Profitable Customer Connection Building

It is clear that when customer understands that a specific product or service provides value beyond their expectations. Likewise, it means that the consumers are loyal to the company when purchasing products from a single supplier frequently and often willing to pay much more for the product than they would for a competitive product. Customer loyalty and customer satisfaction are valuable ties (Claycomb & Martin, 2013). In the company's marketing department, customer relationship is very vital because it is an expensive company to gain new customers rather than maintaining existing. Keeping the customers makes them spend additional dollars in the service or products of the company. Moreover, the clients who are satisfied can develop to advocates of the business and spread the positive message to other potential customers outside the firm. This paper, therefore, intends to focus on the approaches involved in building successful client connections for the better position of business in any given industry.
Targeting a Primary Customer
Defining a customer is an integral part of the marketing department of an organization. It is important to note that the most essential or primary customers are simply not the ones that generate most revenue to the company but are those that have the capacity to unbolt value in the business (Reinartz & Kumar, 2003). Defining a primary customer depends on the type of business. Major customer maybe the end user or the intermediaries, which form the basis of which resources of the organization are devoted. Targeting the primary customer for the firm involves assessing groups of customers such as profit potential, perspective, and capability of each. Targeting the client through perspective includes referring to the mission, culture, and folklore of the business. It is always revealed through the important events or people in the history of the company.
Target and choice of the customer must reflect on the perspective of the business because without doing so the company will not be in a position to leverage the creativity of its employees towards the service of the customer. Capabilities with the target customer consider the resources of the firm (Reinartz & Kumar, 2003). Some businesses succeed in technology while others will prosper in brand marketing and logistics. Capabilities are built over time, and business needs them to serve specific customers better than the others. The ability of a client to deliver profit is also significant regarding determining the target customer. Customers who are capable of paying the maximum premium for a given commodity or service should be the primary objective of the business.
Designing Product and Services around needs of target customer
When designing a product and service around the needs of a product, it is important to consider the use of the product or a service in a given marketplace. Usability of the product has a significant impact on the perception of the target customer towards the product. The business must also go ahead to discover the customer needs that are unmet to help in the creation of the product (Claycomb & Martin, 2013). Quite often, the customers will not be in a position to tell the business the type of the product or service they want. Moreover, if they can do so, then it is likely that it may still not lead to the creation of a successful product in the market. Conducting an extensive research and treating potential customers as the participants of the product development process is the simplest way to deal with product and services that revolve around the need and characteristics of the customers. It entails listening to what the potential customers have to say and observing what they do as well as what they use (Claycomb & Martin, 2013).
Determination of Product Prices about the Competitors
Ideal price for any given product is one that is acceptable to both the seller and the buyer. Before determining the rate of the market, it is important to know the size of the existing market as it helps in telling if there are enough customers to help in the establishment of the business. The business must embrace cost-pricing strategy, which involves setting the price of the product above the cost of production and the distribution of the product. Pricing the product with relation to competition is significant in responding to the prices of the competitors (Claycomb & Martin, 2013). Business can decide to price lower or higher above the price of the competitors to while putting into consideration the financial capability of the customers. To improve the relationship between the client and the company, the company can also decide to use price penetration strategy. Penetration strategy encourages the customers to try the product, and it helps the business to create awareness and gaining more customers due to the low prices that are associated with the approach.
Promoting the Products and Services
Promotion of a product requires the business to have a broad range of objectives such increasing the sales, acceptance of the new product among others. Using social media as a platform to promote the product is a direct marketing strategy at its best. Social media platforms such as Facebook, Twitter, Google+ have millions of users that visit such platforms on a daily basis. It is, therefore, easy for the business to get in touch with such people even to the personal level. It helps the company to reach the consumers in a way that is more relaxed. It is, therefore, important to create content that will be impressive to the potential clients in the social media such as the attractive website that is appealing to them. The content must be in a position to inform the readers about the sells of the business (Kumar, 2010). The business must also embrace a giveaway strategy that guarantees success for the firm. Giving away technique gets the clients engaged with the products. It is an excellent method to convince the target audience to purchase from the business and create a good relationship with the customers.
Where Consumers can get Product and services in the marketplace
Numerous strategies can help the customers to get the product and services on the market. The business will create an image or identity of the product about the position of other competitors in the market (Kumar, 2010). Considering the sustainability concerning competitive advantage of the product in addition to its important competition is the great approach to help the consumers suitably find the product on the market. By product having a sustainable advantage, it indicates that the product has some unique offering that the product of the competitors does not have hence the favourite choice to the consumers. Similarly, the products with functional positions are capable of offering benefits to the customers and appeals to the values of the consumers such as products that are environmentally friendly (Claycomb & Martin, 2013). Putting to use, the unique selling proposition tool helps in communication between the client and the business concerning the compelling offer that the company possesses.
Building valuable customer connection is not easy especially if the firm does not come up with a good strategy. The appropriate strategy for achieving the desired connections of customers concerning profitability must start by initially identifying the primary consumer that is capable of purchasing the product hence assisting in creating the value of the product (Claycomb & Martin, 2013). However, product consideration alone cannot lead to improved valuable customer connections without regulation of the prices of such products. The business must also try to do more business with fewer customers because it is always not true that having a large customer base will translate to the profitability of the firm. It, therefore, indicates the company must first investigate the possibility that the company could be better off serving a small customer base that is more profitable. Expansion of offers regarding coming up with new products and services is also one of the best ways to ensure successful customer connection is built. The strategy is only successful if expansion process of new offerings is properly executed. It is, therefore, clear that success of any business is only possible if profitable customer connection is tactically put in place. References
Kumar, V. (2010). Customer relationship management. John Wiley & Sons, Ltd.
Reinartz, W. J., & Kumar, V. (2003). The impact of customer relationship characteristics on profitable lifetime duration. Journal of Marketing, 67(1), 77-99.
Claycomb, C., & Martin, C. L. (2013). Building customer relationships: an inventory of service providers' objectives and practices. Journal of Services Marketing.

Deadline is approaching?

Wait no more. Let us write you an essay from scratch

Receive Paper In 3 Hours
Calculate the Price
275 words
First order 15%
Total Price:
$38.07 $38.07
Calculating ellipsis
Hire an expert
This discount is valid only for orders of new customer and with the total more than 25$
This sample could have been used by your fellow student... Get your own unique essay on any topic and submit it by the deadline.

Find Out the Cost of Your Paper

Get Price