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Relationship marketing presentation

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Relationship marketing presentation

  1. 1. ISRAR AHMAD International Islamic University Islamabad
  2. 2. AGENDA What is Relationship Marketing? Ultimate objective of Relationship Marketing? Conventional Vs Relationship Marketing? $$Benefits of Relationship Marketing? Benefits for Small and Local business Entrepreneurs? Five Best Practices in the Real World Deliverables of the Relationship Marketing
  3. 3. What is “Relationship Marketing?” It isn’t “talking to customers,” and it’s more than “listening to customers.” It is actively listening to and being involved with customers and suppliers as a normal part of your business. It is “an organization’s effort to develop a long term effective link with all stakeholders for mutual benefit.”
  4. 4. What is “Relationship Marketing?” “Relationship marketing refers to all marketing activities directed toward establishing, developing, and maintaining successful relational exchanges." Morgan & Hunt 1994
  5. 5. Ultimate objective of Relationship Marketing Emphasis on new customer (Customer Caching) Emphasis is on developing and enhancing Relationships (Keeping Customer) Partner Advocate Supporter Customer Clint Prospect
  6. 6. The Firm’s Potential Marketing Relationships Buyer Partnerships Supplier Partnerships Business Units Internal Partnerships Lateral Partnerships Focal Firm Employees Goods Suppliers Services Suppliers Competitors Nonprofit Organizations Government Ultimate Customers Intermediate Customers Functional Departments
  7. 7. Relationship Marketing Strategy Compared to Transaction (Traditional) Marketing Strategy Factor Transaction Marketing Relationship Time orientation Short-term Long-term Organizational goal Make sale Retain customers Customer service priority Relatively low Very high Customer contact Low to moderate Frequent Customer commitment Low High Seller-customer interaction Conflict manipulation Cooperation; trust Source of quality Mainly from production Company wide
  8. 8. $$ Benefits of Relationship Marketing Long-term customers tend to be less inclined to switch, and also tend to be less price sensitive. Long-term customers may initiate free word of mouth promotions and referrals. Long-term customers are more likely to purchase related products from you. Regular customers tend to be less expensive to service and tend to be consistent in their purchase habits. Increased customer loyalty makes employees' jobs easier and more satisfying.
  9. 9. The Good News for Small & Local Businesses Easier than ever for local and regional businesses to develop mutually beneficial relationships with customers Relationship Marketing can distinguish your business from chain/national businesses BUT HOW DO YOU DO IT?
  10. 10. 5 Best Practices in the REAL WORLD  Research: Identify your UNIQUE VALUE PROPOSITION. How do you solve problems for your customers? Find out what your competitors are doing.  Develop a Marketing Strategy: How to build on your company or organization’s strengths while taking advantage of competitors' weaknesses  Create a Marketing Plan: Prepare a document that shows how you will reach your strategic goals with marketing tools (advertising, PR, print, web, etc.).  Don’t forget common sense: Be flexible. Business owners and managers deal with environmental factors, limited resources, uncertainty and tight time tables. The most successful marketer is often the one who trains his or her 'gut-reaction' to simulate that of the average customer! Measure your results! “How did you hear about us?” KEEP TRACK!
  11. 11. Integrated Financial Solutions, LLC - The Ultimate Relationship Marketers Relationship Marketing Techniques:  Investment in defining and branding what makes them unique (“Wealth Engineering”)  Investment in high-end communications materials, refining message, making product easy to understand and easy to buy  Team based sales and service approach Birthday cards  Hand written thank-you notes Hand-delivered Christmas presents  Annual customer appreciation party Pre-meeting agendas, follow-up notes for clients  Asking for referrals at every opportunity  Serve on boards, committees where likely to meet target customers.  Result: WORD OF MOUTH brings in business
  12. 12. Commitment & Trust vs. Satisfaction Satisfaction is very unstable Satisfaction is a poor predictor of outcomes Commitment & Trust are very stable Commitment & Trust are good predictors of outcomes
  13. 13. Outcomes of Commitment & Trust Retention Positive Word of Mouth Cooperation Ease of Complaining Willingness to Complain Uncertainty Functional Conflict Share of Wallet New Product Adoption

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