Preferable Relationship Marketing Models
Based on the analysis and synthesis documents on the relationship marketing and business environment today, we introduce five models of typical relationship marketing that have the feasibility to apply the Vietnam local business environment.
1. Manso and Speece Model
In this model, marketing relationships is built through four specific groups of activities to maintain relationships with customers, including:
- Social activities: inviting customers to participate in social activities or non-business activities such as parties, meals; organizing seminars to customers to do networking; visiting customers frequently.
- Information exchange activities: regularly sending publications of research, of new relating regulations and law, and advertising products to customers, providing information, data immediately upon demand; regularly updating customer information; monitoring and examining the customers’ financial and credit situations.
- Sales activities: regular assessing quality of product and service; actively introducing new products and services to customers; providing everyday services to guests; and assessing the level of relationships to customers.
- Managing and monitoring activities: Having a strategy to track the relationship with customers, track customer transactions (Man In comparison & Speece 2000).
This marketing model is evaluated to be suitable to enterprises in service sector. Service enterprises who apply this model aim to build relationships with customers quickly, to strengthen long-term relationships with their customers. In addition, this model also focuses on the situation of customer’s financial activities, so the model is suitable to banks and financial institutions.
2. The 5-level relationship marketing model
Based on research on after-sale enterprises’ attitudes and relationship with their customers, Mr. Kotler built a relationship marketing model with 5 levels that reflects customer satisfaction. These five levels of relationship marketing are as follows:
- Basic marketing Group – Enterprises have NO relations with the customer after the sales are classified as Group
- Reactive marketing Group – Enterprises ENCOURAGE the customers to Enterprises that encourage customers to make comments raise questions, comments about their products
- Accountable Marketing Group – Enterprises call the customer ONE SINGLE TIME to make sure that the products work well and that there is no issue after sale. Furthermore, customers are asked for suggestions and feedback to improve the services and products. Thus, the enterprises take responsibility for the sale.
- Marketing Group – Enterprises take regular feedbacks from their large customers.
- Partnership Marketing Group – Enterprises keep constantly and continuously contact with their customers.
3. Ndubisi’s relationship marketing model
In 2007, Ndubisi introduced relationship marketing model that focused on customer loyalty. With that model, development of relationship marketing consists 4 fundamentals:
- Trust is defined as the trust in others in cooperation. This is considered as fundamental and most important in the relationship marketing model.
- Commitment is a measure of degree of customer loyalty and predication the frequency of customer transactions in the future.
- Communication plays an important role to keep in touch with customers, providing timely information and reliable information on the changes in demand and proactively communicate with customers
- Monitoring the conflict: the adjustment of any estate plan between the two sides during the operation of the relationship, as well as the improvement and adaptation of products and services that enterprises implement best to meet requirements of customers.
According to this model, enterprises should do 4 elements well to build and maintain strong relationship with customers. However due to asynchronous fundamentals, factors should this model is only suitable for enterprises that already have had organizational structures available and have enough financial resources required for the synchronous implementation.