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Relationship Marketing

The facts and the truth!!!

THE BOND THAT BINDS US

August, 2009

Prepared By: Ansuman Samal, Faculty, School Of Hotel Management, Bhubaneswar Guided By: Ms. Barnishikha Das, Dean (I/C), School Of Hotel Management, Bhubaneswar

Siksha O Anusandhan University, Bhubaneswar, Orissa

Prepared By: Ansuman Samal, School of Hotel Management, SOA University, BBSR

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1. The Concept of Relationship Marketing.

rom the ancient times to this era of hyper-competitive marketing the effect of relationship has always formed the base of the business for the simple fact that if there will be no relation between the buyer, the seller and the supplier then there will be no transactions, no repeat transactions and there will be no business at all. Though it is not exactly counted as rocket science, but because at the end of day, everybody looks at the bottom-line (i.e. the profit proposition) of the company, it plays a vital role in the companys policy making towards the customers, the supplier and the channel partners and demands for a higher degree of technical ability, competency, customer-centric public relationship department, relationship oriented purchasing / procurement department, customer-centric thinking and thereby giving the supplier as well as the customers maximum value that they always deserve. And at the same time earn the profit and add it to the bottom line.
2. So, what exactly is this Relationship Marketing?

According to the greatest marketing guru of the modern times, Mr. Philip Kotler, The aim of Relationship Marketing is for building mutually satisfying long-term relations with key-parties like the customers, suppliers, distributors in order to earn and retain their business. Therefore we can come to the notion that Relationship as well as mutual bonding for the benefit of both the parties is known as the Relationship marketing which can be built between the Manufacturer (Company) and Customers, between the Manufacturer (Company) and Suppliers & distributors and all. As the marketing world has emerged over the years, every business now-a-days are adopting new strategies to interact with its customers. But the way the companies interact with their customers varies from company to company as per the situation. By taking that into mind, lets look at the new truths by understanding which we can learn how to deal with different customers and make our operation procedures to handle them profitably and also by virtue of which we can get some insights into the various tricks by which we can keep our best customers with us.
3. Now, the facts and truths about Relationship Marketing?

a. Now-a-days Customers are not loyal any more: Customers are getting a wide array of choices to choose their options and make evaluative purchases. Direct purchases are in less demand now-a-days and the internet marketing is taking their places. In the business markets also, face-to-face transactions are getting replaced by emails and online ordering. b. The Companies actually want to interact the customers doesnt want: Consumers needs to be turned into Customers. This reality needs to be understood by the companies as fast as possible because the customers really dont want the relationships; they will go to those companies who will give them more value. In that case, its about the companies who need to go near the customers and seek relationships with them in order to earn their interests from heart and from their pockets. Also the companies needs to look at the marginal customers rather than looking always at the best customers because now-a-days Every customers has the potential and we need to serve them with the best of products and services that exceeds customers expectation.

Prepared By: Ansuman Samal, School of Hotel Management, SOA University, BBSR

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c. More and more information is required by the Customers: Like every product has a life cycle known as Product Life Cycle, every customer has also a life cycle known as Customers Life Cycle which is getting less and less day after day. To tackle this, we need to control the information flow to and from the company and to provide the name infront of the customers in such a way that, it always will remain in their minds. d. Customers are now-a-days expecting to be thanked after their sales: The modern customers are becoming more and more demanding in nature and they dont mind in spending big amount while purchasing anything. But in return they also expect to be thanked by the company after the first sale itself which is very critical in nature. Therefore the companies need to thank their customers after the first sales and also after every sales to make them feel that they are the Special Ones. e. Companies dont control the selling process, but the customer does: Gone are those days, when companies used to produce items in bulks and sell them to customers easily by simply advertising them. Now-a-days the customers dont bother about the price but they want the best benefit for their money, be it functional or emotional. Also with the advent of internet and online auctioning sites like bazee.com, eBay and all, now, it is the customers who handle the selling process. f. Dont make overcomplicated program, but try to build them innovatively: This means Dont do different things but try to do things differently. Simply dont make complicated promotional and other programs which will bounce over the heads of the customers, rather if possible make them with innovativeness and advertise them on a regular basis so that the customers will notice them and believe me, they might just go after it! g. Experiment continuously: Dont hesitate to experiment with new tricks of acquiring and maintaining the customers in a profitable way. Because of the volatile nature of customers in this fast changing world, we need to develop and test new tricks and strategies on a regular basis to earn more more share of the profit pie. Management should never be afraid to try something new - and if it works, expand it. If it doesn't, little is lost and we learn while we prepare for the next idea.
4. And finally, the Conclusion

Finally we can suggest that what the new-age marketer requires is the foresight and they shouldnt get caught by the marketing myopia and look beyond their usual ways to think out of the box and innovate new tricks to cater the customers in a more profitable way which will make the bond between the customers and the company stronger.

By- Ansuman Samal Lecturer, School of Hotel Management Siksha O Anusandhan University Bhubaneswar

Prepared By: Ansuman Samal, School of Hotel Management, SOA University, BBSR

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