Assignment - Relationship Marketing

10 Pages2669 Words509 Views

Added on 2019-10-01

Assignment - Relationship Marketing

Added on 2019-10-01

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1Blog: Relationship Marketing

2What is relationship marketing?July 17th, 2019It is first defined as a marketing form that is developed from direct response marketing campaigns which emphasize consumer satisfaction as well as consumer retention, rather than focusing on the transactions sales. Furthermore, relationship marketing is quite different from the other forms of the marketing in that it recognizes the long-term value of theconsumer relationships as well as extends communication beyond the sales promotional messages along with the intrusive advertising. Relationship marketing is continuously evolving as technology is opening more social and collaborative communication channels with the growing mobile and internet platforms. It consists of the tools for managing the relationships with the consumers that goes beyond the consumer and demographics service data. Therefore, relationship marketing includes the efforts of inbound marketing, social media, and PR as well as application development. Relationship marketing stands in contrast to the traditional transactional marketing approach and its main focus is on enhancing the number of individual sales as much as possible. On the other hand, companies combine the elements of both transactional and relationship marketing, however, the consumer relationship marketing is starting to play one of the most vital roles for a lot of companies. If someone is not investing their resources and time into the relationship marketing then they may not want to consider it. Besides relationship marketing tends to focus on most of the consumers that a company already have, rather than devoting each and every efforts in terms of drumming up in the new business. It isone of the long strategies that have one of the main aims for building loyalty of the brand, creating strong connections of the consumers and encouraging repeating, regular business

3from a firms existing clientele. Furthermore, if it is done right then it can help a firm for creating brand ambassadors. Traditional marketing vs. relationship marketingRelationship marketing is quite less transactional when contrasted with the traditional marketing. It is not laser focused on making one conversion or closing a sale. Besides, relationship marketing is all about developing strong, long-term relationship with the consumers that already exists. It in return encourages for repeating business rather than just one-off purchases. Relationship marketing is managing the consumer portfolio of a company and building the business relationship that is long-term. The traditional marketing is manages the product portfolio of a firm, modifying and setting marketing mix parameters for achievingoptimal 4 Ps. Traditional marketing consists of the non-personal advertising, image and brandmanagement. Besides, relationship marketing includes the personal communication and developing an identity of a trusted supplier. Traditional marketing is also found out to have less commitment when it comes to meet the expectations of the consumers. On the other hand, relationship marketing have huge amount of commitment for meeting the expectations of the consumers. Relationship marketing consists of the following 5 segments in it:Partner marketing- It is paying a fee or commission to the firms such as resellers, distributors, agencies as well as the other third party organizations for promoting sales and leads.Influencer marketing- It is a present up-to-date take on affiliating marketing, capturing following in particular niches, empowering for driving revenue and awareness for their brand.

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