As the name indicates, “relationship marketing” refers to steps taken to build lasting relationships with one’s customers. A primary factor is that they ought to be strong and not a love-hate relationship where a customer sticks around because there’s according to them nothing better in the market. In as much as a brand would wish to appear the best option in the market, it ought to be one of mutual advantage. Relationship marketing takes many forms that include campaigns and influence programs, all with the aim to build brand awareness. It equally entails a two-way conversation between business and customer.
One might ask, what makes it different and why is it important? As PR, it is not about transactions but instead fostering a relationship with customers. It caters to the demographic by creating a brand experience tailored to retain existing customers for the long haul. As a result, others buy into the brand and thus attracting new clients. The growth of this type of marketing is due to customer’s awareness of the nearly endless options available to them. Think of the number of companies offering services on Repair Cell Phone Toronto has. For that reason, they wish to not only get what they want and need from a brand but also not end up feeling ‘used’ to feed a profit machine. Ultimately they want to feel cared for.
For that to hold true, brands need to have a personality and not feel like a faceless business pushing sales. People want to know more about who they are undertaking transactions with. They also want the assurance that their feedback is valued and that a brand will go the extra mile to ensure needs get met with a human touch. The benefits of this approach are undervalued; let’s get into why it is crucial for your business.
Ability to retain and attract new customers
Relationship marketing fosters brand loyalty. That is important because research shows that it is the long-term customers that attribute to revenue increase and not new or one time customers. Building a relationship with customers, therefore, guarantees that they’ll stick around, and invite others to join the bandwagon. Research shows that 84% of people buy into a brand as a result of a recommendation from a friend or family member, making it by far still the most powerful marketing tool. If a single customer is satisfied, they are likely to tell their networks and increase your customer base.
Creates an effective feedback loop
A lot of brands don’t have the luxury of pre-launching new products to find out their success potential. However, if you have dedicated customers, they are more than willing to give feedback as to their likelihood to use the product. They are also in a position to offer feedback on existing offerings, giving you the opportunity to enhance what you’re selling. These aspects set you ahead of your competitors.
Price changes are easier
Retailing customers after a price change can be rather difficult. With marketing relationship done right, the inevitable prices change as a result of economic market changes, your customers are less likely to find an alternative brand because they will still deem what you’re offering worth the price.
This approach to marketing is free and far more effective than any other paid approach to marketing. Only ensure that customers are cared for, interacting with them, listening to and implementing feedback as well as providing exceptional customer experience.