What Is Relationship Marketing And Why Is It Important?

What Is Relationship Marketing And Why Is It Important?

1 Answer

  1. Relationship marketing is a marketing strategy adopted by companies to create trust and loyalty with customers.
    Relationship marketing is important due to the following reasons:
    1. Decreased marketing and advertising spend: Since relationship marketing is building long term relationship with consumers, it leads to reduction in marketing spend over the long run.
    2. Satisfied customers: Providing exceptional customer service is part of relationship marketing. Customer satisfaction increases with the quality of customer service.
    3. Customer focused organizations: Organizations main focus is consumers in companies that adopt relationship marketing strategy.
    4. Word-of-mouth: Since relationship marketing increases customer satisfaction, satisfied customer in turn promote your product which leads to word-of-mouth marketing of your products.
    5. Higher Return on Investment from Customer Acquisition: Relationship marketing leads to snowball effect. An acquired customer comes back and leads to repeat sales.

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