So what makes a successful relationship marketing strategy? Sure, having the best tactics is key. But you need to create a foundation by implementing the essential characteristics of relationship marketing.
human resource effectiveness of relationship marketing
Personalization is the name of the game, but to implement this in your relationship marketing, you need a way to identify customers. This can be challenging when you have hundreds of thousands or even millions of customers.
In practice, however, HRM is a tool used to try to make optimum use of human resources, to foster individual development, and to comply with government mandates. Larger organizations typically have an HRM department and its primary objective is making company goals compatible with employee goals. For a company to attain its goals, it must have employees who will help it attain them.
Relationship marketing incorporates three levels such as basic marketing, reactive marketing, and proactive marketing. ECRM stands for electronic customer relationship marketing as per Felix, Rauschnabel & Hinsch (2017). ECRM provides an effective system for the interaction of two parties (customers and business employees) with the help of web-based technologies. Various benefits of eCRM are improved customer relations, a centralized database, and customer loyalty to name a few. This process helps an organization to create and manage the centralized database of their customers so that they effectively and efficiently focus on their customers.
The purpose of this report is to analyze the degree of effectiveness of relationship marketing and eCRM. To analyze the facts, a secondary research method will be selected and reliable journals and/or web-based information will be incorporated.
The research task will include a discussion about the measures through which an organization can build up an effective relationship with their customers. Apart from this, this research will also discuss the benefits from the perspective of an organization to maintain the eCRM rather than maintaining the direct-personal relationship marketing with the clients.
Apart from this, in a general sense, it is observed in the service sector that there is a strong connection between the applications of relationship marketing with organizational productivity. However, the below study will focus on the findings of the answers to all such relevant questions and general assumptions. In the end, the discussion part will conclude the summary of the research.
According to Sheth (2017), in the mid-1970s the fundamental factor for the rise of relationship marketing is the economic recession. The author has further explained that the reason behind saying this is that due to the economic recession people started withdrawing their money from banks, real estate, stock exchanges, etc. After that, people started searching for their own relationship manager to keep a personal track of their investments. People also started to appoint a person who can personally handle and allocate their funds. Thus, in this era, relationship marketing came to be. Initially, relationship marketing was needed to handle funds, and people who carried out this job were known as relationship managers.
After that, other organizations also started adopting the norms of relationship marketing because relationship marketing is a great way to encourage customers and creates bonds towards long-term relationships with them. In this era, relationship marketing is considered an effective way to gain market shares with inorganic growth such as mergers, acquisitions, and alliances (Sheth, 2017).
According to Zhang, Watson, Palmatier & Dant (2016), business houses engaged in relationship marketing to improve their ongoing rapport with other business partners, customers, and other stakeholders. However, there are set strategies of relationship marketing and those who desire to apply relationship marketing have to maintain its major implications. The author also mentioned in this literature that the organization should consider strategies against their internal and external environmental factors. These sets of strategies need to be modified as per ongoing conditions. Apart from this, it is also concluded in this literature that even with strong and great relationships, customers can migrate towards different relationships from time to time. In this literature, the author has applied the multivariate hidden Markov model to a six-year longitudinal data set of 553 business-to-business relationships (Zhang, Watson, Palmatier & Dant, 2016).
Apart from this, the reason behind the success of eCRM is that it is the cost reduction method from the perspective of the business houses. It can be said that a successful eCRM expands the effectiveness of the procedures just as it improves communications with clients and empowers organizations to modify items and administrations that meet the clients' individual needs. Electronic client relationship with the executives is spurred by simple Internet access through different stages and gadgets, for example, workstations, cell phones, work area PCs, and TV sets (Cardoso, Fleury, Feldmann & de Araújo, 2017). It is not programming, in any case, yet rather the usage of Web-based advances to connect, comprehend and guarantee consumer loyalty.
In this report, the discussion is because relationship marketing is the way through which business houses can make better customer loyalty and long-term engagement. Furthermore, the benefits of eCRM are also discussed. From the perspective of both, business houses and customers, eCRM provides an effective method to maintain the relationship with clients. This method of relationship marketing is more cost-effective than direct personal relationship marketing. As eCRM is a cost-effective method, it helps the business houses to make a centralized database. This is the solution to implement relationship marketing with the application of technology in order to deliver effective solutions and a high-quality customer experience.
Furthermore, it is also concluded that influencer marketing is also a great way to uplink relationship marketing. While incorporating the norms of influencer marketing towards enhancing customer loyalty it becomes the duty of the marketing manager of the company to support and give attention to influencer marketing with the effective norms of relationship marketing. Moreover, the internet provides the ideal environment to encourage customers and build long-term loyalty with them.
Any successful business will credit its talented staff as the source of many of its biggest achievements. Indeed, human resources are an essential part of any company, and also represent a major cost.
When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact management, sales management, agent productivity, and more. CRM tools can now be used to manage customer relationships across the entire customer lifecycle, spanning marketing, sales, digital commerce, and customer service interactions.
Human Resource Management involves the effective and correct use of human resource and skills at the specific moment and situation. This requires to be make sure that the skills and intellectual levels of the professionals match the tasks undertaken by them according to their job profiles. It is an essential component not only for the large scale corporations but the medium industries as well. It involves adopting an effective people strategy and studying the skills or the workforce and the growth being generated thereby designing and implementing the strategies needed accordingly with the aim of achieving development.
Marketing is one of the most significant component of Customer Relationship Management and it refers to the promotional activities that are adopted by a company in order to promote their products. The marketing could be targeted to a particular group of people as well as to the general crowd. Marketing involves crafting and implementing strategies in order to sell the product. Customer Relationship Management assists in the marketing process by enhancing and improving the effectiveness of the strategies used for marketing and promotion.
Different components of Customer Relationship Management are associated with different elements mainly, the customer acquisition, improved customer value and customer retention. Various marketing applications are carved out to acquire more customers whereas data warehousing and analytical tools help the business to hold customers with a better communication and relationship.In order to enhance the customer value among the existing and future customers, there is a number of data warehousing and analytical tools.
Lynne MacDonald has experience in the fields of human resource management, training, organizational development and law. MacDonald received a law degree from the University of Dundee in 1990 and holds diplomas in personnel management and legal practice. She is a Fellow of the Chartered Institute of Personnel & Development.
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