Relationship building strategy
All larger companies have relationship building departments. The functions of relationship building department are to keep a close watch on their customers’ attitudes, disseminate information and communications to create a favorable image for the company. Public relations managers even advise top management to introduce good programs and discard bad ones before any damage is done.
Nowadays many companies who are manufacturing products employ relationship building strategy to augment both company name and product promotion. This specific function is used to assist the marketing department. It has replaced the older function that was called as publicity which basically used to place favorable write-ups in news on television or newspapers and radio to promote products, services and so on.
Relationship building strategy
plays an important role by providing help during new products launches. It could also be of immense assistance if a product or service required repositioning, especially an established products. Creating interest and contributing to the growth of a specific product category. Identifying unique or special target groups and involve the company with its activities that results in goodwill. Deal with problems and overcome crises the company could face from time to time. Especially when there is a huge public outcry, ensure the name, status and image of the company is always perceived favorably by the public at large and ensure this reflects on its products and services as well.
If all these activities are performed well, relationship building strategy can change, after or sway public awareness at a very low cost, because the company does not buy time or space. Its only expense is for personnel relations developed an appealing story and the media splashes it across its pages, it could be worth millions of dollars. Some pundits have been known to say the impact of editorial write-ups is five times more effective than advertising.
Essential factors influencing relationship building strategy
How relationship building strategy needs to be used is dependent on the
objectives. Once this is decided, relationship building activities can be meticulously planned and executed. Some of the essential techniques are:
1. Ensure carefully planned, designed and written communications brochures, newsletters, annual reports and other materials such a CDs etc., reach the target audience and impact them.
2. Introduce new products at press conferences or news, trade expositions, exhibitions or contests that reach the targeted consumer segment.
3. Ensure the company receives extensive favorable press coverage in daily newspapers and satisfying product reports in specialist magazines.
4. Companies can extract high values by sponsoring sports, cultural festivity and many other worthy causes.
5. They can use interesting speeches at company or trade meetings and skillfully conduct question and answer questions at press reports.
6. Donations to charitable causes bring goodwill.
7. The use of easily identifiable images such as an emblem, logotypes, business cards staff uniforms etc give companies a separate identity.
8. The act of building excellent relationship with the media, getting favorable mention of company and products in
. Possess the ability to handle any bad publicity received by the company or its products or services.
Therefore, you should develop close relationships with members responsible for legislation and other top officials in the government. This enables them to have favorable legislation passed and unfavorable legislation fail.
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Responses to "Relationship building strategy"
29 Jul 2014 Member Level:
It is always better to retain the customer sand maintain a good relationship with them than finding new customers every other day. Having a good relationship with the customers helps to gain their loyalty and trust towards the firm. A good customer in hand is worth two in the bush. A satisfied customer will definitely spread good comments about the firm to everyone they know. Thus it is a kind of advertisement to the firm which we call word of the mouth advertisement. Thus by satisfying a customer we get a long time customer plus a lot of additional customers on his behalf. Now companies know the importance of maintaining a long term relationship with the customers, hence customer relationship department has been established in many MNCs.
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