Relationship management involves customer development. So that, customer development and relationship management have close relation with each other. The customer development process consists of the following steps:- Prospects: People who have interest in the product and ability to pay for it; they are likely to buy the product.
-First Time Customers: Prospects who buy a product for the first time. They can be defectors from other brands.
- Repeat Customers: First time customers who repeatedly buy the product. They experienced satisfaction with first time purchase.
-Clients: Repeat customers who are treated specially and knowledgeably by the organization. They are loyal and satisfied customers.
-Members: Clients who join membership programme to take advantage of benefits.
-Advocates: Members who enthusiastically recommend the organization and its products to others.
-Partners: Advocates and the organization work together activity for mutual benefits.
Relationship management aims to convert the prospects into partners. It is partnership marketing where organizations and customers work together to discover ways to build mutually satisfying relations.
Relationship management has been driven by technology, especially the web technology based on internet. Investment in time and money to build customer database is also important for relationship management.
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