It can be said that relationships with customers, employees, suppliers, distributors, dealers and retailers are of the greatest value for most if not all companies. A company`s relationship capital can be classified as the sum of the knowledge, experience and trust a company has with its customers, employees and suppliers. These relationships are often worth more than the physical assets of a company. This is so as relationships are what determine the future value of a company.
Such is the importance of relationship marketing that a slight slip in the aforementioned relationships will affect the company`s performance leaving them with much damage control to do. In order to prevent this, companies should therefore develop a relationship scorecard that describes the strengths, weaknesses, opportunities and threats in regard to the respective relationships. As such, the company in question will need to move quickly in repairing any important but weakening relationships.
Relationship Marketing recognizes the importance of various stakeholders namely; suppliers, employees, distributors and retailers and cooperating to deliver the best value to the target customers. In fact, what makes relationship marketing such an important feature of most modern day companies is that; it focuses on customers rather than on the company`s products, it puts more emphasis on customer retention and growth than on customer acquisition and it relies more on listening and learning than on talking. With that said companies should therefore shift their focus towards achieving mutual interdependence and think less of competitors if they want to reach their optimum potential.
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All Rights Reserved l Clayton's Marketing Consultancy Services
All Rights Reserved | Clayton's Marketing Consultancy Services