Marketing Principle #3 All Competitors React  Managing Relationship-based Sustainable Competitive Advantage Agenda


Relationship Marketing Builds Customer Relational Equity



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MarketingStrategyChapter07-2.4

Relationship Marketing Builds Customer Relational Equity

  • Marketing Principle #3 focuses on building and maintaining barriers, or sustainable competitive advantages (SCA), to competitive attacks, based on the premise that competitors react continually to a firm’s success
  • Relationship equity refers to the aggregation of relational assets and liabilities, associated with the firm’s boundary-spanning employees and social networks linked to the offering or experience, that add to or subtract from the value provided by the firm’s offering
  • Relationships powerfully affect behavior; relational-based decision making is ingrained in people’s psyches
  • Strong affect on performance outcomes (meta-analysis of 20 years of data across 38,000 relationships)
    • WOM (r = .61, p < .01)
    • Loyalty (r = .52, p < .01)
    • Objective performance (r = .35, p < .01)

(Palmatier et al. 2006)

Many Trends are Increasing Effectiveness of RM Strategies

  • Shift to service economies
  • Increase in use of marketing channels
  • Aging population and shift of purchasing power
  • Increased global competition, “me too” offerings, and faster “product” commoditization
  • Firms look for additional sources of SCA and higher marketing ROI (advertising saturation)

(Fang, Palmatier, and Steenkamp 2007; Palmatier 2008)

Benefits from Relationship Equity

  • Relationship marketing efforts seek to improve relationship characteristics with an exchange partner and build relationship equity, in the hope of ultimately improved financial performance
  • RM activities do not affect financial performance directly
  • Instead, they help build relationship equity, which influences customer behaviors, which improves the seller’s financial outcomes
  • This chain of effects operates through four mechanisms:
    • Cooperative behaviors
    • Relational loyalty
    • Referrals or word of mouth (WOM)
    • Empathetic behaviors

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