20 Facts About Relationship marketing

Relationship marketing is a form of marketing developed from direct response marketing campaigns that emphasizes customer retention and satisfaction rather than sales transactions.

Relationship marketing extends to include inbound marketing, a combination of search optimization and strategic content, public relations, social media and application development.

Relationship marketing refers to an arrangement where both the buyer and seller have an interest in a more satisfying exchange.

Relationship marketing argued that the essence of relationship marketing is to attract, establish and maintain a close relationship with enterprise customers.

Furthermore, other studies have concluded that the essence of relationship marketing is the actual maintenance of existing customers, which creates long-term interest in a product.

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Research studying relationship marketing suggests that companies can do this through one of the three value strategies: best price, best product or best service.

Practice of relationship marketing has been facilitated by several generations of customer relationship management software, which track and analyze each customer's preferences and activities.

In contrast, relationship marketing is cross-functional, organised around processes that involve all aspects of an organization.

Martin Christopher, Adrian Payne and David Ballantyne at the Cranfield School of Management claim that relationship marketing has the potential to forge a synthesis between quality management, customer service management and marketing.

Relationship marketing relies on the communication and acquisition of consumer requirements solely from existing customers in a mutually beneficial exchange usually involving permission for contact by the customer through an opt-in system.

However, relationship marketing has less potential for generating new leads than direct marketing and is limited to viral marketing for acquiring customers.

Principle of relationship marketing is the retention of customers in order to ensure repeated trade from preexisting customers by satisfying requirements above those of competing companies through a mutually beneficial relationship.

Relationship marketing aims to strengthen the relationship with clients and secure them.

Relationship marketing posits that good relations between enterprises and customers results in more efficient benchmarking, identifying new potential products, reduce the cost of new product development and increase market acceptance of products.

Also he proposes that all relationships established with relevant parties for enterprise marketing are centered on the establishment of good customer relations: the core concept of relationship marketing is maintaining a relationship with customers.

Guinness propounds that relationship marketing is a consciousness that regards the marketing process as the interaction between enterprises and various aspects of relationships and networks.

Relationship marketing stresses internal marketing, which is using a marketing orientation within an organization itself.

Referral Relationship marketing is the development and implementation of a Relationship marketing plan in order to stimulate referrals.

Live-in Relationship marketing is a variant of Relationship marketing and advertising in which the target consumer is allowed to sample or use a product in a relaxed atmosphere over a long period of time.

Unlike traditional event Relationship marketing, LIM suggests that end-users can sample the product or service in a comfortable and relaxed atmosphere.