The current marketing industry is filled with hungry salespersons, unsatisfying businesses, and advertisement-rejecting consumers. With the rise of technology and competition, it’s getting harder to make brands sell. Marketing and sales are almost synonymous with uncaring salespeople and crafty messaging. Or is it?
Marketing in the most basic sense, is no other than how people build relationship to fill mutual goals, and this is greatly illustrated by what is called “Relationship marketing”. Relationship marketing dates to the 1900s, where the focus was solely on customers, like any other marketing strategy. Yet, unlike any other strategy, relationship marketing aims more on creating a more unique and personalized customer experience that allows brands to develop longer lasting relationships with them. This encourages customers to return and maintain loyalty. Companies that have better relationships with their customers tend to reap more benefits than others, including retention of old and new customers. Marketers now understand that customer retention is more important than customer acquisition.
Just how important is customer relationship marketing?
Customer relationship marketing helps a business identify preferred choices and focuses on what customers really want. It’s about building a lasting relationship that satisfies both the need of the business and the customer. This kind of marketing strategy is built on great customer experiences. It has endless potential for a company to help them find ways they could use to discover new arenas for growth. Furthermore, it is not focused on a single sale transaction alone, but the bigger picture of possibly endless amount of revenue generated from repeat-buys. Effective relationship marketing encourages greater return-on-investment (ROI) and improved brand image which are crucial for the business’ expansion.
With the advent of customer-centrism and consumer-empowerment, it’s a high-time for businesses to change their selling approach. How? As any other marketing strategy, it starts with attracting the right audience, with the right message at the right time. Upon the interaction with the leads, the business should nurture relationships by opening communication channels and interacting with them in various touchpoints such as email, messenger, SMS, landing pages or even via calls or teleconferencing channels. These can be carried-out through drip campaigns, SMS marketing, email promotions, chat blasting, calling campaigns and so on.
Remarketing campaigns are also encouraged to warm the leads up. Once converted to becoming an actual customer, the business should improve customer experience and service, retaining or creating even more communication channels via their CRM. It can be accomplished through loyalty programs, being open to customer reviews and making improvements and of course, genuinely caring for them.
If we show no care and we have no genuine relationships with our customers, other business will take care of them. So it is important to nourish relationships on touchpoints that are most accessible for your customers and makes the most sense for your business. Certainly, business is all about people after all.
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Nikko Jones | MarkeTing & tech entrepreneur Relationship marketing: why it matters? The current marketing industry is filled with hungry salespersons, unsatisfying businesses, and advertisement-rejecting
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