Title: Changing nature of customer relationships: strategies and initiatives to beat the competition
Authors: Pratap Chandra Mandal
Addresses: Indian Institute of Management, Mayurbhanj Complex, Nongthymmai, Shillong – 793014, East Khasi Hills District, Meghalaya, India
Abstract: Companies require developing and maintaining customer relationships to remain ahead in the competition. Companies should develop long-term relationships with profitable and loyal customers and even discourage unprofitable customers to continue remaining with them. Companies should develop interactive relationships which are mutually beneficial and acknowledge the growing importance of consumer-generated marketing and customer relationships in online marketing domains. They should be aware of consumer rights and respect those rights to win customer trust. Firms require developing customer preference programs to strengthen the bondage with their passionate and profitable customers and also to attract potential customers in a cost-effective manner. All such strategies will help companies to understand the changing nature of customer relationships, build long-term customer relationships, gain competitive advantage, and grow in the tough business environment.
Keywords: customer relationship; profitable customer; consumer-generated marketing; consumer rights; customer preference program; competition.
International Journal of Competitiveness, 2021 Vol.2 No.1, pp.1 - 16
Received: 27 Mar 2019
Accepted: 20 Oct 2019
Published online: 01 Jun 2021 *