Relationship Marketing - Essay Example

A customer may want to call the company but probably for example due to faulty telephone lines or unanswered calls, unreturned e-mails, It makes It Impossible. I would advise Jane to come up with: * A Database that contains all relevant customer information including history, product information, product return activity, marketing promotion and campaign data. The database must ensure executive ownership of privacy. Company’s website which will enable customers to place an order or cancel an order * To create social media pages Like face book and twitter which Is also a marketing strategy for their products. Make sure all the company’s phones are working. I would also tell her to try communication via traditional channels such as point of sale transactions, surveys, returns and warranty. 2. Lack of customer relationship. Besides the products, customers require Promotional and price Information, Help in the use of the product * A partnership with Cane’s company to create the product.

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I would advise Jane to build customer relationships by using the following 4 step marketing process: a) understanding the Market place and customer’s needs, b) designing a customer driven marketing strategy and constructing marketing programs that represent customer leverage points c) building profitable relationships and create customer delight d) capture value from customers to create profits and customer equity Customer Relationship Management ( CRM ) as a customer Data management activity- which basically entails managing detailed Information about Individual customers and carefully managing only consumer touch points.

There are a number of working definitions for CRM. In fact, the letters CRM have been used to Identify Continuous Relationship Marketing, Customer Relationship Marketing and now Customer Relationship Management. Each term represents the same process. However a more holistic definition of CRM would be the overall process of building and maintaining profitable relationships with customers by delivering superior customer value and satisfaction. It deals with all aspects of acquiring, keeping and growing customers. Building lasting relationships is to create superior customer value. Customers usually buy from the firm that offers the highest customer perceived value.

This refers to a customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. It must be noted that customers do not Judge values and costs accurately or even objectively. They act on perceived value 2. Customer satisfaction: This depends on the product’s perceived performance relative to a buyer’s expectations. If it fails below their expectation dissatisfaction occurs. Outstanding marketing companies go out of their way to keep important customers satisfied as this leads to loyalty which in turn leads to better company performance. Smart companies try to convert customers into willing partners and customer evangelists who spread the good word about their products and services. Customer relations levels and tools: today most companies are developing customer loyalty and retention programmers. These programmers go beyond offering consistently high value and satisfaction. Jane could use specific marketing tools to develop strong bonds with consumers for example; * Frequency marketing programs that reward customers who buy frequently. Offer incentives to her customers. 4. To build customer relationships, Jane can add structural ties as well as financial and social benefits. Egg she can provide the customers with on-line linkages that help manage part of their processes. . Relating with more carefully selected customers- I. E. Profitable and significant customers 6.

The more loyal the company’s profitable customers, the higher the firms customer equity. It entails viewing customers as assets that need to be managed and maximized. This will entail the firm classifying customers according to their profitability. There are basically four main classifications which need different strategies. They are I) Strangers; This customers show low potential profitability and projected loyalty. There is little fit between the company’s offerings and their needs. The strategy to use for this group of customers is simple ” don’t invest in them” I’) Butterflies: these are potentially profitable but not loyal. There is a good fit between the company’s product and their they are gone.