We all know that in business if you want to be successful you’re going to have to learn, and pretty fast how to build relationships with your customers. I’ve seen and been in businesses where the business owner is lacking in people skills. Even in life if you don’t have or develop some level of good people skills you’re not going to get very far in life.
Relationship marketing applies techniques like marketing, sales, customer care and communication.
Relationship Marketing is targeted at building stronger and long lasting relationships with your clients and other companies. Business is done with a strategic orientation, where the relationship is improved with existing clients first rather than finding new customers. This methods helps to cater to the needs of your exciting individual clients.
How can this be done effectively?
It involves studying the need of your exciting clients and how their needs changes in different circumstances.
Relationship marketing applies techniques like marketing, sales, customer care and communication. The relationship between you and your clients are not only enhanced but its life period is increased by these strategies. And as your clients realize the value of their relationship with you, your business and brand, they are drawn closer to you. This marketing techniques not only focuses on building relationship and attracting customers to their products and services but also how to retain them.
When studying an MBA in International Business I found out that the raw form of Marketing came into existence in the 1960’s. But, organizations were still facing difficulty in selling products, so a system was developed to sell low cost goods to larger groups of customer. Leonard Berry and Jag Sheth originated this marketing, in 1982. It was started in B2B markets and industries, which involved long term contracts for many years. Over the period of time, various marketing strategies were improved and relationship marketing was one of them.
Relationship marketing is applicable where the customers have a variety of options in the market for the same product or service and the customer is entitled to make a selective decision on where to go. In such a kind of market, as a business owner trying to capture that market would be best achieved by maintaining a good relationship with your clients by providing comparatively better products and good quality service hence, you then achieving customer loyalty.
Once you have achieved your customer loyalty it becomes difficult for competitors to compete with you within your market place. Customer turnover or-though important is not the main attention instead customer satisfaction become also important to growing your business.