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Relationship bonds & Switching Barriers

  Relationship Bonds Leonard Berry and A. Parasuraman 2  developed a framework for understanding bonding for cus­tomer relationship management (CRM). The framework suggests that relationship marketing can occur at different levels. Each successive level of strategy results in sustained competitive advantage and bonds the customer closer to the firm. The four levels of relationship strategies for bonding customer relationships are: Level 1—Financial Bonds: (a) Volume and frequency rewards, (b) Bundling and cross-­selling and (c) Stable pricing. Level 2—Social Bonds: (a) Continuous relationships, (b) Personal relationships and (c) Social bonds among customers. Level 3—Customization Bonds: (a) Customer intimacy, (b) Mass customization and (c) Anticipation/innovation. Level 4—Structural Bonds: (a) Shared processes and equipment, (b) Joint investments and (c) Integrated information systems.   Relationship marketing u...
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Unit 3 - CRM Software & Platforms - ZOHO & SALESFORCE

    ZOHO   Zoho CRM is a robust, cloud-based customer relationship management (CRM) platform designed to streamline and enhance your business’s sales, marketing, and customer support processes. Zoho CRM provides a comprehensive suite of tools to help businesses of all sizes manage their customer interactions, automate workflows, and gain actionable insights through advanced analytics. By centralizing customer data and integrating with various business applications, Zoho CRM enables companies to build stronger relationships and drive growth. Zoho CRM facilitates a global network of approximately 250,000 businesses across more than 180 countries to acquire more leads, engage with customers, and boost revenue   Zoho is available in free and paid versions. The trial version is available for up to three users, but it's a bit limited in functionality, with no mass emailing feature and limited customizability. More full...
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Unit 3 - Role of Technology in CRM

      Technology & 11Cs of Relationship Marketing   The 4 Cs of Marketing have been replaced by 11 Cs of Relationship Marketing. One finds that all of them can be leveraged by use of technology. 1.     Customer : Identify core customers to formulate specific objectives and strategies for them, focusing on individual customer needs and reach. 2.     Categories : Make strategic decisions on the scope of goods and services offered to these core customers. 3.     Capabilities : Utilize appropriate processes, technology, people, and knowledge to effectively deliver relationship marketing. 4.     Cost, profitability & value : Manage the costs of securing, serving, and retaining specific customers, focusing on customer profitability over product profitability. 5.     Control of the contact-to-cash processes : Manage and control all proce...
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