walmart :: essays research papers

Relationship merchandising King Wal-Mart Still No. 1The economists are still sexual intercourse us how heavy(a) the U.S. economy is, but dont say anything about the bad economy to your local Wal-Mart greeter. His or her employer just witnessed revenues grow by 12 percent in 2002, to $246.5 billion. He or she will probably proudly let you do that Wal-Mart Stores Inc. was just ranked number one over againby Fortune magazine, leading the top 500 corporations for a second base year in a row. How do they do it? Sam Waltons 1992 watchword Made In America has all the details, but let me affectionateness up Wal-Mart knows relationship marketing. Rule No. 8 of "Sams Rules for Building A Business" holds the secret to this winning formula of success. He says, "Let them (your customer) know you appreciate them." So what has Wal-Mart done to show that they appreciate their customers? They use one-to-one relationship marketing tactics, executed by the famous Wal-Mart greete r. The Wal-Mart greeting was the pilot method used by the giant retailer to show customers that they are appreciated. A greeter at the door thanks customers for coming in, assists with a shopping cart, and provides a "goodbye thank you" upon departing the store. The friendly senior citizen togged up in the blue vest conveys warmth and personality to every node entering or exiting a Wal-Mart store. So why dont others adopt this unbiased marketing tactic? Some do. Meijer retail stores also use greeters numerous restaurants, hotels and other businesses do the same. But most dontbecause relationship marketing is non as simple as it seems. It takes a type of commitment antithetical than traditional marketing. Relationship Marketing Has 4 Key ComponentsIt has to be personalized. Personalization green goddess come in the form of a highly targeted direct place piece, a phone call or email. Obviously the handshake and a smile illustrated by Wal-Mart greeters also work well i n personalizing the relationship. It has to be targeted. Wal-Mart invests money in maintaining relationships with existing customers. By targeting this group, Wal-Mart establishes long-term relationships with their most patriotic shoppers. Targeting customers through programs that reward loyalty can result in monolithic returns over the life of the customer. It has to be meaningful. Your marketing message has to connect in an emotional way to establish a lasting relationship. If the Wal-Mart greeter did non look you in the eye while saying "hello," the greeting would not have a lasting impact.