relationship marketing essay

to attract a new customer than to retain an articles critique existing customer. (Hunt, 2000) However, some supermarkets now believe that people would rather buy discounted goods than have a supermarket loyalty card. A CRM can create a customer profile based on data received from web registrations, surveys, as well as historical interactions. Literature Review, the Evolving Sales and Marketing Landscape. Companies are now able to collect data about their customers that when analyzed and utilized properly, can result in a competitive advantage. To a client manager, this information is invaluable. BMW always phone you up shortly after they have serviced your car and ask you questions about the service to improve the quality of future services. Then whenever you go into their web-site, there is a welcome with your name. There are different ways to build up relationship marketing with the customer. (m, 1999) (Refer to appendix 2, for articles on relationship marketing, Financial Times article on relationship marketing by Barbara Kahn, Defining customer relationship marketing and management eccs- The European Centre for Customer Strategies).

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The relationship approach is much more likely to be long term where the company establishes potential and efficient relationships with a customer so that they can cater to the customers demands and needs. An important question to consider is,?If 20 percent of customers bring in 80 percent of revenue, why not serve only that 20 percent? This information can be used when making decisions on how to best optimize sales with that client in the future. ECCs- The European Centre for Customer Strategies, m, accessed on the 7th Dec, 2000 Gofton, K (2000 Pinpointing Loyalty, Hunt, T (2000 Loyaltys limits, m, accessed on the 8th Dec 2000 m accessed on the 27th Nov, 2000 Kahn, B 2000) Turn your customers into. In addition, an analysis can be conducted on those industries or markets from which the company is receiving RFPs in order to determine those areas that are most profitable and therefore focus on in the future. A truly integrated CRM is an ideal system for collecting and managing customer data. Target marketing is no longer an efficient use of marketing efforts because a great deal of resources can be lost to uninterested individuals while in the process of trying to capture potential customers. A credit card company needs to retain a new customer for over two years before reaching the break-even point. Client managers need to track who their contacts are in a particular company, what their job role is, where they are located, etc. For example, a client manager may want to send a letter out to all of their contacts within a particular industry.

relationship marketing essay

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