Beyond deciding on their customers more carefully Companies are now connecting with their chosen customer in deeper and more relevant ways. Instead of relying on mass media, one-way messages, and only mass media, today’s marketers are adopting new and more interactive strategies that aid in building a targeted relationship with their customers in a two-way manner.
Two-Way Customer Relationships
Technology has fundamentally altered the way people interact with each other. Modern tools for connecting include everything from e-mails, blogs, websites mobile phones, and video sharing to social networks and online communities like Facebook, YouTube, and Twitter. This evolving environment of communication impacts how brands and businesses interact with their customers.
The latest communication strategies allow marketers to create greater engagement with customers. And create an atmosphere of community around the brand. This allows the brand to become an integral part of customers’ lives and conversations. Being part of the conversation with consumers is far more effective than distributing information. Through traditional advertisements according to a marketing expert. Another expert says that people today want to be heard and have an active part in their experiences with brands. They want to be part of the process.
Managed relationships with customers
Marketing relationships where customers with the help of today’s modern digital technology interact with brands. As well as with one another to influence their interactions with brands.
Marketing generated by consumers
Brand exchanges that are created by consumers themselves. Both invited and uninvited through which consumers play an increasingly a role in shaping their brand experiences. As well as those of their fellow consumers.
Management of relationships with partners
Partnering closely with colleagues in different departments within and with partners outside the company to create more value for customers.
Capture the value that customers bring to you
Good customer relationship management creates customer delight. The result is that happy customers remain loyal and are more likely to recommend to their friends the company or its goods. There are significant differences between the level of loyalty among customers. That who are less or not completely satisfied. and fully content. Just a small decrease from 100% satisfaction could result in an enormous loss in loyalty. The goal of managing customer relationships is to create not just customer happiness, but also to create customer satisfaction.
Customer lifetime value:
The worth of the whole purchase that the customer could make during a lifetime of loyalty. The economic downturn of recent times has put a huge strain on the loyalty of customers. It has triggered a new type of attitude toward thrift that will continue shortly. A recent study revealed that even in a better economy the majority of people believe they prefer the lowest price rather than the top brand. A majority of consumers prefer to shop at a retailer with lower prices, even if it’s more difficult. It’s five times less expensive to keep a customer than to purchase an entirely new one.
So, today’s companies must develop their value propositions more carefully, and treat their most profitable customers with respect. The loss of a customer is more than just a single sale. It’s about losing all the purchases that a customer could make throughout their customer loyalty.