Relationship Marketing

We all know that people want to do business
with those that they like and trust, we have
been taught this by the greatest sales trainers
in the world. How do we get people to like and
trust us? By showing appreciation. A simple
thank you goes a long way in gaining the trust
and respect of someone you are doing business
with. Did you know the top two reasons why
someone stops doing business with you?

The first is that they felt you took their business
for granted – you didn’t show them any
appreciation. The second is that they forgot
about you! We all work so hard to get a new
customer, that we sometimes forget the most
important part of the business transaction is to
now develop the relationship with that
customer. How often do you get a thank you
card, or a thinking of you card from someone
you did business with? I don’t know about you,
but when I go to my mailbox, it is a rare
occasion to find a personal card. In fact, 97% of
the mail we receive is junk mail, only 3% is
personal!

In the competitive market customers usually
have many options for the same product or
service to choose from. In such case where the
customer is entitled to make a selective
decision, businesses try to maintain their
clients by providing comparatively better
products and service which is known as
relationship marketing. Relationship marketing
is the strategy of improving the relation with the
existing or key customers than trying to find
new customers (direct marketing). Relationship
marketing uses various techniques like sales,
marketing, customer care, communication etc
to study the need of the customer and how it
can change under various circumstances. It is
all about maintaining and building trust with the
customers. Once customers trust on your
product or service, their chances on switching
to other company is relatively less. According
to a research the cost of retaining an old
customer is much less than the cost of getting
a new customer which is the key focus of
relationship marketing.

Relationship marketing is one of the best forms
of marketing. It benefits you and your
prospects. It saves on cost. The cost of
maintaining an old customer is 10% of that of
marketing for new customers. When you
maintain a trust within your customers, there
are chances of them recommending it to others
also known as Viral Marketing. With
relationship marketing there are higher
conversion rates (the rate of changing a
prospect into client).

You can use relationship marketing approach
to customize programs for individual
customers. For an example: You have a regular
visitor/customer on your site, at some point she
stops. There’s a point to ponder why this
certain customer has stopped visiting your
website, is it your content or has she found an
alternative source or is she just not interested
anymore. You should check on this or may be
interact with the customer and get her
feedback. If making some changes or
improving some aspects of your site will bring
this customer back then your goal’s been
achieved, if not you continue working towards
it. When this customer actually purchases
something, then you can take this as a very
significant change in behavior. You have
achieved a better relationship now. When this
happens you can thank the customer for the
trust she has displayed and perhaps provide a
second purchase discount or other benefits so
that this customer sticks on. If you can track
customer behavior or predict them you can
start a better marketing campaign accordingly.
The cost of this process is less compared to
other marketing methods and the money you
spend is more effective as well. You can divide
the type of customers into different groups like
prospects, customer, client, supporter,
advocate and partner which is known as “The
relationship ladder of customer loyalty”.

To Your Success

Larry D.Hall

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