Dimensions of relationship marketing in business-to-business financial services
University of Stellenbosch
The marketing environment has changed considerably over the past few decades and firms are increasingly attempting to build relationships with their customers to shield off competitors’ offerings. Although relationship marketing (RM) had been practised in the 1800s, it was the re-emergence of RM at the beginning of the 1990s that triggered a renewed focus on the part of both marketing practitioners and marketing academics on the potential value of relationships with customers (Sheth & Parvatiyar 1995). Modern-day firms realise the value of long-term relationships with customers, and considerable evidence exists that validates the profit impact emanating from strong relationships (Barry et al. 2008). RM is essentially about building relationships at every point of interaction with the customer, with the intention to create various benefits for both the firm and the customer.