Responses : Explanation Regarding Relationship Marketing Assignment Help
Please response to the names of the individual with a response that is positive and informed. Make sure that it is personal do not use students. They are colleagues.
Jonathan Re: Topic 3 DQ 1
Relationship marketing is about forming long-term relationships with customers and building brand loyalty rather than having them as a one-time sale. It plays a huge role into the vision given by the product or service being offered because if done right, the consumer will continue to purchase the product more often and even bring in new consumers through word of mouth. It allows the ability for consumers to influence the products or services through their social media platforms and if done right, the organization can push more information on new products for them to look over and promote (Rouse, 2014). Examples of relationship marketing can be as simple as having a customer loyalty card to food chains such as Starbucks, Red Robins, Chilis, or even flights such as American Airlines which reels in customers with their frequent flyer program.
Branding and advertising can use this marketing mix by allowing the customers to relate to the products. Everyone wants to be able to relate to the products he or she purchase, so customers are less likely to switch to a different brand if the switch makes a statement on their image. Primal branding works well in building long customer relationships because it displays the passion of the organization and how they stand out from the rest (Kotler, Cunningham, & Keller, 2015).
According to Forbes Relationship marketing is defined as a strategy designed to foster customer loyalty, interaction and long-term engagement. It is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests and by promoting open communication." (Olenski,2013)
The company's mission statement has to center around the customer to have successful relationship marketing. The vision emphasis has to be on the customer. They can say something like, the customer is the center of everything we do.
Relationship marketing should be incorporated into branding. According to Adrian J Palmer "Both relationship marketing and brand building contribute to the development of functional and emotional bonds between buyer and seller." (Palmer,1996)
Relationship marketing is a marketing strategy designed to foster customer loyalty, interaction and long-term engagement. It is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests and by promoting open communication" (Olenski, 2013, para. 1). While it is important for businesses to develop open communication and engagement in order to foster customer loyalty, the strategy might be more effective when the actions of the business are genuine and emotional. As Jay Deutsch, CEO of BDA, views relationship marketing "as a brand's ability to create an emotional connection with the consumer" (Olenski, 2013, para. 10).
In light of conscious capitalism, the mission and vision should include the conscious building of a positive relationship of trust and care with the consumer as well as with all stakeholders. The overall organizational plan should reinforce this idea in order to maintain focus on the idea that this consciousness not only ring in profits but it also promotes good, lasting, and loyal relationships with customers and other stakeholders.
Many companies use relationship marketing as a way to increase customer satisfaction. One way to do this is by targeting or specializing ad campaigns; otherwise, they are just "noise" (Olenski, 2013, para. 11). This is important because it fosters a connection between the customer and the product; it evokes a feeling of importance on the consumer. Another way of using relationship marketing is through creating nostalgia, which is one of the most powerful emotional connection that consumers can have to a brand" (Olensli,2013, para. 18). Tangible examples of relationship marketing used to increase customer satisfaction with a brand include offering perks such as member rewards, points, or discounts.
Relationship marketing is defined as marketing strategies that foster and grow prolonged engagement and loyalty from the customer to the brand/company, I.e. marketing that builds a relationship with consumers. Subsequently, every interaction a brand has with the consumer either builds or tears down the relationship, and it's important to make sure that you're always building the relationship positively because this is what decides whether or not your customers return. Regardless of what product is being sold, it should be apart of every company's mission to create, foster, and nurture relationships with their customers. This is what spreads word-of-mouth, creates repeat business, and ultimately grows a company and people will only recommend a brand or return to a company if they had a good experience. This relationship is the foundation of selling products.
Entrepreneur.com defines branding as "the promise you make to your customers." It builds expectations, contrasts you against competitors, and effectively communicates who you are and who you want to be. Advertising is essentially how you communicate this to you customers. Advertising shows the product, sure, but it's also meant to show the company and the brand. By utilizing these two aspects of marketing with relationship marketing, a company can make sure that the customer has an enjoyable experience with not only the product, but the company as well, making sure that they come back or tell their friends. By having attractive advertising packaging an honest, or fun, or holistic (etc.) brand, a relationship is built. The relationship building starts the moment the customer first interacts with your brand or product, and ends the moment that relationship becomes negative for the consumer. This means, through good branding and advertising, the relationship capabilities (and thus returning business and business growth) is infinite.
We all strive to build relationships in more facets of life than we may even realize. From relationships with your family, friends, significant other, favorite coffee shop, or a even just someone you pass frequently that you say hi to. All of those different interactions build a relationship that makes that person, memorable to you. The same can be said about using the same way we strive for relationships with people in building those relationships through our product.
Relationship marketing is defined by techtarget.com as, "Relationship marketing is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales." The goal of most businesses should be longevity, relationship marketing is the base of longevity.
If you think of some of your favorite brands a lot of them became staples in your life due to making an emotional connection that made you choose that brand of hand soap over the one next to it. Relationship marketing is incredibly important because you want consumers to have an emotional attachment to your product that leads to loyalty and continued purchasing.
Branding and advertising are very important in this especially with common products, as mentioned earlier even as simple as hand soap, shampoo, sodas, chips, paper towels, etc. The advertising and branding of a product will lead to consumers only buying a certain type of product over one that is essentially exactly the same.
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Reply to Jonathan
Hey Jonathan, your post regarding relationship marketing is praiseworthy. I liked the way you have defined and described the term relationship marketing which is building brand loyalty and forming long term relationships. Moreover, the identification of the role of relationship marketing in the success of an organization is well explained. The examples regarding relationship marketing from which the reader can gain a detailed insight into the topic, is good and I was looking for more practical implications of these concepts. The strategies such as marketing mix gives a clear idea about how the customers can be retained in an organization. I found your post to be beneficial for both the customers and organizations.
Reply to Louise
Hey Louise, the discussion about the relationship marketing which you have collected from the Forbes website is quite satisfactory. The definition that relationship marketing is a strategy which is built to foster long-term engagement, interaction, and loyalty of customers are thoroughly explained. The post also defines relationship marketing well, but I was looking for some examples and strategies which would have made the topic clearer. From my point of view the writing is unique in a way that you have pretty well presented the mission statement of a company which centers on the consumers to have a positive relationship marketing.
Reply to Rosa
Hey Rosa, I found your discussion regarding relationship marketing to be commendable. You have defined relationship marketing as a method which is designed for developing strong influences with consumers by providing them with information which suits directly to their interests and needs. I found that you have included references from various literatures which helps the readers to gain more insight into the concept of relationship marketing liked the way you have clearly mentioned and explained every aspect of this concept. Moreover, the tangible examples, strategies and vision statement of an organization are also provided through the post, which is beneficial for the readers for attaining in-depth knowledge.
Reply to Ra Janaa
Hey, your post is pretty pleasing as you have well explained the concept of relationship marketing with respect to both organizations as well as the customers. The writing evaluates that how to build a positive relation with the customers so that they stay and return. From my point of view the writing is unique in a way that you have provided a definition of branding and advertising which can be used in a business so that the consumers enjoys experiences with the product as well as with the company. Although a few examples of relationship marketing were imperative, but I was looking for more practical examples and strategies which would have cleared the concept a bit better.
Reply to Meghan
Hey Meghan, your writing style reflects practical knowledge because you have not started your discussion with the concept of relationship marketing, but you have defined what a relationship with friends and family and slowly you made the readers gain insight into the concept of relationship marketing. I found it interesting but I was looking for some practical examples and methodologies that a business can adopt for building a strong connection with their customers. Any novice reader will be influenced by your friendly writing style as you have tried to explain the concept with some real life scenarios.
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