Importance of Relationship Marketing to Attract New Customers Using Social Media

This report aims to assess the significance of relationship marketing strategy in attracting new customers towards the company using social media. It discusses the concept of relationship marketing, benefits for businesses, and the importance of relationship marketing in attracting new customers through social media. The study includes a case study on BMW.

“Importance of relationship marketing to attract new customers using social media”
Abstract
Relationship marketing is the strategy which emphasize on
developing long term relationship with customers. BMW
uses relationship marketing strategy to maintain effective
relation with consumers. This report aims to assess the
significance of relationship marketing strategy in attracting
new customers towards the company.
Introduction
Relationship marketing is referred as the facet of relationship
management with customers that emphasize on long-term
customer engagement and customer loyalty instead of short
term goals such as individual sales and customer acquisition
(Hollensen, 2019). There are several benefits which an
organisation can get by using relationship marketing
including high return on investment, more word of mouth,
great reviews, more feedback etc.
Model
Six markets model of relationship marketing is included in the
study which is an expanded view of where marketing can be
executed. Six main market domains are identified in this
framework where companies must direct marketing activities as
well as where the detailed marketing strategies development may
be required. In addition to existing and potential consumers, these
markets include: supplier markets, internal markets, referral
markets, influence markets and employee markets (Payne, and
Frow, 2017).
Results
It is expected that this research will be able to fulfil the
objectives of study. This will help in assessing the importance of
relationship marketing to attract new customers by using social
media.
Conclusion
As per the above discussion, it can be concluded that
relationship marketing provides various benefits to organisation in
terms of increasing return on investment, more feedbacks, good
reviews etc. It helps in effectively developing the relationship with
Background
In today's competitive business environment, relationship
marketing plays significant role in enhancing the productivity of
company by improving its sales and profits. It is about
developing long term relationship with consumers by promoting
open communication. BMW is one of the leading German
multinational organisation which manufactures motorcycles and
luxury vehicles. The firm was established in year 1916 and its
headquarter is located in Germany. The company is using
relationship marketing strategy to develop relationship with
customers. This research intent to study the significance of
relationship marketing in attracting new consumers by utilizing
social media by BMW.
Aim
Aim of this particular research is: “To investigate the
importance of relationship marketing to attract new customers
using social media. A case study on BMW”
Objectives
The objectives related to this investigation is as follows:
 To understand the concept of relationship marketing.
 To identify the benefits of using relationship marketing
for business.
 To assess the importance of relationship marketing in
attracting new customers by using social media.
Research Questions
 What is the concept of relationship marketing?
 What are the benefits of using relationship marketing
for business?
 What is the importance of relationship marketing in
attracting new customers by using social media?
Analysis
Data analysis is the procedure of applying logical and
statistical techniques systematically to analyse and evaluate data.
Data can be analysed through qualitative and quantitative
analysis. In this, the collected data will be analysing by using
quantitative analysis through using graph, charts and figures.
Materials
In order to analyse and collect data on topic, primary and
secondary methods are utilised. Books, articles, journals and
previously published reports are utilised to gather
information on the study area. Questionnaire tool will also be
used to collect fresh data on the topic.
Methodology
Qualitative and quantitative research are the two ways of
conducting research. The selection of the method is then
according to the nature of study. In the investigation, make
use of quantitative method so that more accurate information
can be collected to gain the outcomes of research. Apart from
this, inductive and deductive research approaches can be
utilised by investigator. In this study, deductive approach
will utilise so that adequate amount of data can be collected.
From interpretivism and positivism philosophy, positivism
will be taken into consideration as it is based on factual
knowledge.
References
Hollensen, S., 2019. Marketing management: A relationship
approach. Pearson Education.
Recommendations
It is recommended to the company that it should make use of
effective communication tools to interact with customers and
attract them more towards the firm. Apart from this, the
management of BMW must provide training and development to
their employees so that are able to enhance their competencies and
skills and work effectively towards attainment of organisational
goals.
Implications
This research will be effective in providing appropriate
deliverables. By performing study in an appropriate way, the
outcomes of research will be achieved.
Discussion
As per the above analysis, it can be said that relationship
marketing is very effective in developing and maintaining good
relationship with customers. By using social media, it helps in
attracting new customers in more effective manner.