Marketing and human resource management ASSIGNMENT
ADVANTAGES OF CONTINUED
What is relationship marketing?
Relationship marketing is a more personal approach to promotion which encourages a dialogue with customers and allows more targeted communications. If done well, benefits include increased customer retention, and the generation of 'brand ambassadors' who promote your product via word of mouth.
Advantages of continued relationship marketing with customers: The advantages of continued relationship with customers:
1. The continued relationship with the customer may initiate free word of mouth promotion and referrals. It is human nature that folks always want to share a good thing! Being able to network through others using their efforts is a very efficient, powerful and effective marketing strategy. 2. They will become long term customers of the firm and will be less likely to switch to competitors. And this will make more difficult for competitors to enter the market. 3. Continued relationship with customer will lead to higher level of customer satisfaction which will make the customer re-purchase the product, hence increasing the sales. 4. It will help a firm to increase its standing and goodwill in the industry 5. Continued relationship marketing will help to build loyalty among consumers. The longer you maintain a 'reader first' attitude and supply their needs, the deeper their loyalty will be towards you. 6. Continued relationship marketing will help a firm introduce a new product in the market, as the existing customers will be willing to try the new product introduced by the firm in the market. 7. The customer may be willing to pay more also for a product or service ,in case of any pricing adjustment because that loyalty and trust is built, due to the use of relationship marketing strategies. 8. This continued...
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