Literature review of relationship marketing

Abstract

In the subsequent paper, I discuss the current thinking on relationship marketing based on managerial marketing articles and popular press. First, I define the concept based on the multitude of definitions found. In this paper, relationship marketing is defined as a tool that businesses need to use to effectively manage and maintain meaningful relationships by enhancing customer loyalty and the brand, engaging in a conversation with their customers, and providing them with valuable offerings.

Then, I explain relationship marketing in terms of its elements. The elements of relationship marketing are broken down into cultivating loyalty and the brand, building meaningful relationships, engaging in a conversation, and creating and maintaining value. Large takeaways from this paper are found in each of these categories and are as follows. Customers will engage with companies that make them feel appreciated, connect them to the brand, and offer them a worthwhile loyalty program. Respect and emotion are fundamental to building strong relationships between customer and company that have positive benefits such as increased word of mouth. Businesses need to engage in a tailored conversation with their customers and interact with them at each "touch point" on their customer journey. Businesses need to provide value to their customers throughout their customer lifecycle by creating long-term value.

Finally, I wrap up by discussing the implications of relationship marketing in business and why it is important to the success of companies. One of the ways business can use relationship marketing to be successful is through CRM. It is also important for businesses to realize the strength of the customer relationship. All of these topics and ideas are discussed in detail below through the review of literature on relationship marketing.