Summary
This chapter has examined two key market domains – referral
markets and influence markets. We have described how both these
market domains can impact significantly on the organization.
Referral markets are a critical means of generating referrals of
business and increasing customer revenues. Further, customer refer-
rals represent one of the most legitimate sources of information –
one which is frequently viewed as being more relevant than infor-
mation provided by either the companies or their employees.
Influence markets are a diverse group that needs to be managed in
order to maximize their positive value or minimize the negative
impact they can have on an organization’s activities. The approach
that needs to be followed for both domains is to first identify all the
constituent groups within each market domain and then develop
appropriate marketing plans for them.
In the next chapter of this book we examine the internal market
and recruitment market domains. These domains are concerned
with acquiring the best quality people into the organization through
the recruitment process and maximizing their productivity after
they join the organization. These market domains play a major role
in the delivery of customer value and help ensure that the market-
ing activities directed at the other market domains continually focus
on sustained delivery of customer value.
References
1 Payne, A.F. (1998). Relationship marketing – the six markets frame-
work: A review and extension, Draft Working Paper, Cranfield
School of Management, Cranfield University.
2 Jones, T.O. and Sasser, W.E. (1995). Why satisfied customers
defect. Harvard Business Review, November–December, 88–89.
3 Pascale, R. (1993). Nordstrom. (This case study is reproduced in
Chapter 5 of this book.)
4 Heskett, J.L., Sasser Jr, W.E. and Schlesinger, L.A. (1997). The
Service Profit Chain, The Free Press, New York.
5 File, H.M., Judd, B.B. and Prince, C.A. (1992). Interactive mar-
keting: The influence of participation on positive word-of-mouth
and referrals. Journal of Services Marketing, 6 , No. 4, 5–14.246 Relationship Marketing