Developing and Managing YourMoshas Key Marketing Relationships - Essay Example

An evaluation of the extent to which digital and interactive marketing concepts and techniques could contribute to developing and managing YourMosha’s key marketing relationships.” Index 1. Executive Summary 2. Introduction 3. Usefulness of marketing relationships 4. Yourmosha strategies 5. Conclusions 6. Recommendations 7. References Executive Summary The present assessment is an evaluative study for the organization Yourmosha. YourMosha is a company, which is up till now, depends on traditional marketing and willing to change its marketing strategy by adopting digital and interactive techniques and concepts. YourMosha willing to market it’s special software using Web & Internet options. The present report starts with how Internet and web-based business has changed the rule of the game and customer’s perspectives. Internet usefulness, cost effectiveness and enormous reach to population with no time constraints is the basic features and advantages of web-based business. After going through its usefulness, we will evaluate how this technique will be beneficial for YourMosha marketing strategies and to develop long-term relationship in terms of developing customer’s community and other stakeholder’s. Finally the report recommends some steps, which YourMosha has to adopt so that they could achieve the desired results. Introduction:- Trends that transform the business world are not new. The technological revolution of the late nineteenth and early twentieth centuries is a classic example. During this period, the world economy underwent a turbulent process of shifting labor & capital from a slow growth agricultural economy to one dominated by new technologies, such as the internal combustion engine and electrification. More recently during 1970’s and 1980’s the most significant trends included increasing global competition greater demand for quality and process improvement, shorter product life cycles and the need for a more flexible work force. In 1990’s the most impact trend was the rapid emergence of the Internet. With 50 million people connected in only 5 years, the Internet has become the most rapidly accepted communications medium ever. Initially, the Internet’s potential seemed limited to its function as a date network but that is no longer the case. The Internet is a sales and distribution channel and is facilitating e- commerce, the ability to do business over the web. It is further enabling the integration of previously isolated information and music industry components. This integration of data, content, storage, networks, business applications and consumer devices is facilitating the convergence of consumer electronics, television, publishing, telecommunications and computer business sectors. New forms of value are being created. Technology is shifting power to buyers e-commerce is changing the channels through which consumers and business have traditionally bought and sold goods and services. It provides sellers with access to a global audience, the ability to operate with minimal infrastructure, reduced overhead and greater economics of scale; consumers with a broad selection, convenience and competitive pricing. Consequently, a growing number of consumers are embracing the web, buying products and services etc. Looking at vast facilities and advantages provided by doing business through web, YourMosha has to formulate a well-planned strategy and to configure a website of company so that its products and facilities could be sold/downloaded. YourMosha have a new product/software to market, which have special features as well as cost effective through web marketing. It also has other products nearly 20 bands music, which is controlled by YourMosha, and it has the potential to sell any other bands music. So as an entrepreneur Phileas P. Gage could adopt web-based business using Internet through applying various digital and interactive marketing techniques. Phileas could use various digital technologies to improve its product and display various features of its product on its exclusive web site, which he has to configure first. The technique will be useful for the organization in developing customer relationship and to broaden their reaching ability. Usefulness of Marketing Relationships: - Today, customers are incharge. It is easier than ever for customers to comparison shop and with a click of the mouse, to switch companies. As a result, customer relationships have become a company’s most values asset. These relationships are worth more than company’s products, stores, factories, web addresses and even employees. Every company’s strategy should address how to find and retain the most profitable customers possible. Today’s customers make the rules; if organizations are to survive; they must do business in the way the customer wants. However it is easier said then done. Most companies consider themselves customer focused but in reality, they are product oriented/centric. Meanwhile technology especially Internet/web has increased customer expectations, which have raised the bar on service levels. If companies fail to leap over this hurdle of ever-rising service standards, they are out of the game. Basically YourMosha is a company which is willing to provide a different kind of music software through creating own website and downloading facilities. This service is mainly customer oriented. So creating a customer focused company needs a customer relationship management strategy, which must include process reengineering, organizational change, incentive program change and a totally revamped corporate culture. Customer dissatisfaction with service is widespread and the expectations of customers interacting with companies are higher than ever. All customers know is that they want excellent service and want it now. The timely delivery of excellent service is all about customer relationship management (CRM). CRM, a combination of business process and technology, seeks to understand a company’s customers from a multifaceted perspective. CRM counted be helpful to deal with the increased competition, globalization the growing cost of customer acquisition and high customer turnover. Studies show that effective management of customer relationship is a source of competitive differentiation. When competition is fierce, the best companies go back to basics: creating value for the customer. Today, any advantage based on a company’s product or service innovation is short-lived; instead, continuously creating new value propositions for customers is key to survival in an increasing dynamic market, using technology, in the form of web will definitely acts as catalyst and provide companies direct and personalized touch with customers and established channels of distribution. CRM has more visible than ever before, moving from a sales productivity tools to a technology enabled e- relationship strategy. Companies are racing to use technology to tie themselves more closely to their customers and web based digital and interactive technology is providing these facilities to its customers. Basically the CRM framework includes, using existing relationship to grow revenue, using integrated information for excellent service and introducing consistent, replicable channel processes and procedures (Kalakota, and Robinson, 2001). It is an integration framework and a business strategy, not a product. Relationship actions have an effect on four analytical levels: namely, in relationship, on the relationship, on the relationship portfolio and within the network. Thus decisions made in one relationship may have in addition to intended and foreseen effects, unforeseen and unintended effects. In the era, of information technology revolution structural embedded ness diffuses information throughout the system and facilitates macro culture, which is common value, norms, beliefs etc. across different culture in various geographical regions. In view of the ever changing needs of the customers the relationship largely depends on transpiring and direct communication between various parties i.e., customer, company and suppliers. Today’s business is a chain and if any part of the chain dissatisfied or weak, it hinders the whole process of relationship management. Due to direct linkage of customer, company and others, it develops a bonding. Functional bonds are the multiplicity of economic, performance or instrumental ties or linkages that serve to promote continuity in relationship. These bonds are created by the economic strategic, technological (knowledge of information) and instrumental (product or service related) benefits derived by the exchange parties. Use of technology as a form of web, emails etc. positively contributed in improving relationship and greater transparency, trust, information exchange etc. Relationship management facilities exchange by removing barriers of risk and uncertainty, signaling commitment to making a relationship work and enhancing norms of reciprocity and fair exchange. Effective relationship management is likely to develop social ties, cooperation, conflict resolution etc. Every organization, which uses the web, and digital & interactive techniques must have to develop community. Organization has to nurture, develop and grow its community, organization has to encourage direct communication through various online communicating tools, among its community members and this proved to be a tool for trust development among community members. Technology of web proved to be very useful when used as to improve marketing relationship. It provides individual communication with customers and also track on feedbacks and reviews from customers. It’s a two-way process to marketing relationship build a foundation for loyalty. This loyalty keeps customers with the organization. Building relationship and finding loyal customers build higher-level bonds and deepen the relationship (Zeithamland and Bitner, 2003; Berry and Prasuraman, 1991). The direct communication with the help of web and through emails, customers feel themselves as special individuals and this results stronger marketing relationship with customers (Jackson, 1985). Researches by Nicole Coviello, Roderick Brodie and Hugh Munro (1995) suggest that there are in fact four types of marketing, transactional marketing and three categories of what they call relational marketing i.e. database marketing, interaction marketing and network marketing (Nicole et al., 1995). Presently technology based on web facilities network marketing. This type of marketing occurs primarily in a business-to-business context, where firms commit resources to develop positions in a network of relationships with customers, distributors, suppliers the media, consultants, trade associations, government agencies, competitors and even the customers of their customers (Lovelock and Wirtz, 2004). Four type of marketing relationship are not necessarily mutually exclusive. Evert Gummesson (1999) advocated total relationship marketing described as “Marketing based on relationships, networks and interaction, recognizing that marketing is embedded in the total management of the networks of the selling organization, the market and society. It is directed to long term, a win-win relationship with individuals customers, and value is jointly created between the parties involved”. So it has been quite evident that relationship marketing plays an all-important role in developing business on web. On the basis of business relationship marketing YourMosha has to develop its strategies using digital and interactive techniques and concept so that it could achieve sustainable growth and win-win situation for the organization’s all stakeholders. Yourmosha strategies:- YourMosha has to first to plan the whole marketing strategies, which is uptill now very traditional, identify the needs to revise the present marketing relationship strategy. In today’s competitive environment, customers are realizing that in today’s market place, they have wide range of selection. So YourMosha have to device a strategy to acquire enhance and retaining the customers. Each phase supports increased intimacy and understanding between YourMosha and its customers. They have to device a marketing strategy in which to create their own website and focus oil optimizing the site with best popular search engines, Newsletters, Paper click ads, link exchanging and web banners. YourMosha website should inspire confidence to the visitors. They have to target the right audience, create business website looks professional, smooth and clear website navigation. Provide real time customer service, respond promptly to email of customers, concentrate on sales, give customers what they want and display all the information about the YourMosha. YourMosha has to device strategies for successful customer acquisition and this needs an instantaneous response by intricate, well-planned and finely tuned strategy for sales and service. Potential customers must immediately called on when they surf website. A well executed sales and service strategy eases first date filters and creates a smooth transition from prospect to customer. By applying digital and interactive technologies customers offered hassle free transactions. Websites and Internet promotion offers YourMosha cost effective ways to enhance their products or service distribution networks. It reduces faster product access, reduced budget and storage cost. By using digital and interactive techniques YourMosha product and services reach out to million of persons. Website acts as virtual storefronts, allowing business to stay open 24/7. Internet promotion gives the business of YourMosha the greater visibility thereby creating more opportunities for increasing its customers at relatively low cost. It reaches millions of customers without costly infrastructure and marketing costs. E-mails make business communications instant whether customer is across the street or globe. It makes it easier for customers of YourMosha to maintain personalized contact. The effective online strategy can therefore turn a small web business into virtual cost saver and income generating machine. Online business for YourMosha will effectively increases brand awareness for relatively new products while strengthening customer relationships with shorter time frame. Internet promotion for YourMosha products provides an advantage of being timeless and enduring. By applying web promotions YourMosha promotion success is measurable. It is real-time and evaluates the effectiveness of a promotion campaign. Online promotion for YourMosha provide time saving and money saving, Whether 10 or 10,000 visitors visit the site, the increased cost is marginal whilst the saving can be immense. By applying digital and interactive technology, the existing relationship with customers could be enhancing. Internet provides real-time interaction with existing customers and query handling as well as personalized communication and problem solving could enhance the customer relationship with YourMosha costumers. By using technology YourMosha can offer superior services by accessing customers information more effectively. Retaining customers requires as complete an understanding of the needs of the customer as possible and determination to stay in relationship regardless of its ups and downs. YourMosha has to adopt new customer relationship management architecture, which focuses on customers needs. Measurements and feedbacks from the customer drive improvement in new CRM process. The customer’s viewpoint becomes integral part of sales and services process allowing it to change and adopt with the customer’s needs. YourMosha has to adopt customer-centric approach by integrating all the activities associated with identifying, attracting and retaining customers. The integrated approach manages these activities as process cutting across all functional departments. By doing so, YourMosha create end-to-end, cross-functional communication and performance accountability for all CRM related activities. So by applying CRM infrastructure in YourMosha, it creates successful customer relationship. Conclusions:- In a scenario where large number of web based companies are working YourMosha has to plan and launch a professional looking website so that it gets proper attention while surfing on Internet. First it has to launch a specialized heavy rock music website with featuring its exclusiveness and value proposition. YourMosha have controlled the music of 20 bands and have potential to sell virtually and bands music, so it has to be specific and special website for Heavy rock band music download. Initially YourMosha has to create specific and special community of buyers and nurture them and their needs properly. For any sustainable business committed and loyal customers. To retain customers YourMosha has to offer value to them through cost effectiveness and proper services. Switching from traditional business to the business based on digital and interactive technology needs proper planning and implementation. YourMosha has to formulate such a policy that their customers problems could be sorted out immediately and personalized services has to be provided to the customers to retain them. They have to rely on special features of the products and their best services and look like exclusive website for lowers of Hard Rock band. Recommendations:- YourMosha, which is up till now selling record labels and digitally recorded Rockallika tracks. It controls 15 other heavy Rock bands music. But due to development in software techniques company want to use it and willing to create a web based business of exclusive software as well as to sell its heavy rock band music to its customers at a cheaper price. So it has appointed a consultant to create a website and propose line of action by which company could get success. To get successful in web based Business Company has to analyze its strategies and follow the recommended path. 1. Evaluate the environment and competitors if any and go through their model of business. 2. After going through analyze the customers who they are what they need, what are their expectations etc? 3. Appoint consultants who have technical competencies and experience to execute such type of business plan. 4. Use latest technologies to develop the system. 5. Develop professional looking website having all the information about products offered and other product lines company is offering or will offer in near future. This website must be connected with popular search engines in present case popular music channels & search engines so that maximum number of persons visit it. 6. Develop an inbuilt system, which immediately inform the company and store data for future use so that company could approach perspective customer. Web, telephone, fax, emails, interactive voice response systems and real time communication with customers enhance the company’s value and business. 7. Develop a system with personal marketing relationship and fulfilling customer’s needs request, queries, pricing, billing and all literature about products offered must be responded in time. 8. Develop a customer support system having capabilities to assist customers in resolving their product or process related problems. 9. Develop a help-desk applications automate the management and resolution of product support calls and improve the efficiency and effectiveness of the help desk process. 10. To develop customer intimacy, customer relationship management to be effectively integrating customer content, customer contact information, end-to-end business process, the extended enterprise, or partners and system. References: 1. Coviello, Nicole E., Brodie, Roderick J. and Munro, Hugh J. (1995). “Understanding Contemporary Marketing: Development of a classification scheme”, Journal of Marketing Management 13, no. 6: 501-522. 2. Gummesson, Evert (1994) “Total Relationship Marketing,” Oxford England: Butterworth-Heinemann, 45. 3. Zeithaml, Valarie A. and Bitner, Mary Jo (2003), “Services Marketing”, 3rd ed. New York, McGraw Hill, 175. 4. Berry, Leonard L. and Prasuraman, A. (1991), “Three Levels of Relationship Marketing”, in marketing services- competing through quality, New York, The Free Press, 136-142. 5. Jackson, Barbara Bund (1985) “Build Relationship That Last,” Harvard Business Review, Nov.-Dec.: 120-128. 6. Lovelock, C., and Wirtz, J. (2004), “Service Marketing, People, Technology, Strategy,” 5th ed. Pearson Education, Inc. 7. Kalakota, R. and Robinson, M. (2001), “e-Business 2.0 roadmap for success,” Pearson Education, Inc. Read More