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Relationship Marketing

It costs more money to the business to gain new customers than to retain its present customers. This is the reason why it is very important for businesses to build a long term relationship with their customers and their suppliers. Therefore, Goods and services offered by businesses must be extremely adequate as it is impossible to build a relationship with a customer who won’t return to the business. The web can also enable businesses to interact and build a relationship with their customers as some business allows their customers to contribute in the products design process which is advantageous for the business as customers can personalize products in the way that will suit their own requirements. For example, NIKE offer customers the opportunity to customise their trainers. In addition, in order to keep a good relationship with their customers, businesses should regularly control feedback from customers and then respond their expectation. Certain company’s website has a feedback or a “contact us” area in order to stay close to their customers. The internet enables businesses to target particular group of people which allow them to improve their products and services according to the particular group and that can correctly meet their wants and needs. Knowing the wants and desires of a group will more allow a business to offer better products.

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