Revitalizing relationship marketing

Purpose The aim of this paper is to review the forces that led to the rise of relationship marketing (RM) and to provide suggestions for how it can overcome its midlife crisis and be revitalized. Design/methodology/approach Personal reflections. Findings A shift in two dimensions is needed to revitalize RM: from “share of wallet” to “share of heart” as the RM objective and from “managing customer relationships” to “managing contractual or virtual joint ventures with customers” as the process of RM. Research limitations/implications The shift to “share of heart” will generate three new RM areas for researchers and practitioners: emotive feedback, purpose-driven RM and the use of social media for developing and nurturing brand communities. For the process shift to take place, companies and customers need to co-create value, collaborate cross functionally and share value. Originality/value Going from “share of wallet” to “share of heart” as the objective of RM and from managing customer relationship to joint venturing with customers as a process will revitalize the RM discipline.