Behind the success of a business, the customer is absolutely crucial, and it is as much important for them to believe in the company’s vision, as much as the business owner themselves do. The focus has shifted to making each customer feel the most convenient so that they invest in a lifetime experience. As plenty of surveys vouch for, a business earns the most profit from returning loyal customers, than they do from new ones. And this is what Relationship Marketing is all about – Cherishing that old is indeed Gold!
What is Relationship Marketing?
Simply put, it is signing up for the long run. Instead of focusing on consistently trying to reach out to a new crowd and acquiring as many consumers as possible, relationship marketing pushes the idea to build stronger relationships with customers for the long haul. It is a module of Customer Relationship Management (CRM) that asks for long-term engagement with the already acquired customers, providing them with a 5-star experience on a regular basis. And it all starts, right from the first when your customer makes their first purchase.
If we reflect on our daily lives, let’s say you are having a bad day at the office, and to make yourself feel better you buy yourself a bunch of chocolates. The probability for you to opt for a favorite or anything that you are familiar with and enjoy is far more than you picking up a new treat. It is the same with relationship marketing. Make yourself reliable, relatable, and focused on your individual consumers, making them feel right at home, so they don’t feel the need to shop for a new experience.
Why Should Relationship Marketing Be a Top Priority?
As Steve Jobs once said, behind every overnight success, there usually lies years of work. And while Relationship Marketing is certainly not an overnight cheat code, the daily hassle brings you much closer to your future goals. Studies show that your loyal customer is ready to spend much more on you than a newcomer will. How else does this consistency work to your benefit?
- Helps you provide an elevated customer experience, ahead of your competitors.
- Your loyal customers do your marketing for you by promoting wider brand awareness through their referrals.
- This is a great way to understand your customers’ needs better thus helping you offer them the exact solutions they are more prone to purchasing.
- The customer feels heard and you can gain creative and valuable insights as to how you can better your performance.
- Boosting sales by being able to cross-sell and upsell your products.
- Marketing to previous customers is much less expensive than it is marketing to a newer crowd.
How to Go About Relational Marketing – Top 5 Tips
The barriers around Relational Marketing are as broad as they are flexible. You can have your very own fresh take on it, which will help you sell not only a reliable but a more unique experience to your customers that they’d fail to find elsewhere.
For instance, people turn back to Domino’s for its transparent and customer-oriented attitude. They made self-deprecating advertisements where they first put out the negative reviews from customers and then offer a new and improved solution that takes care of these concerns. And voila! It worked wonders for it was certainly something that couldn’t be banked under conventional. Similarly, the Airline Delta offers the SkyMiles Program, which allows its regular passengers to collect up miles that can later be redeemed for future opportunities, such as paying for the airfare or allowing seats to be upgraded, and so on. And to help you start on your path to relationship marketing, here are a few tips:
1. LISTEN to Your Customers
It is shocking how many companies fail to follow through with their customers’ concerns. They are telling you what they need, so you already have firsthand information as to how you can better the business-customer relationships and further boost sales.
2. Rewarding LOYALTY
Why should your customer stick to you for the long run? Your customer must be able to benefit from it as much as you do. For instance, let’s say buying 10 cups of coffee gets you a free muffin. Offer your customers the drive to invest in you, by incentivizing their loyalty.
3. CONNECT on their Preferred Platforms
A few ill-timed emails will certainly not help you build customer relationships. Engage with your customers on different social media platforms, preferably on the ones that your target customer frequents. Be on top of Email Marketing, regular notifications, and even make use of SMS marketing. Don’t be pushy, be regular but offer them fresh information now and then. Cross-channel messaging ensures your customer does not put you out of their mind.
4. Don’t JUST Sell Products
Reach out to your customers not just with sales, offers, and product information. You can show your care and concern by sending them festive greetings, offering them random but relevant facts, and so on. Collect regular feedback with every purchase to refine your workings and so on.
5. Use CRM TOOLS to Your Leverage
There are plenty of Customer Relationship Management Tools you can find online that work toward not only converting leads but nurturing and strengthening customer relationships. These tools will also help you automate your processes, thus helping your brand be consistent even when you can’t. Nutshell, Superhuman, Pipedrive, Intercom, and SugarCRM are some of the examples of CRM tools available online that you can use to activate your relational advertising strategy.
Wrapping Up
Many successful brands like Starbucks, Amazon, Nike, and Ikea rely on the cores of relationship marketing. No brand can reach the top and hold the position by providing dissatisfying service to their customers. Amazon knows to advertise products that you might need in your daily life or push products you have perused before. Starbucks uses customer insight to create products that sell better. Thus relationship marketing is your key to becoming successful and also holding onto that success. Grow with your customers and don’t leave them behind as you go forward.
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