Marketing focuses mainly on Establishing, Developing, Maintaining successful exchanges with customers. In marketing vertical every relationship is an exchange process where each one gives something in return for a payoff perceived to be or of greater value.
Types of Relationships
- Value Added Exchanges
- Transactional Exchanges
- Collaborative Exchanges
Centers on timely exchange of basic products at highly competitive market prices. These types of transactions are autonomous in nature i.e. there is little or no concern as to the needs of buyer or seller.
Example: A person goes in a shop and buys a toothpaste. The buyer wants a toothpaste and the seller sells him one.
Packaging machines and products, cleaning and sanitizing technology and Products, Commodity type products, Service activity where bidding is applied. Transactional exchanges employ a type of arms-length relationship.
Exists when alternatives are few, market is dynamic, the purchase is complex and the prices are high.
Main features include close information, social, and operational linkages and mutual commitments.
Switching costs are highly esssential to collaborative customers. Trust is the main factor and it there when one party has complete confidence in their partner’s ability and integrity.
Managing Buyer Seller Relationships
a) Switching Costs
b) Value Drivers in Collaborative Relationships
c) Increasing Collaborative Relationships
d) Improving Transactional Customer Loyalty
Motivate the Employees
Dedicated employees are the key to a successful customer relationship strategy.
- Hire good people.
- Invest in them to increase their value to the company and its customers.
- Develop challenging careers and align incentives to performance measures.
Precaution to be Care:
Take care of your tone and pitch as well. Make sure you are not too loud or too soft. Being loud might hurt the other person. Speak softly in a convincing way. The other person must be able to understand what you intend to communicate.
An individual must interact with the other person regularly for the relationship to grow and reach to the next level. Speaking over the phone. SMSing are ways of communicating and staying in touch especially in long distance relationships where individuals hardly meet.
Choice of words is important in relationships. Think twice before you speak. Remember one wrong word can change the meaning of an entire conversation. The other person might misinterpret you and spoil the relationship. Be crisp. Express your feelings clearly. Do not try to confuse the other person. Being straightforward helps you in relationships.
Try to understand the other person’s point of view as well. Be a patient listener. Unless you listen carefully, you will never be able to communicate effectively.
Be polite. Never ever shout on your partner even if he has done something wrong. Discuss issues and try to sort out your differences amicably. Abusing, fighting, criticizing spoil the relationship and in adverse cases might end it as well. Being rude is a crime in relationships.