Marketing is everywhere , That is each company is looking at Marketing as a function of profit. Each company believes that Marketing is the department by which they can good profit. As per the present scenario is very competitive , where each company have to show a differentiation or Quality in their work. So there is a great importance for marketing. By marketing only a company can show or convince the customer about their product/Service quality. But as the competition is growing there is a need to maintain good relationship with customers . So there the concept arise of "Relationship Marketing".
So, what is exactly Relationship Marketing means? " It is the process of building good relationship with customers and Internally so as to reach the maximum profit , and to sustain for long time in the market by retaining the customer". In other terms, "This is of building mutually satisfying long term relationship with the key parties to earn and retain business".
So, Relationship Marketing contains two ways of Building relationship. Those are CRM ( Customer Relationship Management) and PRM ( Partner Relationship Management) . Both are to build relationship in their own concepts. In CRM, Building Relationship with Customers to earn and Retain profits, where as in PRM is to Build relationship with Partners that is Suppliers, Channels, Marketing Partners, Distributors and with Members of finance ( Share holders , Investors ) so on for the same goal of profit.
Now the companies have understood that to have good profit and brand , they need to be strong internally and Externally. The total Marketing Environment should be stable . So all these can be done by building good relationship with all . In other words making a Marketing Network, helps the company to get stronger . This relationship Marketing helps to get the mutually profitable business. So by increasing competition each firm should think of their marketing network to get stronger.
To develop strong relationship requires an understanding of the abilities and resources of different groups as well as their needs, wants and desire . Each company is working out in their own ways of strategies to get data from customers , so as to build good relationship. And, by sharing Information with partners they are building healthier relationship with them also. So the CRM and PRM are helping out the companies in terms of relationship Marketing.
So, to sustain in the competitive market by earning and Retaining customers becomes a challenge , which is being overcome by Relationship Marketing.
About Author / Additional Info:
An MBA from GITAM University,India. With an Experience in Marketing.