Building Customer Relationship.pptx - BUILDING CUSTOMER RELATIONSHIPS Building Customer Relationships \u2022 Relationship marketing its goals and the

Building Customer Relationship.pptx - BUILDING CUSTOMER...

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BUILDING CUSTOMER RELATIONSHIPS
Building Customer Relationships Relationship marketing, its goals, and the benefits of long-term relationships for firms and customers Explain why and how to estimate customer lifetime value Specify the foundations for successful relationship marketing--quality core services and careful market segmentation Provide you with examples of successful customer retention strategies Introduce the idea that “the customer isn’t always right”
Relationship Marketing is a philosophy of doing business that focuses on keeping and improving current customers does not necessarily emphasize acquiring new customers is usually cheaper (for the firm)--to keep a current customer costs less than to attract a new one goal = to build and maintain a base of committed customers who are profitable for the organization thus, the focus is on the attraction, retention, and enhancement of customer relationships
The Evolution of Customer Relationship Customer as strangers Customer as Acquaintances Customer as Friends Customer as Partners
Acquiring Satisfying Retaining Enhancing The Goal of Relationship Marketing
Benefits to the Organization of Customer Loyalty Economic benefit Customer behavior benefit (word-of-mouth) Human Resource benefit (e.g. Regular patient knows how the system works) Lifetime value of a customer can be very high
Benefits to the Customer Confidence benefit (trust) Social benefit (sense of familiarity and even a social relationship)

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