Relationship Marketing is very much beneficial while seeking to establish a long-term relationship with the customers. The idea behind relationship marketing is to retain regular or old customers. Acquiring new customers is quite difficult as compared to retaining existing customers.
In relationship marketing, the focus is on retaining customers for longer runs. For this purpose, the marketer pays more attention on providing orientation of the benefits for taking those products.
He tends to give quick and efficient customer service to satisfy the consumer and to make it a point that the consumer comes back. Here, in this stage, it fulfills all the promises or the commitments regarding the after service or anything related to the product made to the customers.
The main point here is that, the quality in which the marketer pays the utmost attention. To retain the customers for a long run the marketer should give the customers the desired quality with all the required features and characteristics and of course, the marketer should be readily available for the customers to provide effective service or products.
Factors affecting Business and Relationship Marketing
As we, all know consumer needs tend to change gradually with time. The likes, dislikes, tastes and preferences of consumers change with time. For example, a girl who liked a dress when she was 15 might not like the same dress when she is 25.
Marketers too need to study the market and acquaint these changing factors to survive in the market and retain customers.
Fewer Suppliers and Customers − Marketers need to alter their marketing strategies according to various markets.
In a consumer market, there are many suppliers and consumers, so the marketer needs to work accordingly to motivate the consumer and retain him. Whereas in a business market, the competition is even tougher, where there are limited or fewer customers and suppliers. Here the buyers may not always be the end users as they are focused and know about their wants and needs. In such kind of markets, it is very difficult to change the opinions of the consumers.
Personal contact between the buyers and sellers is quite possible in a B2B market. Here, the buyer is not always the consumer, and he might come in contact with the seller directly for his whole-sale or retail business. Whereas, in case of B2C market, the consumers may or may not have any personal contact with the seller, since now-a-days consumers prefer buying products online or even from a self-service store.
Possibilities for Mutual Benefit
In B2B markets, usually the buyers and sellers have personal contact so that they have some mutual benefit which is not possible in case of B2C markets where the buyers and sellers hardly meet or have any personal contact.
All the above-mentioned factors affect the marketing relationship of consumers and sellers. Marketing planning is the crucial part of marketing relationship. Marketers very carefully need to plan their marketing strategies regarding launching a new product in the market, developing a new product, managing and deciding about the lifecycle of a product.
Marketers need to act in a consumer centric manner where they need to understand what a consumer exactly needs. He needs to explain all the features and highlight all the main or most beneficial ones to the consumers, he needs to decide on the price of the products, the region or the markets or the distributors who are very important while marketing a product. He needs to understand the sentiments of the consumers before marketing or advertising a product.
Thus marketing strategies should always be consumer centric. The strategies should not focus on profit but more on consumer satisfaction. As it is well said Consumer is the king, marketers should not try to influence consumers but should themselves be influenced by them. Thus understanding consumer behavior and then planning strategies accordingly can lead to a long marketing relationship with the consumers.
Haldiram’s Strategy to Build a Brand in South
Haldiram's, a household name in ready-to-eat snack foods in India, offered a wide range of products to its customers. The product range included namkeens (savories), sweets, sharbats, bakery items, dairy products, papads, and ice-creams. Namkeens remained the main focus area for the group.
By specializing in the manufacture of namkeens, the company created a niche market. Haldiram's sought to customize its products to suit the tastes and preferences of customers from different parts of India. For example, it launched 'Murukku,' a South Indian snack, and 'Chennai Mixture' for south Indian customers