Relationship Marketing Is The Process Of Attracting,...

Relationship marketing is the process of attracting, maintaining and enhancing relationships with key individuals over time. Businesses use one-on-one communication to earn the loyalty of their target audience. One of the most expensive and difficult tasks facing any business is acquiring new customers. Acquiring a new customer can cost five times as much as retaining an existing customer. Research has shown that 2% increase in customer retention can decrease costs by as much as 10% for a business. To retain current customers, businesses engage in relationship marketing strategies to continually attract repeat business. While both current and new customers must be acknowledged and respected, the ultimate goal is to turn every new customer into a returning customer. Relationship marketing is about forming long-term relationships with customers rather than trying to persuade a one-time sale. Relationship marketing tries to encourage customer loyalty by providing excellent products and services. Relationship marketing is different than most normal advertising practices that solely focus on a single transaction. Relationship marketing is usually not linked to a single product or offer. It involves a company refining the way they do business in order to maximise the value of that relationship for the customer. CRM Stages Customer relationship management plays a vital part in a typical business s marketing system. CRM is a process of gathering and analysing customerShow MoreRelatedEssay History Marketing1353 Words   |  6 Pagescontext/socio-economic situation in which modern marketing emerged and thrived    Part b) You should then discuss in what ways this context has changed and how the marketing discipline has changed amp; needs to change further in order to adapt to the current and future needs of firms, consumers/customers; perhaps even alluding to society in general. 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