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Relationship Marketing - Best Practice in the Banking Sector

Author

Listed:
  • Cătălina Chirica

    (Academy of Economic Studies, Bucharest, Romania)

Abstract

This paper aims to highlight best practice in relationship marketing because of adjusted companies’ strategies in a turbulent, unstable, and dynamic economic environment. By best practice, we understand specific marketing tools and strategies built upon real needs and heterogeneous consumer preferences, addressed directly in a relevant way, aiming at clients’ long-term retention. We should also take into consideration the highly competitive market, with rapid changes in purchase and consumption behavior, while the everincreasing degree of technology changes fundamentally not only the speed, but also the information content. Since past years we can talk about consumer behavior analysis based on multiple criteria, including the emotional or moral components, consumers’ expectations, and life style, as understanding such variables is the main pillar of relationship marketing. The main objectives rely upon building long-term relations, client retention, and loyalty. As part of marketing efforts, the communication component has an increasingly important role, approaching niches with tailored messages, inviting clients to open dialogue. Economic changes, extensive use of technology, migration towards online and optimization of communication channels opened the doors for digital era, when relationship marketing and client relationship management (CRM) represent not a merely working premise, but an essential ground. Best practice in relationship marketing proves that this cannot be applied in any way and at any time, as this paper highlights the main components of building and implementing such a system.

Suggested Citation

  • Cătălina Chirica, 2013. "Relationship Marketing - Best Practice in the Banking Sector," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(33), pages 288-300, February.
    • Handle: RePEc:aes:amfeco:v:15:y:2013:i:33:p:288-300
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    References listed on IDEAS

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    1. Claudia Gabriela Baicu & Olimpia State, 2012. "Banking Models Under the Impact of the Post-Crisis Organizational Changes Apt to Confer Sustainable Financial Stability - Romanian Experience," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 14(32), pages 436-450, June.
    2. Alina Filip & Laurentiu-Dan Anghel, 2009. "Customer Loyalty and its Determinants in a Banking Services Environment," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 11(26), pages 288-297, June.
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    Cited by:

    1. Ivana Marinovic Matovic, 2020. "Contemporary Models of Access to Customers in Serbian Banking Sector," Proceedings of the 16th International RAIS Conference, March 30-31, 2020 005imm, Research Association for Interdisciplinary Studies.
    2. Emmanuel Dumbu, 2013. "Relationship marketing in the banking sector of Zimbabwe: Re-engineering connection with the manufacturing Micro and Small Enterprises customers," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 1(1), pages 16-23.

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    More about this item

    Keywords

    Relationship marketing best practice; clients’ retention and loyalty; marketing mix; CRM;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M37 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Advertising

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