Requires structured approach to maximise business potential, provide basis of profitability, create sustainable competitive advantage through robust, long-term customer, supplier and stakeholder relationshipsDon't forget relationships begin with a first meeting, what about those customers that have left. Might be able to encourage them to return. E.g. BT "thousands are coming back campaign"
CUSTOMER LOYALTY
- Relationship stages outlined in the relationship marketing ladder: prospect, customer, client, supporter, advocate, partner
- Advocate: customer as a marketing tool, helping to grow market share, e.g. "The Dark Knight"
- Partner has been added in an organisational marketing context.
Driven by:
- high switching costs
- proprietary technology
- attraction of loyalty scheme e.g. drm on itunes music downloads prevents playback on non-ipod devices
- Assurance - knowledge & courtesy of employees, their ability to inspire trust
- Reliability - ability to perform promised service dependably & accurately
- Responsiveness - willingness to help customers and provide prompt service
- Empathy - caring, individualism and attention given to customers
- Tangibles - physical facilities, equipment & appearance of personnel
trust, cooperation and relationship commitment should be the basis of relationship marketing aims & objective (Morgan and Hunt '94)
consumers increasingly measure brand value on how they're treated in interactions with the brand rather than price or functional attributes (Mitchell '03)
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