A glace at Relationship Marketing

8/7/2019 A glace at Relationship Marketing

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Prepared By: Ansuman Samal, School of Hotel Management, SOA University, BBSR Prepared By: Ansuman Samal, School of Hotel Management, SOA University, BBSR Prepared By: Ansuman Samal, School of Hotel Management, SOA University, BBSR Prepared By: Ansuman Samal, School of Hotel Management, SOA University, BBSR PagePagePagePage 1111

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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




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 repeattransactions 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 company’s

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, let’s 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 doesn’t want: Consumers needs

to be turned into Customers. This reality needs to be understood by the companies as fastas possible because the customers really don’t want the relationships; they will go to those

companies who will give them more value. In that case, it’s 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 customer’s expectation.

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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

Customer’s 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 moderncustomers are becoming more and more demanding in nature and they don’t 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 don’t 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 don’t 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. Don’t make overcomplicated program, but try to build them innovatively: This means

“Don’t do different things but try to do things differently.” Simply don’t 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: Don’t 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 afraidto 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 shouldn’t

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

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A glace at Relationship Marketing