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Relationship Marketing - Best Practice in the Banking Sector

DOI: 1234567

Keywords: Relationship marketing best practice , clients’ retention and loyalty , marketing mix , CRM

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Abstract:

This paper aims to highlight best practice in relationship marketing because of adjusted companies’ strategies in a turbulent, unstable, and dynamic economic environment. By best practice, we understand specific marketing tools and strategies built upon real needs and heterogeneous consumer preferences, addressed directly in a relevant way, aiming at clients’ long-term retention. We should also take into consideration the highly competitive market, with rapid changes in purchase and consumption behavior, while the ever-increasing degree of technology changes fundamentally not only the speed, but also the information content. Since past years we can talk about consumer behavior analysis based on multiple criteria, including the emotional or moral components, consumers’ expectations, and life style, as understanding such variables is the main pillar of relationship marketing. The main objectives rely upon building long-term relations, client retention, and loyalty. As part of marketing efforts, the communication component has an increasingly important role, approaching niches with tailored messages, inviting clients to open dialogue. Economic changes, extensive use of technology, migration towards online and optimization of communication channels opened the doors for digital era, when relationship marketing and client relationship management (CRM) represent not a merely working premise, but an essential ground. Best practice in relationship marketing proves that this cannot be applied in any way and at any time, as this paper highlights the main components of building and implementing such a system.

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