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What is Relationship Marketing? - Definition & Strategies

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  • 0:00 What Is Relationship…
  • 1:00 Strategies
  • 3:45 Lesson Summary
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Lesson Transcript
Instructor: Shawn Grimsley
Relationship marketing is a buyer-friendly approach to business. In this lesson, you'll learn what relationship marketing is as well as look at some related strategies.

What is Relationship Marketing?

Relationship marketing is a marketing approach that acknowledges the importance of both the buyer and the seller in the marketing process. The core concept is to build long-term relationships with customers. Relationship marketing views marketing as an exchange where both buyers and sellers help shape the direction and outcome of the product that will be offered to the market. Instead of treating marketing as merely selling a product to passive potential buyers, relationship marketing argues that you need to encompass many more activities and parties in the marketing process, including consumers. You attempt to build long-term relationships.

Marketing doesn't end after the customer purchases the product; rather, you attempt to obtain important feedback from your customers and build a continuous relationship through related products and services. For example, after you sell a customer a car, you try to continue the customer relationship with a customer satisfaction survey for important feedback, customer service departments, maintenance plans and promotions, installment payment plans, and extended warranties.

Strategies

We'll look at the six markets model in discussing relationship marketing strategies. The six markets model looks beyond customer markets and also tries to capitalize on other stakeholder markets that can affect your business and its customers.

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