Vaishali Gopi
by on January 2, 2019
While marketing’s focus on sales is important, building customer loyalty and ensuring retention is equally important. This is the thought behind relationship marketing, something that has been growing in popularity of late. Relationship marketing is an approach that underlines the importance of customer satisfaction , loyalty and retention. In essence it is marketing to your existing base of customers over acquiring new customers through advertising and sales. This strategy is rooted in engaging with your customers on a regular basis and building customer loyalty. By doing this, not only do you increase the chance of acquiring new customers through word-of-mouth marketing, your new customer is more likely to trust you and repeat business with you. Due to the fact that you now have a good rapport with the client, you can also expect honest and valuable feedback regarding the product or service. But why market to existing employees when you can acquire new ones and expand your base? To answer this, a recent report done captures why relationship marketing can have a positive impact on profitability: They’re less likely to look around: A customer who is loyal to the company is less likely to look around and switch to another company. They don’t mind paying a little extra for your service as they trust your company and like what they are getting from the relationship It leads to word-of-mouth marketing: This is a huge bonus with relationship marketing. Word-of-mouth doesn’t cost a dime and is an effective way of acquiring new customers. These new customers are more likely to trust the company as someone has recommended it to them. Loyal customers provide solid business: Given that they are now familiar with how the business works and how things are done, loyal customers are likely to increase their volume of purchases. They also end up being more inexpensive to assist as they are comfortable with the product and wouldn’t have too many queries regarding its use. It becomes easier to expand your company: As consumers are already satisfied with the level of service that they have received, they will be open to trying new products or services. Apart from those listed above, there are some more additional benefits to investing in relationship marketing. For one, it becomes easier to market organically; with the rise of social media, making customers satisfied can go a long way. With millions accessing Facebook and Instagram everyday, posts on these platforms have a reach that is far and wide. Companies with loyal customers also don’t have to worry as much about competitors and new entrants in the market. Unsurprisingly, customers value good service that is consistent. While it is difficult to find a textbook definition of relationship marketing, some of the activities under it can be found below: Customer support: What most companies don’t realise is that customer support plays a huge role in retaining customers. A personal touch always goes a long way in building customer loyalty. It is important that those on your customer support agent understands clients and makes them feel heard and listened to. While recruiting, it is important to gauge and understand the customer service executive’s commitment to the role and their customer support philosophy. To ensure maximum success, it’s good to define what the relationship marketing goals are and what the best way of achieving the same is. Content marketing: The issue with paid advertising is that once the money stops being allocated for it, you lose all those clicks and initial interest. On the other hand, marketing useful content lets you develop an audience that will keep coming back for more. If the topic is something relevant and one that inspires interest in many, then it will always get the clicks and interest. This is a great way to keep your business relevant. Motivational, fun and educational content will also make you more relatable to your customer base. With social media in the picture, customers may even share links of the content if it is fun and interesting. Social Media: A recurrent theme through this article, social media can play a huge role in developing strong relationships with your customer base. There are so many ways to use social media and the important thing is to identify what works best for your company. Your way forward should reflect what your company stands for. A company like Wendy’s, that caters more to a mass audience for example, would have a more humorous approach to social media. Email Marketing: Email marketing is still one of the most effective ways to build client relationships. An email list that engages its customers has a higher rate of conversion than most mediums. Generating useful content and sending it to customers is a great way to keep them interested and a great way for you to stay relevant. Surveys: Not only will a survey help you gather valuable feedback on your product, it also makes customers feel heard and listened to. It shows them that the company takes their opinions into consideration as well.
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