[Marketing Concepts]Relationship Marketing

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Relationship Marketing is one of the most important concepts highlighted in the success and expansion of any business. It is the process of developing long term relation with customer groups. The concept of relationship marketing was originated in late 1960-70s, when marketers realized its immense scope in expanding business.

Attracting new customers and retaining existing ones are the primary motive of any relationship marketing efforts. Under relationship marketing, lot of promotional tools like marketing campaigns, special offers, loyalty programs etc are introduced to attract new customers. Firms usually improve quality of products and services, provide excellent customer experience to retain its existing consumers. Marketers monitor customer satisfaction in order to maintain the cordial relation with the customers. Marketers use methods like customer feedback, online survey, and Focus groups. The process need to be done on regular basis as customers needs and wants changes continuously.

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