Who Needs Relationship Marketing?
Every business! Relationship marketing is about forming long-term relationships with customers. Rather than trying to encourage a one-time sale, relationship marketing tries to foster customer loyalty by providing exemplary products and services. This is different than most normal advertising practices that focus on a single transaction; watch ad A and buy product B. Relationship marketing, by contrast, is usually not linked to a single product or offer. It involves a company refining the way they do business in order to maximize the value of that relationship for the customer.
Relationship marketing mainly involves the improvement of internal operations. Many customers leave a company not because they didn’t like the product, but because they were frustrated with the customer service. If a business streamlines its internal operations to satisfy all service needs of their customers, customers will be happier even in the face of product problems.
Technology also plays an important role in relationship marketing. The Internet has made it easier for companies to track, store, analyze and then utilize vast amounts of information about customers. Customers are offered personalized ads, special deals, and expedited service as a token of appreciation for their loyalty.
Social media sites allow business to engage their customers in an informal and ongoing way. In the past, it would have been impossible to keep useful records about every single client, but technology makes it easy for companies to automate their marketing efforts. (See also Analytical Marketing)
Branding is the final component of relationship marketing. A company can form a long-term relationship with a client if that client feels like the brand they purchase reflects who they are or who they want to be. Customers are less inclined to switch to a different brand if they think that switch makes a statement about their identity.
Relationship Marketing Best Practices:
- Make an effort to inform customers how much they are appreciated.
- Conduct regular polls and surveys to solicit feedback from customers.
- Respect that feedback and incorporate it into the company’s business practices.
- Use any and all social media outlets to connect with customers.
- Have effective customer monitoring technologies in place.
- Use clear policies to dictate how all company employees should interact with customers in both positive and negative situations.
- Leverage the value of warm leads – customers who have already expressed an interest in the company.
- Have a comprehensive customer relationship management strategy.
- Conduct regular training sessions for all members of staff.
- Stay on the cutting edge of product offerings.
- Do not sacrifice quality for innovativeness.
- Maintain a high customer satisfaction rate in all areas of the company.
Outerspection-Organic Branding in Brevard is a a local branding firm offering website design, graphic design, social media marketing, print products and corporate photography. What this means is you receive hands on, face to face attention while we create, develop, and maintain a local voice for your brand.
CALL US FOR A BRAND EVALUATION AT 321-292-9040 TODAY!
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