The Practice of Relationship Marketing

Relationship marketing is an approach to create long-term engagement among existing customers. Its best strategies include intrusive advertising and promotional messages. Its main goal is to satisfy customers, create value and retain them for future affiliations. In order to achieve this goal, companies need to utilize tools, equipment and tactics! Terry Powell thought about sharing a foretaste of how the practice of relationship marketing has been developed.

Before, relationship marketing was used as the level of competition among companies arose. Consumers have a lot of options available to them and choosing one is never easy. The best option for companies back then was to follow defensive or offensive marketing. Both of these used to be under the practice of relationship marketing before. Defensive marketing focuses primarily on achieving customer loyalty, while offensive marketing considers attaining new customers from time to time. Both of them reckon customers’ purchase frequency. But how were they able to create a high purchase frequency rate back then? Technology wasn’t that advanced before. Companies did direct mails, telegrams and manual telephone conversations just to ensure that their customers stay with them. They also had a hard time managing the records of their customers because they just used papers and document. These notions fall under customer relationship management (CRM) now. One can simply imagine how hard everything was for them.

It’s a good thing there’s change! The management of customer relationship isn’t that hard nowadays. Relationship marketing has continued to move forward with technology! Computers continue to develop as strategies improve. The Internet is probably the best resort of many companies today. By using it, they are able to reach their customers using less time, money and effort. They are able to market their products and services using social networking sites, more commonly known as social media nowadays. Plus, the Internet can also help with the companies’ researches and studies about existing and potential customers. Because of this, they are able to plan strategically and implement good relationship marketing.

It’s of great significance to practice this, since the competition level among companies continues to rise together with the market. However, as long people know how to use technology for the greater good, everything will be possible. It’s just a matter of planning, implementing and considering all the major and minor factors in business.

Terry Powell discusses these things because he sees the need for gaining this kind of knowledge. However, he can discuss more of it and other related matters in the future.