Benefits of relationship marketing for the organisation.
1. Retention of long-term customers. Relationship Marketing is all about maintaining one on one relationship with the customers. To be ahead of the competitors it is very important to have customer loyalty and that comes when the company is in regular touch with its customers. Relationship marketing is very exclusive and is very different from other types of marketing. Relationship management acknowledges the future relationship with its client in order that sales are maintained even during tough days.
If any organization is ready to form a powerful and positive relationship with its client then such a company shall be able to manage its client by making use of the internet, rather than a official meeting that’s usually costlier and consuming Further the internet provides the client access to a lot of data regarding the value and price of the merchandise that has not even been in the market to client before. Hence if a company is smart enough to maintain it’s relationship with its client then there won’t be a need to communicate each and everything, hence it can just shoot a mail and be efficient and effective at the same time.
2.Referrals
Word of mouth is the most powerful and effective tool which can be used to promote marketing. That means the company has to maintain a very strong and a high image in the outside market so that everyone specially the permanent loyal customers which are the family, friends and known ones should keep giving good reviews about the organization.
3.Easy Price changes
Price of any product is determined way in advance keeping in mind a lot of factors such as it’s cost of production, it’s valuation when compared to money, the company margin, after sake service, target audience etc. One a price is fixed and declared in the market then it becomes extremely difficult to change the price of the product. However if the company has loyal pool of customers who trust and supposed the company, then it becomes considerably easy for customers to accept a price change as they have full trust over the company and it’s employees.
4.Feed backs:
Feed backs can always be positive and negative. Like we accept positive feed backs with all smiles and happiness it is really important to accept negative feed backs with the same level of enthusiasm, negative feed backs are known as constructive criticism which plays a very vital role in the success of any company. Whenever a product is being sold, the customer should fill a feedback form in which the customer should honestly write down the feedback related to the service, staff, product etc. Constructive feed backs should be taken up more seriously and a considerate amount of time should be given to work on the negative points. Feed backs help the company to create a very strong connect with its customers and build a strong relationship with them. As a result, it helps in maintaining loyal customers.
5.Investment
Investment or the return on investment is one of the most important thing which any customer see’s while buying the product. The things which the customer checks out while going through the products are the price of the product which should not exceed the value of the product, it’s over all utility and how durable it is, the look of the product which plays a very significant amount of role. Hence the entire package should be catchy and be thought of as worthy by the customers.