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Identify challenges in relationship development, including the somewhat controversial idea that the customer is not always right.
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Relationship Marketing
is a philosophy of doing business, a strategic orientation, that focuses on keeping current customers and improving relationships with them does not necessarily emphasize acquiring new customers is usually cheaper (for the firm)
keeping a current customer costs less than attracting a new one
thus, the focus is less on attraction, and more on retention and enhancement of customer relationships
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Economic benefits:
increased revenues reduced marketing and administrative costs regular revenue stream
Social benefits:
familiarity social support personal relationships
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Source: F. F. Reichheld, Loyalty and the Renaissance of Marketing, Marketing Management, vol. 2, no. 4 (1994), p. 15.
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Profitability levels are not as high, perhaps because customers want price discounts that limit margins or are simply not as loyal. May be heavy users who minimize risk by working with multiple vendors.
Essential customers that provide the volume needed to utilize the firm' capacity but their spending levels, loyalty, and profitability are not substantial enough for special treatment Customers who are costing the firm money. They demand more attention than they are due given their spending and profitability and are sometimes problem customerscomplaining about the firm to others and tying up firm resources.
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TRUE FRIENDS
Good fit of company offering and customer needs Highest profit potential Actions:
Consistent intermittently spaced communication Achieve attitudinal and behavioural loyalty Invest to nurture/defend/retain
CLV
STRANGERS
Little fit of company offering and customer needs Lowest profit potential Action:
No relationship investment Profitize every transaction
BARNACLES
Limited fit of company offering and customer needs Low profit potential Action:
Measure size and share-of-wallet If share-of-wallet is low, specific up and cross-selling If size of wallet is small, strict cost control
Low
Low
Relationship Commitment
(Attitudinal Loyalty)
High
W. Reinhartz & V. Kumar, "The Mismanagement of Customer Loyalty," Harvard Business Review 80 (July 2002), pp. 86-94.
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Switching Barriers:
customer inertia switching costs:
set up costs, search costs, learning costs, contractual costs
Relationship Bonds:
financial bonds social bonds customization bonds structural bonds
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