstrategiesisalsoquitesignificantasitplaysamajorroleinthedomainofrelationshipmarketingforabusinessestablishment.
Directmarketing
DirectmarketingisalsoreferredtoasOne-to-onemarketingstrategyasitoffersthesolutionstothecustomerssolelyonanindividualizedbasiswhichmeansthattheproductsorservicesareofferedtoacustomerbasedonhisorherneedentirely.Itisessentialforabusinessorganizationtohaveadirectmarketingchannelsothatitcanvisiteachoftheprospectivecustomersinpersonandtrytoanalyzetheirperspectivesabouttheproductorservice,theirusefulnesstothecustomers,pricestheyarewillingtopay,futuresuggestionsabouttheproductorserviceandothers.
Thisinformationisofhighvaluetothemarketerasitwillhelptodevelopthefutureproductsandservicesaccordinglyforthatparticularcustomer.
RoleofRelationshipMarketing
Relationshipmarketingplaysamajorroleinunderstandingcustomerrelationshipsandthewaysinwhichabusinesscandevelopandmakethemmoreprudentinthefuturesothatthebestpossibleservicescanbeguaranteedtoeverycustomerofthebusiness.Thereareseveralrolesthatareplayedbyrelationshipmarketingonbehalfofabusinessentity.Onesuchroleisthe‘MomentofTruth’.
Itisobservedmainlyintheserviceindustriesthatthereisawillingnessofthebusinesstohavedirectcontactwiththecustomersthatarealsoreferredtoasthesocialcontactbetweenthefirmanditscustomers.Thisinteractionbetweenthebusinessandthecustomerisreferredtoastheserviceencounteranditisahighlyessentialfactorfordeterminingtheexperienceofthecustomersthroughthemomentoftruth.
Wecanunderstandfromthediscussionsofarthatrelationshipmarketi
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