With the rising competition in the market, an organization has to create a niche brand identity to survive among the peers and to develop a sustainable future. The technological advancements in the industry have brought an adverse effect on the industry in the recent times. There are a lot of complexities that have aroused in the marketing relationships such as mounting prices of goods acting as obstacles. The main focus on relationship marketing is to develop a strong consumer base for the customers which will help create potential for newer business based on positive customer sentiments.
Benefits of Relationship Marketing
Organizational Benefits
Having a strong end user base of an organization ensures the profitability of the organization along with long term sustainability. Many marketing activities such as campaigning, makes potential customers realize the value of interaction furthermore expanding the loyalty. The main significance of a business plan based on marketing are centered on keeping the existing customers and making them devoted to the brand.
For any organization, creating a profit in the long term business requires the loyal customers to be engaged with the brand while attracting more and more new customers. If any organization can attract a newer customer segment the brand appeal tends to widen. Loyalty to the customer leads to a better result of the practicing business as this factor is responsible for lowering the costs of marketing, provided there is an excellent track record of the brand and an invigorating image of the company.
A customer will be un-loyal to the brand if they are unsatisfied. There should not be any communication barriers, as the consumer influences a brand in making tactical decisions for the overall improvement of the organization. Evaluating the needs of each and every customer becomes crucial for a firm to accumulate knowledge for research and development of future products. Customers those are able to recognize that the ongoing relationship with the organization is providing benefits to them, they are most likely to be loyal towards the organization. The contentment of the end users ensures the satisfaction of the entire organization. While an organization is able to build an appropriate organizational relationship with customers, the effective and sustainable relationship attracts the attention of the customers towards the organization in a significant manner, thus the customers will rely upon the organization for a long term.
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