Chapter 6 - Developing and implementing a relationship strategy Relationship Marketing: Creating Stakeholder Value extends the analysis of the change in. with a focus on Stakeholder Causal Scope (SCS) to realize how RM has been Examples are illustrated in the Relationship Marketing In-. S. M. Riad Shams. design, stakeholder relationship marketing plans, and measurement and Keywords Marketing strategy, Relationship marketing, Stakeholder analysis.
We need to retain them as long as we can. We also need to attract new customers.
Ultimately creating brand loyal customers is our main goal. We can add more values to our product. Customer Market directly influences an organization.
Intro to Stakeholder Relationships
If customers are not satisfied with our product, we can not retain them. Influence market includes stakeholders as well as third parties. Customers who have bought our product must give feedback to their friends, relatives and neighbors.
For any organization these customers are their influencers and when third party like supply partners and retailers influence our customer to buy our product, they are called value added influencers. Sometimes our own competitors also act as our influencer. Their ads can help an organization to add more customers and their promotional activities can decline our sale.
Referral marketing is when we buy something after being referred by our friends and relatives. In case of Service Marketing, Referral marketing is very common. We can also find this in our daily life. We can get hundreds of advises when we look for a doctor.
Everyone in our family would suggest a different Physician. So this is what Referral Marketing is.
6 Markets Model in Relationship Marketing | Topbullets - A Digital Notebook
So Referral Market can further be divided into 2 categories: And this observation is backed by further statistics. Creating a customer centric culture in your company requires being aware of the process.
Using these facts can help you. Make customer satisfaction a priority — customers are the most important stakeholders in your business. They bring you profits and pay your salaries. Sometimes you need to sacrifice something to help your customers, like holding important meetings or interrupting your vacation to ensure they get the service they need.
Reward employees who deliver high customer satisfaction — To become a customer centric organization you need to have an engaged team that sees personal gains in customer satisfaction. When your customers achieve something big, celebrate their success, congratulate them, share your thoughts on social media.
Write about their success they achieved using your product.
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Social media marketing Social media are one of the best ways to stay in touch with your readers. You not only can share a daily dose of knowledge regarding your industry or tips for the best ways to use your product, but you can also answer their questions and feedback there.
You just need to make sure you have a person responsible for managing all your social media accounts. Think about which channels are the best for your business. If you run a travel agency, Instagram and Facebook are the ones to go with.
What Is Relationship Marketing and How You Can Improve It
You can share photos from all the places around the world you organize trips to. Having a blog — you can create a blog in which you explain the process of buying and selling houses to your readers. What should they avoid? What paperwork needs to be done for taking taking a loan in the bank?
Create video content — you can create a virtual visit for each of the offers on your website. You can also make videos for content you already wrote on your blog or create tutorials for using your website.
At LiveChat, our content team sends emails to our blog subscribers a few times a week.
- Why it’s worth to focus on a relationship marketing?
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I also send monthly newsletters. We try to educate customers about the subjects that interest them the most and are related to our product. Customer service, business, social media, marketing.
If you only have time and resources, I guess all of them are worth a try.What Is Relationship Marketing? A Beginners Guide
Loyalty programs To strengthen the connection with your customers, you can offer some extra services that add additional value to your product. A loyalty program is a great idea.
This can be a special discount for the products customers purchase, or a simple point system, which is the most common loyalty program methodology. Customers earn points, which translate into some type of reward. It might be a discount, a freebie or some benefit. Get your customers hooked as early as possible. You should include the first transaction a customer makes and enroll them in the loyalty program when they set up an account or buy their first product.