Taylor Goodman unpacks everything marketers should do … and no
t do to benefit from relationship marketing strategies. Relationship marketing is a branch of customer relationship management
that focuses on cultivating brand loyalty and long-term customer satisfaction.
This is a strategy for those marketers that are in it for the long-run, as more brands are placing a greater emphasis on cultivating and sustaining engaging and long-term relationships with existing customers. This counteracts more transactional marketing strategies, like making individual sales and customer acquisition.
The current economic climate has seen many brands adopt a more relationship-centric view of marketing, which is geared towards customer retention instead of customer acquisition. It is likely that this is due to the fact that it costs five times more to attract a new customer than it does to keep an existing one
However, customer retention is not
easy to achieve. To solidify your brand’s values, you have to pour a great deal of attention and effort into nurturing relationships, taking feedback and ensuring your marketing efforts are honest
But, once you’ve put in the hard work, you’ll easily reap the rewards. Relationship marketing is the gift that keeps on giving — your consumer base is left more satisfied and, as a brand, you are seen as valuable in the eyes of your clientele. Now, let’s look at some important tips for building meaningful customer relations in no time: Marketers, do you have any surefire tips for building solid customer relations? Let us know in the comments section below.
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Want to know more about keeping your clientele loyal to your brand? Then be sure to check out Five ways to improve brand loyalty here.
*Image courtesy of Vecteezy