Assignment - Relationship Marketing

Added on - 01 Oct 2019

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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 responsemarketing campaigns which emphasize consumer satisfaction as well as consumer retention,rather than focusing on the transactions sales. Furthermore, relationship marketing is quitedifferent 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 promotionalmessages along with the intrusive advertising. Relationship marketing is continuouslyevolving as technology is opening more social and collaborative communication channelswith the growing mobile and internet platforms. It consists of the tools for managing therelationships with the consumers that goes beyond the consumer and demographics servicedata. Therefore, relationship marketing includes the efforts of inbound marketing, socialmedia, and PR as well as application development. Relationship marketing stands in contrastto the traditional transactional marketing approach and its main focus is on enhancing thenumber of individual sales as much as possible.On the other hand, companies combine the elements of both transactional andrelationship marketing, however, the consumer relationship marketing is starting to play oneof the most vital roles for a lot of companies. If someone is not investing their resources andtime into the relationship marketing then they may not want to consider it. Besidesrelationship 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 forcreating brand ambassadors.Traditional marketing vs. relationship marketingRelationship marketing is quite less transactional when contrasted with the traditionalmarketing. 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 theconsumers that already exists. It in return encourages for repeating business rather than justone-off purchases. Relationship marketing is managing the consumer portfolio of a companyand building the business relationship that is long-term. The traditional marketing is managesthe 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 anddeveloping an identity of a trusted supplier. Traditional marketing is also found out to haveless commitment when it comes to meet the expectations of the consumers. On the otherhand, relationship marketing have huge amount of commitment for meeting the expectationsof 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 andleads.Influencer marketing- It is a present up-to-date take on affiliating marketing, capturingfollowing in particular niches, empowering for driving revenue and awareness for their brand.
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