This marketing not only focuses on building relationships and attracting customers to your products and services but also focuses on how to retain them. Relationship Marketing is targeted at building stronger and longer lasting relationships with clients and other companies. The business is done with a strategic orientation, where the relationship is improved with existing customers rather than focuses only on finding new customers. It is meant to cater to the needs of individual customers. Its major part involves studying the need of the customer and how it can change in different circumstances.
Relationship marketing is applicable where the customers have many options in the market for the same products or services and the customer is entitled to make a selection decision. For such a kind of market, businesses try to maintain their clients by providing comparatively better products and excellent service and hence, achieving customer loyalty.
Offensive marketing is the marketing strategy where not only new customers are attracted, but also the sales are stepped up by increasing the purchase frequency. This kind of marketing concentrates on freeing dissatisfied customers and acquiring new customers. Now when shifting the main attention from the customer turnover onto customer satisfaction. This kind of marketing was initially named as defensive marketing.
Did you know: According to a research, retaining an old customer cost is only ten percent of the cost of getting a new customer. And according to another research done by cross-sectional analysis, says that, a five percent improvement in customer retention is responsible for twenty-five to eighty-five percent of the profit.
Just a few benefits in relationship marketing is if sufficient number of existing customer is retained, there can be A reduction in the pressure, cost and stress of acquiring new customers. Once the customer trust is gained, his chances of switching to other companies become relatively less. This maintains the unit sales volume and there is an increase in dollar-sales volume. If they are satisfied with the company, product or service, they will recommend it to their friends and acquaintances.
The aim of relationship marketing is to construct and maintain relationships with committed clients who are meant to bring profit to the company. The other benefits achieved are social benefits and confidence building while relating with your customers and prospects in a way that is meaningful to them.
Building brand awareness and creating customer loyalty is an ongoing process. Enhancing your customer support efforts is simple, cost effective and can save you a lot of time. Use the force...
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