Marketing How to: an Overview of Relationship Marketing
Relationship marketing is defined as a strategy designed to foster customer loyalty, interaction and long term engagement. This approach focuses more on customer retention than on customer acquisition.
The key to success of any business is the right understanding of what customer needs. It is very important to identify the inherent needs of your customer. This becomes possible by having thorough understanding of your customer’s business, which can be achieved by asking the right questions.
It is very important to stay in touch with your customer. This goes a long way in retaining your customer. You may achieve this in many ways. Marketing how to experts suggest that you invite your customers to various events, encourage them to give feedback regarding the performance of your product, send them goodies on their birthday or anniversary, etc. It is important to retain the “human touch” in your relationship with your customers.
Encouraging your customer to subscribe to your newsletter is another good way of staying in touch with your customer. Marketing how to experts recommend that you keep the design and content of your newsletter simple. Excessive self promotion is more likely to backfire. It is a good idea to keep the customer informed regarding your product launches. Provide tips on how best your customer can use your product or service.
You may include industry news, FAQs and testimonials. Marketing how to experts suggest that you run contests and allow the winners to choose their prize. It may be any one of your company’s products. There is no limit to creativity. The purpose should be to strengthen the company’s relationship with the customer and to delight your customer.
Relationship marketing is not about having a “buddy” relationship with your customers. It is important to come across as an expert. People would want to build relationships with experts who can add value.
Engage your clients using various social media websites like Facebook, Twitter and Google Plus. Marketing how to experts suggest that you offer solutions to their problems using your products or services. It is a good idea to publish white papers on your website. If your customer perceives you as an expert, you can be assured of his/her loyalty. Your customer will also give your referrals.
Relationship marketing helps you to build referrals, reduce marketing expenses and to focus on customer needs. For your business to succeed, you need to combine elements of both transactional marketing and relationship marketing.
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