Managing Consumer Relationship With Online Banking

Throughout The Marketing Era the tables have turned from producers to consumers, which changed the market with alluring choices. This was when businesses began to develop brands, to differentiate themselves from their competitors, helping their customers identify various unique products. Last but least The Relationship Era is where businesses aim to build long-term relationships, because they believe a satisfied customer can become great assets for a business. A satisfied customer is a loyal and businesses rely on customers to spread the word on their goods and services.

As competition increases, a company will always have its loyal customers if their salespeople build a strong partnering relationship. Today, we live in an information era where things are constantly becoming outdated but a quality relationship with customers will always have the customers coming back for your product, regardless what company enters the market.

Customer relationships are visible in the way organizations interact and deal with the demand and needs of different customers with whom they come into contact.

The purchasing goods & services have throughout the years begun to lead to a new perception of consumer relationship and in ways businesses conduct their operations. Not only is a business concerned with the buying and selling of goods & services but to further maintain that relationship with their customers to correlate between both parties. As this being the prime functionality of businesses, each business must differentiate themselves with other businesses offering different and wholesome services, which overwhelms their competitors, thus adding their own individualistic value to the marketing

5. RELATIONSHIP MARKETING: In this competitive era, companies are always looking for ways to develop and maintain a long lasting relationship with customers, employees and even suppliers. Relationship marketing is two way traffic; it goes beyond just making ‘sales’ and companies are beginning to realize. Good relationship with customers is a strategic weapon for any company, this is because long term customers buy more, do referrals and give back valuable and truthful feedback. Keeping a customer requires an extra effort. According to the founder of Walmart: “There is only one boss, the customer, and he can fire

When customers are feeling satisfied with what a company is doing, then they will be the loyal customers for the company and helps to build good image and reputation of the company when people see that particular company has a lots of customers and its products sales so good. Marketing and public relations are also required to do survey to more understand the needs and wants of the public. (http://www.amazon.com/Public-Relations-Principles-Philip-Kitchen/dp/1861520913/ref=sr_1_1?s=books&ie=UTF8&qid=1448569626&sr=1-1&keywords=public+relations+philip+j.kitchen) Coca-Cola company shows that customers are at the heart of everything they do. Coca Cola also means that customer preference is a core value of their business. For the company, building true partnerships that create value and profitable growth for Coca cola’s business and customers are important. They aim to be the preferred supplier to all of the customers by finding new ways to get win-win situation in the

Companies of all types and sizes depend on their customer base for revenues and continuously work toward earning the largest market share percentage attainable. The foundations of businesses are its customers, and unless that company is a monopoly, competition between businesses will drive customers and revenues to one business or another. Unless it is properly managed, maintaining customer relationships can be expensive. While some companies invest heavily in their public image and customer management strategies, other companies succeed despite poor customer relationships. The wishes of the customers are also continuously evolving with new generations and social environments. Moving on from the “boomers”, to the “gen x”, and now the

From the evidence above all the differences listed between business and consumer marketing are deemed important. Customer relationship management I feel is a key factor that needs to be acknowledged. Business-to-business companies are relationship driven, whereby a business will offer another organisation their product or service – in order for repeat business to occur relationship management is vital, hence the need for

In addition, it also is ability to obtain the information to meet the problems. As business, the customer knowledge is essential when they align its processes, products and services and build strong customer relationships (Vernuccio, 2014). In addition, it will help the company have a clear understanding of the product and the processes of the product to satisfy the customers. Therefore, the business utilizes the customer knowledge to adjust the product and service and increase they are competitive in the market. However, Customer knowledge needs to be visible throughout the organization; Hence, the customer 's voice is key in the business brand development process (Hankinson, 2012; Broyles, Schumann & Leingpibul, 2009).

Relationship marketing is marketing seen as relationships, networks and interaction. It is aimed at establishing long-term win-win relationships with customers. In approaching a potential customer,

Again, we are able to draw some ties all the way back to value and co-creation. The increasing bond between brand and consumers are enabled by communication and results in continued brand engagement, especially though social media sites.

Baker (2014) suggests that marketing efforts must identify the means of delivery of the message whether it is through media, technology, or personal contact to deliver the communication. Relationship Marketing Theory holds that every marketing encounter involves a relationship between the stakeholders in a transaction-based situation and the organization providing the service or goods and products. According to Palmatier, Dant, & Grewal (2007), “Relationship marketing (RM) is the process of identifying, developing, maintaining, and terminating relational exchanges with the purpose of enhancing performance”(p.3).

Sheth and Parvatiyar (1995:261) define relationship marketing as “an orientation that seeks to develop close interaction with selected customers, suppliers and competitors for value creation through co-operative and collaborative efforts”. This definition suggests that businesses should pursue profitable business relationships.

Since it is rather established that relationships between the supplier and the buyer have an impact on the business and it cannot be ignored, a need for research arises which would help today's analysts and scholars reach a conclusion that there is a significant impact of alliance between the customer and the service provider on the business continuation. For the purpose of proving so, a research was conducted by Crosby, Evans and Cowls in 1990 which was published in the form of research article in the Journal of Marketing. Where the said research is rather explanatory, a contemporary research was

Communication is another important factor that needs to consider for building relationship with customer and make them loyal. Communication needs to be two way between customer and company. Social media platform has enriched communications among people. Therefore, it has open up new opportunity for companies to interact with customer more. Companies can open up their page to increase interaction with the customer on social media platform. On the other, customers also interested to interact with brands page and know brand their opinion, thoughts and views. According to (Nduisi, 2007), state that communication is the important way to build awareness, understanding customer preference and motivate customer to make them loyal to the company. Communication is an interactive dialogue between company and its customer. Some scholars underscored significance of communication of building relationship with customer. However, it has been now turn into an indispensable part of customer loyalty or retention strategies because of technological evolution. Social media platform has open up opportunities both for customers and brand to communicate at any time, at any cause. ‘Customer and brand relationship can be improved by improving relationship quality and also help to build long lasting relationship” (Jaya chandra, 2005). In (2012, Kavah, ), has developed a new model where he uncovered that among trust, commitment, satisfaction, purchase intention, communication has