Wednesday, November 20, 2019
Winning customers for life with relationship marketing Essay
Winning customers for life with relationship marketing - Essay Example Marketing was quite interesting me due to the fact that relationship marketing is a technique that can increase the sales figures of a company. Many companies are able to generate first time sales, but retaining customers is the key to having a successful business model. It is said that 80% of your sales are generated by 20% of your customers. Finding and retaining good customers can help companies build a business that can succeed in the long run. The use of a relationship marketing plan can help companies identify customers that are valuable to the firm. When a firm can identify its best customers companies can create targeted marketing campaigns. An interesting finding from the article was the fact that marketing has become processized. Using technology can help marketers analyze information better which can help firms achieve greater results. Marketing automation can be used in order to analyze data faster and to obtain update data and information. This can help companies make be tter operating and strategic decisions. The ten steps require for executing relationship marketing automation are: build your database, segment your list, design your communication, build your microsite, include a survey, schedule and send your campaign, follow-up on leads, nurture prospects, analyze campaign results, and repeat the process (Vtrenz, 2007). The purpose of marketing is to is to satisfy the customersÃ¢â¬â¢ needs better than the competition. ... The ten steps require for executing relationship marketing automation are: build your database, segment your list, design your communication, build your microsite, include a survey, schedule and send your campaign, follow-up on leads, nurture prospects, analyze campaign results, and repeat the process (Vtrenz, 2007). Chapter Five Summary The purpose of marketing is to is to satisfy the customersÃ¢â¬â¢ needs better than the competition. Companies that are able to serve the needs of the customers are the ones that are achieve greater market penetration and a higher level of success. Customer behavior can be defined as the study of how individuals, groups, and organizations select, buy, sell, and dispose of goods, services, ideas, or experiences to satisfy their needs and desire. Customer behavior is influenced by a variety of factors. Both marketing and environmental stimuli enter into the buyerÃ¢â¬â¢s consciousness. Cultural factors are very influential in customerÃ¢â¬â¢s decisi ons. Culture is considered the fundamental determinant of a personÃ¢â¬â¢s wants and behavior. Cultures are composed of different subcultures that provide specific identification and socialization for their members. There are different social classes within the different societies across the world. They are relative homogenous and enduring divisions in society. There are seven ascending levels of social classes. The seven levels are: 1) lower lowers; 2) upper lowers; 3) working class; 4) middle class; 5) upper middles; 6) lower uppers; 7) upper uppers. People from the same social class tend to behave similarly then people from different social classes. Some of the things that differentiate social classes are dress, speech patterns, and recreational preferences.