Why Relationship Marketing is an important in consumer age

Develop a long term relationship + build a connection + create an engagement +earn trust = Happy Customers!

B2B (Business 2 Business) and B2C (Business 2 Customer) -NOW THINK- P 2 P (people to people) ie also known as H2H (Human to Human) ie personalized or humanized marketing, whether, it is business , politics or any other field, that strategy integrated into the the today's world.

Relationship marketing aims to build a mutually satisfying long-term relationship with key communications in order to earn and retain their business. A marketing network consists of company and its supporting stakeholders – customers, employees, suppliers, distributors, retailers, ad agencies, university scientists and others.

There are four key constituents for relationship marketing-

a) Customers

b) Employees

c) Marketing partners and

d) Financial community

Why relationship marketing is an important in consumer age?

Relationship marketing impacts consumers’ decisions and their consumption satisfaction, firms establish relationship marketing programs to foster loyalty and a commitment to their product and services. At it heart, relationship marketing is all about building the trust and faith and keeping a promise to consumers. Therefore, the emphasis in relationship marketing is almost always on developing long-term bonds with customers by making them feel special and by providing them with personalized services.

Various research says that Today’s, consumers are less loyal than in the past, due to six major forces

1. Abundance of choice

2. Availability of information

3. Entitlement

4. Commoditization

5. Insecurity

6. Time Scarcity

It is firm’s advantage to develop a long-term relationship with existing customers because it is easier and less expensive to make an additional sale to an existing customer than to make a new sale to new sale to the new customer.

Role of Technology in Relationship Marketing

In Digital Age, Technology plays a very important role in relationship marketing .The internet has made it easier for companies to track, re-marketing, store, analyze and then utilize vast ads, special deals, and expatiated service as a token of appreciate for their loyalty.

Social media sites allow business to engage their audiences in an informal and ongoing way.

Real relationship marketing is program is more than the use of database marketing tactics to things for better target customers the consumer must feel that she or he has received something for being a participant in the relationship.

Electronic Customer relationship management (eCRM) is marketing tools that approach more on customer retention rather than customer acquisition.
Digital platform engages your audiences instantly, got an instant feedback from the customer.

Conclusion

Retention of the customer is an important strategy for business and a financial point of view, retention is useful as the cost of acquisition only occurs once at the start of the relationship, the longer the relationship the lower the overall costs. Overall, in digital age chances to returning customer (Welcome Back) is increased because of tracking and engaging the customer towards the brand. As we know that attracting a new customer can cost five times as much doing a good to retain the existing one.

In the past, it would have been impossible to keep useful records about every single client, but technology makes it easy for companies to automate their marketing efforts.
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