Question One: Promoting Customer Relationships
For every business, customers are the most valuable assets. They determine the fall or rise of the firm. In my research, I found out that if existing and potential customers were directly involved in the contribution of ideas to the enterprise, most of these operating companies would earn as twice their current profits. Customers have a commercial value in business. Therefore, building a strong relationship with clients by considering their marketing philosophies is crucial. Therefore, my aim in this research paper is to discuss the various ways in which the bond between the business and its consumers can be enhanced.
Marketing is one of the primary ways in which a business-customer relationship can be strengthened. It helps to release the potential that is usually untapped to customers. Marketing in business involves aspects such as promotion, distribution, advertising and selling of goods and services to customers. Through this process, there is an association between existing and potential customers are created through directly inquiring to potential and existing customers about the products produced by the business (Ward 14). This relationship helps in creating awareness to the customers on the types, quality, and value of the goods generated by the firm. This examination does not only seek to revise the facts, principles, and theories of the company but also brings the customers closer to their products' producers. Everyone should be involved in marketing from the board of management to the junior officers so as to create an effective rapport and a friendly business environment with customers.
Another way in which relationship goals with their clients can be achieved is through building brands directly with their customers. The reason behind this is to expand the business's market. Brand loyalty however crucial it might be in business, may not help much in enhancing the relationship with customers. An example of such a case is the Coco-cola and Heinz companies. Despite these firms been among the leading enterprises in the world and been guaranteed as loyalty brands by their customers, the customers are not directly involved in their advertising (Armstrong 14).
Building brands directly are not well established in the world, but it is growing. With it, potential and existing customers are well informed about the market structures, and the businesses are well informed about their clients. Therefore, with this awareness, there will be an increase in demand for the industry's products exceeding the supply, this will result to raise of the price products and therefore increase in the corporate profitability. Consequently, the building of brands directly with the customers has the effects of the creation of a loyalty brand by customers, growth profitability and customers enjoying advertising through the promotion of the products (Pearson 13).
Question Two: Social Media Marketing
Social media marketing is in the spotlight for its fast growth. Entrepreneurs should take advantages of it while it lasts. However, some of the business people see social media marketing as just a jargon without significant impact on the sale of the product. They argue that since its reputation developed so quickly, the marketing interests will not last long and they are passing. However, this is different according to the research done by two online bodies The Social Media Research and The Hubspot. The Hubspot revealed that 92% of entrepreneurs operating online businesses showed that the platform is critical to them. For Social Media Research, their report showed that 97% of companies are taking their business online. Below is a discussion of how social media helps in marketing business products.
TL Totten, 12 explains that social media marketing helps in increasing the recognition of a company brand. With technology growth and an increase in the number of people using online platforms such as blogs, Twitter, Facebook and other social media platform, there are many businesses opportunities online. This means that when an online marketer posts a product online, it will be visible to a lot of potential customers. Social media is an opportunity for many entrepreneurs to syndicate the details of their business and in the recent increase the visibility and sales of the product. Social media will also attract new customers.
The loyalty of the product by customers is increased. Customers convert every product post made by marketers on social media. This will automatically create a business following online. Consequently enabling many customers to access the products, view, and react on the same (Tsimonis and Sergios 326). This reaction by online customers towards a marketer's products improves the relationship and interaction between the business and the customers.
Social media also helps to increase the conversion of the client rates towards the online products. At any point on social media when there is a constant interaction between a marketer of a product and the online customers, the sales of the products increases since the brands become more humanized. This communication helps the marketers to respond to various inquiries raised by the consumers may be on the price, type and the quality of the products. Social media marketing is also an effective platform for customers to get feedback on their products from their consumers (Tsimonis and Sergios 330).
Pearson, Stewart. Building brands directly: creating business value from customer relationships. Springer, 2016.
Armstrong, Gary. Principles of marketing. Pearson Australia, 2014.
Ward, John. Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer, 2016.
Tsimonis, Georgios, and Sergios Dimitriadis. "Brand strategies in social media." Marketing Intelligence & Planning 32.3 (2014): 328-344.
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