2. DEFINITION OF MARKETING SERIES Relationship Marketing – Fundamentals of Social Media Marketing Angela Hausman, PhD http://hausmanmarketresearch.org
3. What is Relationship Marketing ? Relationship marketing is a strategy designed to foster customer loyalty, interaction and long-term engagement. This customer relationship management (CRM) approach focuses more on customer retention than customer acquisition.* *http://searchcrm.techtarget.com/definition/relationship-marketing Angela Hausman, PhD http://hausmanmarketresearch.org
4. How is Relationship Marketing Different ? Angela Hausman, PhD http://hausmanmarketresearch.org
5. How is Relationship Marketing Different ? Long Term Focus Angela Hausman, PhD http://hausmanmarketresearch.org
6. How is Relationship Marketing Different ? Long Term Focus Customer Satisfaction over Sales Angela Hausman, PhD http://hausmanmarketresearch.org
7. How is Relationship Marketing Different ? Long Term Focus Customer Satisfaction over Sales One on One Marketing Angela Hausman, PhD http://hausmanmarketresearch.org
8. How is Relationship Marketing Different ? Long Term Focus Customer Satisfaction over Sales One on One Marketing Understanding Customers over Predicting Angela Hausman, PhD http://hausmanmarketresearch.org
9. How is Relationship Marketing Different ? Long Term Focus Customer Satisfaction over Sales One on One Marketing Understanding Customers over Predicting Retention Angela Hausman, PhD http://hausmanmarketresearch.org
10. How is Relationship Marketing Different ? Long Term Focus Customer Satisfaction over Sales One on One Marketing Understanding Customers over Predicting Retention Data Driven Angela Hausman, PhD http://hausmanmarketresearch.org
13. What Relationship Marketing is NOT. Data mining Metrics Angela Hausman, PhD http://hausmanmarketresearch.org
14. What Relationship Marketing is NOT. Data mining Metrics Managing customers Angela Hausman, PhD http://hausmanmarketresearch.org
15. Who Gains Value in RM ? Angela Hausman, PhD http://hausmanmarketresearch.org
16. Who Gains Value in RM ? Companies Angela Hausman, PhD http://hausmanmarketresearch.org
17. Who Gains Value in RM ? Companies Gaining new customers is 5 times more expensive than retaining existing customers Angela Hausman, PhD http://hausmanmarketresearch.org
18. Who Gains Value in RM ? Companies Gaining new customers is 5 times more expensive than retaining existing customers A 5% increase in customer retention = 25-85% increase in profits (NPV) Reichheld and Sasser (1990) Angela Hausman, PhD http://hausmanmarketresearch.org
19. Who Gains Value in RM ? Companies Gaining new customers is 5 times more expensive than retaining existing customers A 5% increase in customer retention = 25-85% increase in profits (NPV) Reichheld and Sasser (1990) Customers are more loyal Angela Hausman, PhD http://hausmanmarketresearch.org
20. Who Gains Value in RM ? Companies Gaining new customers is 5 times more expensive than retaining existing customers A 5% increase in customer retention = 25-85% increase in profits (NPV) Reichheld and Sasser (1990) Customers are more loyal Customers spread positive word of mouth Angela Hausman, PhD http://hausmanmarketresearch.org
21. Who Gains Value in RM ? Companies Gaining new customers is 5 times more expensive than retaining existing customers A 5% increase in customer retention = 25-85% increase in profits (NPV) Reichheld and Sasser (1990) Customers are more loyal Customers spread positive word of mouth Often more expedient and effective when serving customers. Angela Hausman, PhD http://hausmanmarketresearch.org
22. Who Gains Value in RM ? Angela Hausman, PhD http://hausmanmarketresearch.org
23. Who Gains Value in RM ? Customers Angela Hausman, PhD http://hausmanmarketresearch.org
24. Who Gains Value in RM ? Customers Comfort Angela Hausman, PhD http://hausmanmarketresearch.org
25. Who Gains Value in RM ? Customers Comfort Sense of belonging/ community Angela Hausman, PhD http://hausmanmarketresearch.org
26. Who Gains Value in RM ? Customers Comfort Sense of belonging/ community More effective Angela Hausman, PhD http://hausmanmarketresearch.org
27. Relationship Marketing = Social Media Marketing Angela Hausman, PhD http://hausmanmarketresearch.org
28. Relationship Marketing = Social Media Marketing Require engagement Angela Hausman, PhD http://hausmanmarketresearch.org
29. Relationship Marketing = Social Media Marketing Require engagement Focus on the customer Angela Hausman, PhD http://hausmanmarketresearch.org
30. Relationship Marketing = Social Media Marketing Require engagement Focus on the customer Collaborative Angela Hausman, PhD http://hausmanmarketresearch.org
31. Relationship Marketing = Social Media Marketing Require engagement Focus on the customer Collaborative Integrates across marketing, sales, customer service, technology, operations management … Angela Hausman, PhD http://hausmanmarketresearch.org
32. Relationship Marketing = Social Media Marketing Require engagement Focus on the customer Collaborative Integrates across marketing, sales, customer service, technology, operations management … People, Processes, Technology Angela Hausman, PhD http://hausmanmarketresearch.org
33. How Can This Help You Succeed ? Angela Hausman, PhD http://hausmanmarketresearch.org
34. How Can This Help You Succeed ? Structural Issues Angela Hausman, PhD http://hausmanmarketresearch.org
35. How Can This Help You Succeed ? Structural Issues Cross functional teams Angela Hausman, PhD http://hausmanmarketresearch.org
36. How Can This Help You Succeed ? Structural Issues Cross functional teams Management support for customer focus Angela Hausman, PhD http://hausmanmarketresearch.org
37. How Can This Help You Succeed ? Structural Issues Cross functional teams Management support for customer focus Total quality management Angela Hausman, PhD http://hausmanmarketresearch.org
38. How Can This Help You Succeed ? Structural Issues Cross functional teams Management support for customer focus Total quality management Employee empowerment Angela Hausman, PhD http://hausmanmarketresearch.org
39. How Can This Help You Succeed ? Structural Issues Cross functional teams Management support for customer focus Total quality management Employee empowerment Employee satisfaction Angela Hausman, PhD http://hausmanmarketresearch.org
40. How Can This Help You Succeed ? Measurement Issues Angela Hausman, PhD http://hausmanmarketresearch.org
41. How Can This Help You Succeed ? Measurement Issues Databases Angela Hausman, PhD http://hausmanmarketresearch.org
42. How Can This Help You Succeed ? Measurement Issues Databases Develop appropriate metrics Angela Hausman, PhD http://hausmanmarketresearch.org
43. How Can This Help You Succeed ? Measurement Issues Databases Develop appropriate metrics Track retention Angela Hausman, PhD http://hausmanmarketresearch.org
44. How Can This Help You Succeed ? Measurement Issues Databases Develop appropriate metrics Track retention Model defection Angela Hausman, PhD http://hausmanmarketresearch.org
45. How Can This Help You Succeed ? Measurement Issues Databases Develop appropriate metrics Track retention Model defection Customer Lifetime Value Angela Hausman, PhD http://hausmanmarketresearch.org
46. More questions? Check out other videos in The Definition of Marketing video glossary series See the definition of essential marketing terms and phrases at: http://www.MarketingThatWorks.TV
