关系营销及其在企业实体中的作用 Relationship Marketing 英语作文论文Word文档格式.docx

关系营销及其在企业实体中的作用 Relationship Marketing 英语作文论文Word文档格式.docx

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Abusinessestablishmenthastoensurethatitisabletoattractandretaincustomersforachievinggrowth,profitability,andsustainability.Theimportanceofretainingcustomersintothebusinessisofprimeimportanceandhenceformostofthebusinessestablishments,customerretentionismoreessentialthancustomeracquisition.

Abusinessentityachievesmostofitsprofitabilityfromrepeatcustomersorthebrandloyalcustomersthatareretainedintothebusinessbyimplementingethicalandeffectivecustomerrelationshipmanagementstrategies.Thecustomersneedtobemadetofeelspecialandrespectedbythebusinessentitythatwillkeepthemattractedtowardthebrandandrestrainthemfromventuringawayintosomeotherrivalbrands.

Therefore,itistheresponsibilityofabusinessentitytoensurethattherearesoundrelationshipmarketingstrategiesandtechniquesthataredriventowardattractingthecustomersandretainingthemintothebusiness.

RelationshipMarketingwithcustomers

Thestrongertherelationshipbetweenthebusinessanditscustomers,moreisthechanceofachievingeffectivecustomerretention.Today,thesupremacyandsuccessofabusinessestablishmentaremeasuredthroughthecustomerretentionratethatisachievedbythebusinessonayear-on-yearbasis.

Therefore,relationshipbuildingwiththecustomersisamandatethateverybusinessorganizationmustundertakeinordertokeepthemajorityofthetargetcustomersattractedtowardthebrand.Arelationshipcanbedevelopedwithcustomersthroughtheimplementationofdiversestrategiesandtechniquesbyabusinessentity.

UsesofRelationshipMarketing

Relationshipmarketingisoneofthemostpopularandwidelyusedstrategiesthatisdeployedbymostofthebusinessentitiestodayforensuringthattheyareabletobuildandnurtureaclosebondingwiththecustomerssuchthattheyturnintoloyalcustomersofthebusiness.Itisevidentthatthemajorportionofbusinesscomesfromtheexistingcustomersascomparedtothenewcustomers.

Thisisbecause,theoldcustomersofthebusinessareconsciousandusedtowiththelevelofproductsandservicesbeingofferedbythebusinessandhence,theyhavedevelopedthedesiredtrustandconfidenceonthebusinessthatdrivesthemtowardundertakingrepeatpurchasesfromthebusinessorganization.Relationshipmarketingplaysakeyroleasamarketingtechniqueofabrandthatisintendedtodevelop,strengthenandsustainalong-termrelationshipbetweenthebusinessorganizationandthetargetcustomers.

Whatresearchsays?

AccordingtoresearchundertakenbyFrederickReichheldofBain&

Company,around5%increaseincustomerretentionbyabusinesshasthepotentialtoenhancetherevenueofthebusinessbyaround25-90%.Oneoftherenownedglobalbrands,AmericanExpressalsodeterminedthatitistheexistingandloyalcustomersofabusinessthatmainlyspendmoreascomparedtothenewcustomers.

Thereasonbeingthattheexistingcustomershavealreadydeterminedtheworthofthebrandandtheyarewillingtostayloyaltothebrandastheyareconfidentaboutthegoodintentionsofthebrandtoservethemethicallyandinadedicatedmanner.

Acustomerwillmakerepeatpurchasesfromabrandifheorsheisconfidentthattheproductsorservicesofferedbythebrandwilloffervalue-for-money.Hence,relationshipmarketingstrategiesneedtobeprudentinordertoensurethateachofthecustomersofthebusinessistreatedwithempathy,respect,andconcernandinthefutureproductsandservicesareofferedtothemaspertheirtastesandpreferences.

Thiswillsurelyincreasethelevelofcustomersatisfactionandcustomerretention.Wecansaythatthesuccessorfailureofamodernbusinessentityisentirelydependentontheeffectivenessofrelationshipmarketingstrategiesthataredevelopedandimplementedbythemarketingdepartmentofthebusiness.

WhatistheconceptofRelationshipMarketing?

Theconceptofrelationshipmarketingcanbedescribedasatechniqueofmarketingundertakenbyabusinessorganizationthatfocusesondevelopingdeeperandstrongerrelationshipswiththetargetcustomerssothatthecustomerscanenjoylong-termsatisfactionfromtheproductsandservicesofferedbythecompany.Thisleadstothegenerationofbrandloyaltyforthebusinessbythecustomers.

TargetofRelationshipMarketingThetargetofrelationshipmarketingisnottoachieveshort-termgoalssuchassomequickrevenuesandprofitability,buttheaimistoensurecustomersatisfactionforalong-termthatwillleadtoeffectivecustomerretention.Relationshipmarketingstrategiesenableadeeperunderstandingoftheneedsofeachofthecustomersofabusinesssothateffectivemarketingstrategiescanbeformulatedforeachoneofthem.

Today,abusinessneedstoensurethatitisabletotakepropercareofeachofitscustomerssothattheycanbeservedinthemosteffectivemanner.Theultimateobjectivesaretofosterawarmandfriendlyrelationshipwiththecustomersinsuchawaythattheyhavetheintentandthedesiretocontinuethismutuallybeneficialrelationshipforalongperiodoftime.Wecansaythatthekeypurposeofrelationshipmarketingistoaddresstheneedsofthetargetcustomersinthemosteffectivemanner.

Customerrelationshipmanagement

Intoday’sbusinessentitiesthemanagementfocusesonstrategiesofcustomerrelationshipmanagement（CRM）whichhasbeenemergingasoneofthemostsignificantareasofstudyinthedomainofrelationshipmarketingstrategiesthatareundertakenbyseveralbusinessentitiesaroundtheworld.ThemoderntechniquesandstrategiesofrelationshipmarketingaredependentonInformationTechnology（IT）toagreatextent.

Weknowthatamodernbusinessentityhastodealwithalotofinformationrelatedtoitscustomersinordertoanalyzeanddeterminethelikingsandpreferencesfortypesofproductsandservicespreferredbyeachofthecustomers.Managinganddealingwithsuchvoluminousdataisahighlychallengingtaskforthebusinessorganizationandhence,itadoptsanIT-basedframeworkthatisneededtosupportthemodernapplicationsofcustomerrelationshipmanagement.

Conceptofcustomerrelationshipmanagement

Theconceptofcustomerrelationshipmanagementincludesprocessessuchasanalysisofsalestoeachofthecustomers,analysisoftheprofilesofthecustomers,analysisofvariousmarketingandsalescampaigns,analysisofloyalty,analysisofcustomercontactsandanalysisofprofitability.OneoftheotherstrategiesofrelationshipmarketingistheDatabaseMarketing（DbM）technique.

DatabaseMarketing

DatabaseMarketing（DbM）canbedefinedastheprocessinwhichdatabasesareusedforanalyzingcustomerinformationthatwillleadtotheformulationofeffectivemarketingstrategiesforeachofthecustomers.OneofthekeyadvantagesofusingDbMisthatitoffersindividualizedattentiontotheneedsandpreferencesofeachofthecustomers.

Thesystemundertakespersonalizedcommunicationwitheachofthecustomersandrelevantadvertisingandpromotionalstrategiesaresharedwiththembasedontheirchoiceofproductsandservices.Therefore,themoderndevelopmentinIT,softwareandhardwaretechnologieshavemadeitconvenientforthebusinessorganizationstohandlecustomerdatainamoreeffectiveandethicalmanner.

RelationshipMarketingTechnology

Oneofthekeyaspectsofrelationshipmarketingthatweshouldconsideristhedevelopmentofrelationshipmarketingtechnology.Thistechniquedeeperunderstandingoftheneedsandexpectationsoftheconsumersfromthebusinessbasedonwhicheffectivemarketingstrategiescanbedeployedforeachoftheconsumers.

Itcanbesaidthatwithinthepurviewofrelationshipmarketingstrategies,theroleofDirectMarketing（DM）techniquesandstrategiesisalsoquitesignificantasitplaysamajorroleinthedomainofrelationshipmarketingforabusinessestablishment.

Directmarketing

DirectmarketingisalsoreferredtoasOne-to-onemarketingstrategyasitoffersthesolutionstothecustomerssolelyonanindividualizedbasiswhichmeansthattheproductsorservicesareofferedtoacustomerbasedonhisorherneedentirely.Itisessentialforabusinessorganizationtohaveadirectmarketingchannelsothatitcanvisiteachoftheprospectivecustomersinpersonandtrytoanalyzetheirperspectivesabouttheproductorservice,theirusefulnesstothecustomers,pricestheyarewillingtopay,futuresuggestionsabouttheproductorserviceandothers.

Thisinformationisofhighvaluetothemarketerasitwillhelptodevelopthefutureproductsandservicesaccordinglyforthatparticularcustomer.

RoleofRelationshipMarketing

Relationshipmarketingplaysamajorroleinunderstandingcustomerrelationshipsandthewaysinwhichabusinesscandevelopandmakethemmoreprudentinthefuturesothatthebestpossibleservicescanbeguaranteedtoeverycustomerofthebusiness.Thereareseveralrolesthatareplayedbyrelationshipmarketingonbehalfofabusinessentity.Onesuchroleisthe‘MomentofTruth’.

Itisobservedmainlyintheserviceindustriesthatthereisawillingnessofthebusinesstohavedirectcontactwiththecustomersthatarealsoreferredtoasthesocialcontactbetweenthefirmanditscustomers.Thisinteractionbetweenthebusinessandthecustomerisreferredtoastheserviceencounteranditisahighlyessentialfactorfordeterminingtheexperienceofthecustomersthroughthemomentoftruth.

Wecanunderstandfromthediscussionsofarthatrelationshipmarketi