Managing Consumer Relationship With Online Banking

2700 Words11 Pages
What are consumer relationships? Consumer relationships are the interactions companies garner through their bond with their prospective and current clients. It involves the integration of all business activities in order to establish a working connection with the consumer. Generally, this concept occurs through selling behavior; however, it can be done through marketing, customer service and technical support. Each, interaction the customer has with a particular brand further hinders or establishes a consumer relationship. The relationship is also a two way form of communication where the customer also has the means to provide pertinent feedback regarding service or product offerings. Through consumer relationships, companies can better establish a reputation and brand identity. This relationship also enhances profitability by reducing marketing and advertising expense, returned merchandise, and any negative word of mouth marketing (Ailawadi, 2003). A consumer relationship therefore, is a continuous dialogue between a company and its client that is mutually beneficial to both parties involved. The company gains valuable insights into its product offerings, methods in which to improve it, and the brand image relative to competitors. The customer gains a product that caters more to their specific needs or desires (Akerlund, 2005). The previous research about managing consumer relationships The recent research indicates that managing consumer relationships is now becoming a
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