Tips to be a Successful Retailer
Opening a retail store is no joke. It demands dedication, detailed study and meticulous planning. An individual must do his groundwork well. Plan things well in advance to avoid problems later on. It is important to do some kind of research work before taking the big leap. Browse through related websites to gain an in-depth […]
Running an Online Affiliate Program
Not all affiliate marketing programs are successful. In today’s world we need a robust, well thought out strategy to ensure that the affiliate marketing program is both successful as well as scalable. Affiliate marketing is no longer on the fringe. Instead it is a core sales channel which has tangible and visible effects on any […]
Point of Sale Financing
There are several credit products which are being sold to the modern consumer. There are mortgages, car loans, education loans, and even credit card loans which have been aggressively sold over the years. The markets for most of these loans have now become saturated. This is the reason the banks and other financial institutions have […]
The Role of the Independent Directors
With the explosion of scandals pertaining to corporates due to mismanagement and fraud in recent years, the regulators all over the world have been implementing a series of policies aimed at improving corporate governance and ensuring that companies follow ethical and normative rules of business. A part of this initiative has been to goad the […]
Customer Intimacy: A hidden force to be reckoned with for market success
Beyond Customer Service: The Rise of Deep Business Partnerships There is no doubt that leading products and services with competitive pricing remain important. However, today’s market leaders have discovered a more powerful differentiator: customer intimacy. This approach goes far beyond traditional customer service – it’s about becoming an indispensable partner in your customers’ success. How […]
The recent trend seen in the Organizations across the world is that they are faced with changing times and the changing economies and business is forcing them to change themselves too. Organizations today have no option but to change and evolve. The change has to do with every aspect of business and not limited to any one aspect of its business. Those who are not able to see the trends and change themselves are perishing. Technology has been the single most important change agent. Technology has redefined all aspects of business. What we see today is the definitive shift of power from the Organization into the hands of the Customer.
Customers today know their position and the power they wield. Especially the medium of internet has brought the customers closer to the Organisation as well as to the other Customers. Information, discussions, feedbacks and opinions are now visible and available to one and all almost instantaneously. Social networking is a medium that the Organizations cannot afford to ignore. This is both a boon as well as a bane to the Organizations. Marketing Managers are learning to use this to manage their relationship with the customers at large. Customer redressal too is another important phenomenon that has contributed to the Customer becoming powerful in the market place.
The fact that the information and interaction happens on live basis and the customer reactions can be instantaneous puts a lot of pressure on the Organizations to be on their guard all the time. Any adverse opinion shared or feedback from a dis-satisfied customer can spearhead a word of mouth campaign that can harm the Organisation. Therefore the internet and social network is a double edged sword as far as the Organizations are concerned. When used effectively this medium can help the Organization build a relationship with the customer and strengthen that relationship. This medium helps the Organization to reach out individually to the customer which may not be possible otherwise.
The marketing departments are able to not only communicate and address the customer individually, with the help of technology and data mining techniques, they are able to understand the customer’s needs and customize solutions as per the specific individual needs of the customer. CRM packages and technology become the enablers to make this happen. Banks, Airlines, Insurance as well as Services like Pizza hut, Macdonald’s are some of the businesses that have developed effective means to recognize and communicate with individual customers and thereby build an emotional connect with the customers.
Product Companies have begun to use social networking sites effectively as a platform to engage with customer on technical and product related discussions and build a community around its products and services. Building relationships in such situations is easier and more effective.
The dynamics in the market is changing, thanks to internet. Marketing Managers can no longer afford to use the traditional methods of engaging and selling to the customers. Marketing today demands a customer centric approach. Customer is no longer an entity without a face. Today’s customer is an informed and intelligent customer who can be reached, who is visible and can be heard and a relationship with him matters the most to the Organization.
Relationship Management holds the centre stage to designing Marketing as well as communication strategies of the organization. It is essential for every student to understand the dynamics of Relationship Marketing in the present context for this subject will be the key differentiator for the Organizations in the market place.
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