RELATIONSHIP MARKETING AS AN INNOVATIVE PARADIGM IN MARKETING
Abstract
Relationship marketing has emerged as an effective strategy in the context of globalization and rapid shifts in consumer behavior. This paradigm emphasizes the importance of long-term relationships between companies and their customers, enabling value creation and business sustainability. In an increasingly competitive marketplace, implementing relationship marketing principles is crucial for achieving market success. Establishing lasting connections allows businesses to reduce costs associated with attracting new consumers while enhancing loyalty among existing ones. Research indicates that retaining a customer is significantly more beneficial than acquiring a new one, as loyal customers tend to spend more and are less likely to switch to competitors. Thus, the relationship marketing strategy focuses on fostering emotional attachment to brands, a critical factor in shaping consumer preferences. This approach enhances value creation through active engagement between companies and their customers, allowing for quicker feedback and better adaptation to market changes. Nevertheless, implementing relationship marketing principles presents challenges, including the need for significant investments in data collection and analysis technologies while ensuring data privacy and security. In a competitive landscape, businesses embracing relationship marketing gain advantages through innovative customer service approaches, leveraging automation, big data analytics, and artificial intelligence to enhance service personalization. The foundations of relationship marketing revolve around forming partnerships with consumers, employees, and suppliers, necessitating a phased implementation process. The realization of this concept involves automated systems for collecting and analyzing customer data. Key components include front-office and back-office processes, focusing on sales management, customer service, order processing, logistics, and more. Establishing ongoing feedback loops with targeted consumer segments is essential, utilizing modern communication technologies for effective interaction. By combining customer information from various channels, companies can better understand consumer requests, enhancing relationships with customers and partners. Ultimately, relationship marketing represents a vital and dynamic aspect of contemporary marketing theory, adapting to consumer behavior changes and technological advancements, thus driving sustainable growth and competitiveness in a rapidly evolving business environment.
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Xu Ye X., Hou R., Wang S., Omar N. A. B. (2024). Social media, relationship marketing and corporate ESG performance. Finance Research Letters, vol. 63, 105288. DOI: https://doi.org/10.1016/j.frl.2024.105288
Roberto Mora Cortez R. M., Johnston W. J., Ehret M. (2023). “Good Times–Bad Times” – Relationship marketing through business cycles. Journal of Business Research, vol. 165, 114063. DOI: https://doi.org/10.1016/j.jbusres.2023.114063
Healey J., Mintz O. (2021). What if your owners also own other firms in your industry? The relationship between institutional common ownership, marketing, and firm performance. International Journal of Research in Marketing, vol. 38, issue 4, pp. 836–856. DOI: https://doi.org/10.1016/j.ijresmar.2021.05.003
Venciute D., Mackeviciene I., Kuslys M., Correia R. F. (2023). The role of influencer–follower congruence in the relationship between influencer marketing and purchase behaviour. Journal of Retailing and Consumer Services, vol. 75, 103506. DOI: https://doi.org/10.1016/j.jretconser.2023.103506
Song B. L., Lee K. L., Liew C. Y., Subramaniam M. (2023). The role of social media engagement in building relationship quality and brand performance in higher education marketing. International Journal of Educational Management, vol. 37, issue 2, pp. 417–430. DOI: https://doi.org/10.1108/IJEM-08-2022-0315
Lim W. M. (2023). Transformative marketing in the new normal: A novel practice-scholarly integrative review of business-to-business marketing mix challenges, opportunities, and solutions. Journal of Business Research, vol. 160, 113638. DOI: https://doi.org/10.1016/j.jbusres.2022.113638
Sedalo G., Boateng H., Kosiba J. P. (2022). Exploring social media affordance in relationship marketing practices in SMEs. Digital Business, vol. 2, issue 1, 100017. DOI: https://doi.org/10.1016/j.digbus.2021.100017
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