Relationship marketing is the process of creating, maintaining, and enhancing strong relationships with customers and stakeholders. Its main objective is to foster customers loyalty by offering them the right products and services. This involves the improvement of internal operations.
As per the best online assignment provider- The main goal of this marketing is to establish, maintain, and enhance the customer relationship to sell the maximum products.
As per the Gronroos- Relationship marketing is done by the mutual exchange and fulfilment of promises.
What do you understand by Relationship Marketing?
● Relationship marketing involves all the instruments that are required to notify the customers about the latest offers and features of the brand.
● It helps in building strong customer relations.
● The processes that are involved in relationship marketing are customer experience management, lead generation management, tools for the marketing, interlinking of customer relationship management etc. All these tools are blend together to make perfect relationship management.
● Relationship marketing deals with the long- term association with any customer.
● It takes care of the changing needs of the customer so that they can help them in fulfilling their requirements.
● Through this marketing, employees can create long-lasting relationships with customers as a way towards customer retention.
5 Levels of Relationship Marketing
There are 5 main levels of relationship marketing:
The salesman invites the consumers to guarantee whether the product is preparing as per the satisfaction of the customer or not or it can fulfil the customer’s need. In this marketing, they also ask the customer for suggestions/feedback so that they can improve their services/products. They take responsibility for sales of the products.
Through this marketing, the customer works continuously to improve their performance. They take care of their employees based on rates and quality of the product. The financial companies take care of their customers and work to improve the quality of the product. They take the feedback/ suggestions from their customers to enhance their productivity.
The company takes a partnership with the other customers to enhance their productivity. They try to deliver the right quality as compared to other companies. They take a partnership to ensure an optimal relationship with other brands.
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What are the three elements of marketing?
There are three main factors of marketing for a successful business.
● Market Knowledge- You need to acquire market abilities to deliver the right products to the customers. You need to acquire marketing strategies to satisfy the customer’s need. Before working on any business profile, you need to acquire good marketing knowledge.
● Take care of Employees- You need to become perfect in making financial decisions. Delay in decision making can cause anger and dissatisfaction for the customer. The empowerment of employees depends on their quick decision-making abilities.
● Training Programs- Relationship programs are built by people. You need to train yourself to fulfil the needs and wants of the customers. Marketing programs need training and effort to complete the customers’ need.