In addition to the ability to reach very specific markets, Facebook also boasts the affordability of its ads. Firms may choose between two pricing methods: Cost Per Click (CPC), which charges the company only when users click on its advertisement, or Cost Per Thousand Impressions (CPM), for which companies incur a fee for each thousand users who see its ad, regardless of whether or not the views result in clicks. Facebook’s Glossary of Ad Terms states that CPC advertisers’ goal is to gain traffic to their sites to manage the cost of gaining this traffic, while CPM advertisers wish to control where their ads are seen and what the ads will look like (Help Center ). Once the firm chooses a payment method, it then bids to determine the price of each click or thousand impressions. First, Facebook provides a suggested bid range. Then, the company will offer a maximum bid. The final price the company is charged is the amount necessary to win their auction, which can be lower than the initial maximum bid. Furthermore, Facebook permits advertisers to set and manage a daily budget representing the maximum amount they wish to spend on advertising for that given day. Once this limit has been met the company’s ads will automatically stop running (Cost and Budgeting ).
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In addition, MPR stands for Marketing Public Relations. It is gned to support marketing objectives ). MPR can contribute to various marketing objectives such as raising awareness, building credibility, stimulating salespeople and intermediary channels, and reducing promotional costs. Effective Public Relations Marketing is the result of a process in which it must be integrated with the company’s marketing strategy. The MPR process consists of several research steps which include shaping marketing objectives, setting a target audience, selecting messages and public relations tools, implementing ations plans, and evaluating results. There are several components in Public Relations in Marketing (Marketing et al., (2005) includes publications, events, news, social activities, and media identity. PERVAL (perceived value scale) is a measurement of the value received which is then applied to measure tangible products. Wahyuningsih (2004) developed a model regarding components of customer value consisting of ty can be carried out by creating the value that the customer receives. It is the difference between evaluating prospective customers for all the benefits and all the costs of certain offers and other alternatives en in the following
To engage with target customers, Individual Facebook Pages are usually used by groups, organizations, or individual entities such as products, locations or sports teams. Holzner (2009) indicated that the new Facebook pages that has been introduced in November 2007 become more focused on person or brand, this may allows businesses and artists interact with the Facebook users without all the pressure of reaching thousands of friends. They are often obvious to both non - registered and registered users, this considers as a beneficial marketing strategy that helps the organizations to reach multiple audiences across the internet. Again, it serves as a way for users and companies to interact. Consumers can choose to connect to an organization‟s page without a request that must be accepted, and is titled as a “fan”. Two-way communication is possible, Facebook have created a new form of dialogue between companies and consumers. Traditional forms have been business-to-business (B2B) and business-to customer (B2C), whereas new forms are customer-to-business (C2B) and customer to- customer (C2C) (Chaffey & Smith, 2005). Moreover, the Facebook Page can also serve as a community within the larger Facebook community by allowing fans to post their own content or opinions to the page while interacting with each other, it is crucial to pay attention to the consumer and their opinions. An interactive Organizations need to interact and communicate with their customers, a Page owner may also post updates regarding what the host organization is doing or offering its consumers, encourage participation, share stories and become a part of the community based on trust and a mutual relationship. (Laudon & Traver, 2008)
Although many relationship tactics have potential for developing customer trust, satisfaction and loyalty, some tactics are more sensitive than others. Marketers should put their efforts into implementing more effectiverelationshipmarketing tactics, in order to enhance customer perceived trust, satisfaction and loyalty. In this case, value-adding tactic are less effective than service quality, price tactic and brand image tactic for building customer trust and satisfaction. This implied that the consumer might be not satisfied with or not sensitive to some value-adding promotional activities. Therefore, the mobile service providers should consider to improving the way of interaction with consumers. For example, offering more attractive reward, using English rather than Swedish language in promotion activities to communicate with more foreigners.
Relationshipmarketing has been considered for many years as the marketing paradigm (Hunt et al., 2006) given its importance for approaches developed in marketing in general and particularly services. Relational marketing, therefore, aims to improve the company's profitability by changing the company's commercial marketing vision and focusing on persuading new customers by applying effectivecustomerrelationship management (Abtin and Pouramiri, 2016). According to these definitions, it can be said that relationshipmarketing is the set of activities intended to establish and develop individualized and interactive relationships with customers to create and maintain with the positive and lasting attitudes towards the company. However, the relationshipmarketing approach has two essential objectives according to previous studies that are persuading new customers and, thus, to retain existing customers. Therefore, we will identify the relational variables that underlie the success of the relationshipmarketing approach in Table 1, while focusing on previous studies.
In recent times, Ghanaian banking environment has been keenly competitive and therefore requires the banks to be more adept in their strategic approach to meet the growing demands of customers. Effective management of customer relationships is believed to be key in the approach of wining and maintaining customers. The objective of the study is to examine the impact of relationshipmarketing practices on customer satisfaction in the Ghanaian banking sector. In order to achieve the objective of the study, data was collected using questionnaires from 250 customers of universal banks in Ghana. Reliability test and multiple regression analysis were carried out using Statistical Package for Social Sciences (SPSS). The main findings of the study show that relationshipmarketing practices have a significant effect on relationship quality and customer satisfaction. The study also reveals that relationship quality has a significant effect on customer satisfaction. The results disclose that trust, reciprocity, commitment, competence, shared value and communication were the key determinants of relationship quality. The findings also show that relationship quality, trust, competence, shared value and communication were important in determining and influencing customer satisfaction. The findings suggest that banks which desire to have a good quality relationship with customers should insist that their managers and staff act trustworthily, competently, show strong commitment to service, communicate efficiently and reliably, pay much attention to shared values, and improve reciprocal abilities of the employees. The findings also suggest that banks can create customer satisfaction by exhibiting trustworthy behaviour, communicating information to customers efficiently and accurately, delivering services competently, pay much attention to shared values, and improving overall customerrelationship quality.
The respondents were asked to specify the level of their relationship with the bank by choosing one of the options. In previous studies, besides the relationship lifecycle, other parameters such as the age or length of the relationship have been used to measure the relationship stage. However, as indicated in the literature, the relationship lifecycle is the most effective method to determine the level or stage of the relationship (Jap & Ganesan, 2000). The relationship lifecycle suggests that relationship formation is an evolutionary process while the relationship age approach overlooks temporal variations by assuming that all relationships in the lifecycle move at an equal rate (Palmatier et al., 2013). Thus, age is not a suitable criterion to measure the stages of the relationship. Some relationships may reach the stage of maturity, whereas others might still remain in the stage of development even after several years (Eggert et al., 2006).
Festus M. Epetimehin (2011) explained that marketing is the life wire of any insurance. Insurance without a good marketing team and strategies is bound to fail. In order to be relevant and be seen as being relevant to their customers, insurance have to innovate new strategies and install the art of technology that will make life easy for customers and themselves. It was mentioned also that CustomerRelationship Management Service is a marketing strategy that ensures the acquisition and retention of most profitable customers using the most effective method. The aim of this paper was to examine if relationshipmarketing practices as a new philosophy has been rightly adopted in the insurance industry. The study is based on the information gathered and collected from both primary and secondary sources. The sample for the study was made from selected insurance companies and their customers in Lagos Metropolis. Data analysis for the study was done using frequencies, percentage, and Z-score. Findings of the study revealed that relationshipmarketing practices have been playing a dominant role in improving the performance of insurance and increasing customers’ satisfaction through service quality. Therefore, the continued existence of any insurance will depend on its ability to maintain good relationship with customers and provision of quality service
Today, the subject “preserving and fostering customers’ loyalty” is strategic issue for the firms attempt to preserve and develop their competing position in markets and they spend much costs to understand this concept and to achieve applied solutions to reinforce it; because by increasing competition and getting close to qualitative and quantitative services which are in optional field of customers, providing services which can attract customers and make them permanent customer of organization services, is a vital (Gronoos, 2007). Creating loyalty in customer is a concept that is considered than before in today’s businesses, for loyal customers became the main component of making success. Loyal customers buy more and usually are considered as a suitable tool for advertizing. Consequently, today’s organizations are trying to identify and manage methods and patterns that are effective on creating loyalty. On the other side, due to this fact that customers expectations are growing, organizations had to provide customers expectations, beyond satisfying the basic needs and focus their attention to create loyalty through long-term, bilateral and profitable relationship for both sides (Dick & Basu, 1994).
However, relationshipmarketing has also brought a change to the practice of personal selling and sales management as a result of the increased attention on long-term, buyer- seller relationships (Biong and Selnes 1996; Wotruba 1996; McDonald, Millman and Rogers 1997; Weitz and Bradford 1999). The salesperson’s role is changing to that of a relationship manager (Weitz and Bradford 1999). Many organisations are making significant investment in, for example, key account management programmes, in order to retain customers by building long-term relationships; the prime orchestrators for this process are the salespeople and key account managers. Managers are keen to understand the roles, tasks, skills and attitudes required of relationship managers in order that they can successfully implement and maintain a long-term relationship-building strategy and to identify howrelationship managers can be more effective in their jobs. However, some fact-finding interviews revealed that while managers intuitively understand that this is a fundamental strategy for their organisations, they have little or no knowledge of
Wilson et al. (2002) emphasise that project management teams need to monitor and control CRM implementation, in order to ensure flexibility and adjustments to unexpected changes. Hence, an agreement before the start of the project as to the distribution of milestones could facilitate the monitoring and control process. However, because of the complex nature of CRM projects, project managers may face difficulties in monitoring and adjusting project plans. Therefore, a CRM project plan needs to embrace cultural change issues within the project’s scope, and to design for flexibility (Wilson et al., ibid). Researchers suggest that organisations with a cross-functional team assembled from different departments react more rapidly and constructively to changes than mono-functional teams (Payne, 2006). This is because a cross- functional team is able more effectively to communicate across IT and marketing departments. This results in maintaining employee team commitment to the success of a CRM project which, in turn, may lead to a better effective customised project that meets users’ requirements. Such good communication management can increase the success rate of CRM projects, as it would enhance stakeholder understanding of the project, thus obtaining their support and gaining their commitment to deliver the CRM project's results (Man et al., 2006).
Kotler’s model begins with the identification of suspects, individuals or groups who are potential customers of the organization. The climb up the ladder begins when suspects give some implication that they are likely to buy the goods or services on offer, and thus they become prospects. Furthermore, there is a distinction between ‘first time’ and ‘repeat customer’. Thus, with repeat purchase, the customer has the experience to continue the relationship. At this point, the relational marketer seeks to shift from the traditional marketer, whose interest is to close a single sale. Here, the primary task of the relational marketer is to become more skillful at moving customers to higher stages of the relationship building, with each stage representing an improvement in the company’s relationship with the customers. Kotler model suggests that the company is seeking for ways to transform repeat customers into ‘clients.’ The clients refer to the customers with a superior status and some form of psychological attraction or bond between the parties. The further climb to the status of “advocates” means that the customer shifted from being responsive to the firm to becomr actively involved in promoting the firm through word-of-mouth recommendation. ‘Members’ refers to customers with a greater affinity to the organization. The highest stage of relationship building is the partnership level, as the customers become partners of the organization value-creation process.
High service quality is regarded as a key to succeed in competitive service markets. Many researches have showed that service quality perceived by customers are will directly influence customers’ satisfaction, as well as their trust in the service firm (Parasuraman , Zeithaml and Berry, 1988; Aydin and Özer, 2005; Ismail et al., 2006; etc.). Customers might be satisfied when a firm provides better services than their pre-purchase expectations. Customer trusts also emerge when customers perceive positive service quality from a firm, and believe the service firm would bring preferable outcomes for them. Liu, Sudharshan, and Hamer (2000), found out that delivering more effective service quality than others is one of the ways that a firm can be successful in achieving in today’s business environment. Offering a high quality service is considered to be a visible way to create customers trust and satisfaction, as well as obtaining competitive advantages and building a long-term relationship with customers. This conclusion is based on strong evidence in the literature of a relationship between service quality and customer satisfaction
The Balanced Score Card (BSC) is a concept that was proposed by Kaplan and Norton (1996). The recognition of the balance scorecard as a performance measurement tool for marketing activities was highlighted in various studies (Neely, 1998; Nagar and Rajan, 2005; Kraeuter et al., 2007). The fundamental plan of the BSC is that organisation builds its measurements around identified key activities such that it incorporates a relationship between cause and effect variables. It identifies and measures organizational performance on key parameters related to (a) learning and growth perspective, (b) internal perspective (c) customer perspective, and (d) financial perspective (Kaplan and Norton, 1996). The generic framework of the BSC makes it flexible and has enabled many researchers to modify the BSC model and recommending enhancement of the method. Nagar and Rajan (2005) suggested a method called ‘Process-based view of CRM’ which highlights the use of the reduce-form of the BSC concept to evaluate the bundling potentials of CRM system in order to identify cause and effect relationships. In another study, Kraeuter et al (2007) suggested the use of benchmarking and the BSC to emphasize the cause and effect relationship of a CRM system. Kim et al (2003) suggested a model for measuring the effectiveness of CRM using the BSC. They substituted the traditional four view point by other perspectives that reflect a customer- centric approach in CRM measurement. The dimensions included in the model proposed by these authors are 1) Customer knowledge, 2) Customer interaction, 3) Customer value, and 4) Customer satisfaction. Customer Knowledge is the measure of the quality of customer data, Customer Interaction is the measure of the internal processes to engage customers, Customer Value is the measure of the monetary gains from customers and Customer Satisfaction is the measure of satisfaction level attained organisation's offerings. This framework covers the whole effective metrics on CRM performance, i.e. it covers the qualitative, operative and financial purpose of adopting a CRM. The objective of this paper is to investigate the practices of measuring the effectiveness of CRM in the IT service firms. Another objective is to find out the existing issues companies encounter during the measurement of their CRM performance and the cause.
It is also concluded that by minimizing customer’s defections up to 5% can double the profits. Knowledgeable and informed customers are very conscious of service quality and products availability in the market which led to high competition emerging in the banking sectors, therefore to make customers satisfied and loyal, bank needs to offer better and unique services (Parasuraman et al., 1997; Spreng and Mackenzie, 1996; Jamal and Nasser, 2002; Arasli et al., 2005; Othman and owen, 2002). (Cronin et al., 2000 and Wong and Sohal, 2003), suggested that if banks are offering better and updated service quality has a direct impact on the behavioural aspects. (Rust and Williams, 1994), focused on customer satisfaction results in frequent and greater purchase intensions. There is a positive relation between customer satisfaction and customer loyalty. (Sudin et al., 1994), concluded that fast, effective and efficient services, transactional speed, bank reputation and brand image in the market is an important influential factor while selecting banks by customers. (Levesque and Mc Dougall, 1996), stated that customer satisfaction and retention are the most important aspects related to retail banks. (Bloemer et al., 1998), underpinned theoretical about image, perceived quality and satisfaction which leads to loyalty in the banking industry. (Armstrong & Seng, 2000), studied and analyzed that the
A specific segment of cruise customers, (approximately 2000) were selected for the trial, and customer specific letters and cruise literature were sent to each one. Owing to the existing structure of the business, responses to the trial were not collated centrally and consequently specific figures for the response rate were not obtained. A formative indication from the staff associated with the branches used in the trial indicated that there was a higher response rate than the normal mass marketing mail shot. Royal Bank found that effective segmentation of customers generated a response rate of 30%, compared to 3% for the banking industry [Laudon, Laudon 2004]. One unexpected benefit noted was that a saving in postage costs of £10,000 was made when the CRM trial postage costs were compared against the normal mass mail-shot costs.
Moreover, RQ has been described as a higher order construct while trust and commitment are two key supporting constructs. (Hewett et al., 2002; Hibbard et al., 2001). ‘Trust’ is fundamental to relationship building (Wilson, 1995). Trust results from keeping promises, among other factors, and enhances RQ (Ndubisi and Chan, 2005). The literature provides many definitions of trust most of which include a belief that the exchange partner will act in the best interests of the other partner (Ulaga and Eggert, 2006). In a business-to-business relationship, customers attempt to reduce perceived risk by selecting suppliers seen as capable of performing reliably and demonstrating their interest in buyers’ well being (Ulaga and Eggert, 2006). Chen et al. (2008) identified that the outcome of RQ in the services industry in China is trust in, and satisfaction with, the service provider leading to positive behavioural outcomes, such as re-patronage and positive word-of-month recommendation. That study confirmed that trust had a stronger impact on both re-patronage and word-of-month than did satisfaction. Finally, Crosby et al. (1990) pointed out that a customer’s trust in a salesperson is one of the main prerequisites for relationship quality and a successful long-term relationship (Bejou et al., 1996).
This chapter describes the assessment techniques used to address the outlined objectives of this study. The research, which was primarily empirical in nature, boosted the analysis of 10 case studies which were randomly selected among South African organisations that have been using Facebook as a tool for SCRM for five years or longer. The case studies were analysed according to general information, membership, user generated content, and an overall activity summary. In order to provide additional insight into the research question, two survey questionnaires were conducted. This took the form of, firstly, social media users who subscribe to an organisation‘s Facebook page and, secondly, a survey was conducted among the 10 social organisations that featured as the core sample of the qualitative content analysis.
Social media marketing has not only changed the way how business organization communicate with their customers but it has a tremendous impact on the way how customers interact with the business organizations and with other customers. This trend has forced businesses to adopt social media into their marketing strategies (Tuten & Angermeier, 2013). As the traditional marketing is being redefined, the focus has shifted to relationship based marketing, co-creation and value propensity(Gronroos, 1994); (Prahalad & Ramaswamy, 2004); (Gronroos & Ravald, 2011). Delivering value through effectivecustomerrelationship is considered as a source of competitive advantage (Woodruff, 1997). As a new tool in relationshipmarketing, the strength of social media in personal connections and content relevance presents a viable opportunity for long-term relationship building through engagement (Drury, 2008). Social media marketingcommunication improves customerequitydriversbystrengtheningcustomerrelationship(Kim & Ko, 2012). Social media marketing provides an effective channel for building relationships and customer engagement through crowdsourcing, cocreation and collaboration; a function that is mostly lacking in