Relationship Marketing is the process of building long term relationships with customers. The aim of relationship marketing is to build a relationship with a customer with the aim of them not just buying one product but them being a long-term loyal supporter of a brand. This can be done in a variety of ways from sending out discount codes to return customers to providing services related to the product.
What are the benefits of relationship marketing?
- Strengthening your customer loyalty and increasing customer retention
- Generating brand awareness through customer referrals
- Promoting products or services through multiple forms of media
How does it work?
There are various ways begin relationship marketing, the main and most favoured technique is to push a method such as newsletters once a customer has made a purchase, this allows brands to capture all customers that purchase a product. Once a push method had been used and accepted by a customer it’s important to follow up to keep your brand fresh in their minds. This can be achieved by sending an email the same day as the purchase offering a discount on their next purchase or showing the customer a different product range to the one they purchased. Once the initial email has been sent they can then be added to a mailing list that could be published monthly. With this in place the customer will be receiving updates on products or services keeping your brand fresh in their mind. With Email marketing in place brands can now implement any of the other methods listed below as other options to push products. For example in the next email sent to the customer add all of your social media links so that customers can stay updated through social media.
Relationship Marketing examples
- Newsletters – these are a convenient way to let customers know about recent work or additional products or services. You can also use them to give up to date information about the brand therefore building your relationship with them.
- Discount codes or offers – these give a quick short term incentive to a customer to purchase and can be a great way of increasing sales.
- Social media – a long term bite sized strategy so that your customers can see what your brand is doing.
- Customer service – This is a personal way of keeping in touch and taking feedback on products or services which also doubles as a source of help.
- Word of mouth – this is a really powerful way of getting your product or service promoted. Getting others to recommend you by word of mouth is perhaps the strongest way to start a relationship.
Conclusion
Relationship marketing is great for businesses to use as it offers ways to grow your customers, it allows business to market products and services to customers that have a high chance of returning which in turn will grow the interest of the business, products or services. With newsletters, offers or discounts and a good social media presence relationship marketing is one of the most successful form of marketing that businesses can implement.
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