Page 52 - Strategic Marketing Complete

MARKETING ISSUES

Creating sustainable

relationships with clients

in the customer’s mind with insight
about the product and/or service, as
well as the company.

This is followed by mutual
consensus that a connection can,
indeed, add value. In this scenario,
the product/service becomes a
screening consideration as, without
a match between the offer and the
clients’ needs, there is no reason
to enter into a relationship. The
hard work, however, only starts
once the two parties agree that the
connection would be of mutual
benefit.

relationships are the Relationship marketing is thus about
key differentiator Relationship management holds maintaining the relationship through
the key to designing effective
creating connections beyond the
in the 21st century marketing and communication features and benefits of the product.
and brands failing to strategies. Relationship marketing For the purposes of this article,
acknowledges the human interface
respond to this will in marketing and extends the we will assume that the quality
ultimately succumb, traditional inward focus to include of products and performance of
the specific needs of clients. In the
rivals are on a par; that the courting
write professors Mari literature, relationship marketing is period is concluded; and that there
Jansen van rensburg inter alia also referred to as ‘direct is an existing relationship between
marketing’, ‘loyalty marketing’,
company and client. Our focus is on
and angelo Nicolaides. ‘client marketing’, and ‘micro effective relationship marketing to
marketing’. create sustainable relationships with
one are the days of closely Essentially, relationship marketing key clients. Specifically, we propose
guarded designs and follows a matchmaking process four key considerations that we
confidential pricing structures. where customers will enter a found to be significant in our earlier
Today, it takes a few clicks to relationship with a business only research done on this topic.
download and compare. Markets if they discover value in what a
are global and unhappy clients no company offers. The expected 1. Client satisfaction. Satisfaction
longer share their experience with outcome of the process is client is a key requirement of client
eight friends; instead, they utilise retention and loyalty. The focus is retention and retention is known
social media and if there is a good on building a relationship with a to yield several economic and
story to tell, it may go viral. non-economic benefits for both
client based on specific needs and parties. There is, for example, an
expectations and the approach overwhelming argument that it is
Transformation is not an option acknowledges the shortcomings of a
if companies want to evolve so one-to-many tactic. cheaper to retain than to acquire
as to thrive in a dynamic market new clients. Satisfied clients can
environment. Changes have to do Thus, companies pursuing clients be a vital source of referrals; can
with every feature of business and and sustainability need to follow a yield higher revenue as they
are not limited to any single aspect need-based segmentation approach tend to spend more; and do not
of a company’s operation. The to determine which segments to usually wait for promotions or
traditional four Ps can no longer target and which stratagem and price reductions before deciding
solely guide marketing efforts, as theoretical paradigm to adopt to to purchase. Companies are
the focus has shifted to fostering build the relationship. Value begins obligated to interact with
client relationships. clients to understand their

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