Difference between transactional marketing and relationship marketing Marketing essay
Relationship marketing is the way companies build lasting customer relationships. The goal is to build a strong, emotional bond with customers and improve the customer experience. By investing in strong customer relationships, companies can achieve concrete results by increasing the number of loyal customers. Transactional marketing is a traditional marketing strategy and is often used by companies that deal with generic product lines or services. It focuses primarily on individual transactions and objectives. In the years in which the concept of relationship marketing emerged, Gronroos 1994 made a comparison between transaction marketing and relationship marketing, as illustrated in. 3. High Competition: Transactional marketing is a commonly used strategy, which leads to increased competition. Many companies compete for the attention of the same customer base. In such situations, companies may engage in price wars, which reduce profit margins and make it difficult to differentiate themselves in the market. 4.What is transactional marketing? Transactional marketing is about selling as many products as possible to as many people as possible. The goal of transactional marketing is to maximize sales by continually attracting new customers, rather than encouraging repeat purchases from the same customer as in a relationship. Transactional marketing prioritizes product features and pricing, while relationship marketing prioritizes customer satisfaction and personalized experiences. Transactional marketing suits standardized, low-cost products, while relationship marketing is more effective for companies with customizable offers or services; The purpose of this study is to investigate the relationship between services marketing mix SMM, 7Ps and business performance through relationship marketing RM in Jordan's services. Transactional marketing focuses on the purchasing act, while relationship marketing focuses on the long-term customer experience. However, both approaches can be combined to maximize results. In this context, using a chatbot in combination with marketing automation can provide significant benefits in terms of,