Relationship Marketing: A Primer

Posted by Camille Moore in B2B Lead Generation & Sales Insights

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In this guest post from the team at Taktical Digital we'll break down for you the building blocks of any relationship marketing campaign.

You’ve worked on a customer acquisition strategy and maybe you have had some success. But why settle for customers that make just a single purchase?


I’m sure you’ve heard that it’s easier to sell to those that have already bought from you. In fact, businesses have a
60-70% chance of selling to an existing customer compared to a 5-20% chance of having success marketing to new customers. Not only that, existing customers are more likely to try new products and they spend more on average.


While customer acquisition is important, it is wise to invest in retaining your existing customers. One of the best ways to do this is with your approach to relationship marketing.


With relationship marketing, you engage on a deeper level with your existing customers with the intention of building loyalty in order to encourage repeat sales. This does mean that the business will need an existing customer base and they will also need to get to know their customers, but it can be a way to significantly increase sales over time.

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The Benefits of Relationship Marketing


The most significant benefit of relationship marketing is that it offers long-term sustainability. Instead of campaigns that have the short-term goal of driving one-off sales, the idea with relationship marketing is to create repeat business. If you can build a strong relationship with a customer, they will come back to shop many times and have a higher lifetime value.


Relationship management is also a cost-effective way to increase sales. It is easier to sell to people who are already familiar with your brand. Furthermore, it helps to increase the value of the time and money that goes into customer acquisition.


Instead of these new customers only buying the one time, you are doing work to keep them as loyal customers. Many of these loyal customers will also recommend your brand to friends and family members, so it can also be a way to acquire more new customers.


The Basics of Relationship Marketing


Relationship marketing strategies can vary depending on the type of business and the goals it is trying to achieve. With that said, some basic principles are at the core of most relationship marketing strategies.


Great Customer Service


Customer service can make or break the relationship you have with a customer. In most cases, when a customer contacts your support team, they are having an issue or they need a question answered. By providing a good customer service experience, you will build stronger relationships.


A good example is if you accidentally send a customer a product that is the wrong color. If you make it easy for them to address this issue and send them the right product quickly, they will be happy with the interaction. Along with that, they will also know that your company will be helpful if they ever have a problem in the future.


Show Them You Care


The customer has to be at the heart of a relationship marketing strategy. If you can get to know your customers and find ways to show them that they are appreciated, it will go a long way toward establishing the kind of loyalty that drives future sales.


One simple way you can do this is by simply knowing their birthday. Which is easy to do as long as you connect with them on LinkedIn or other social media.


When the date is approaching, you could send them a special offer or a discount code that can be redeemed. Beyond the possibility of bringing them back to redeem the special offer, it will also show your customers that you value them.


Personalize


Your customers are individuals and you have to market to them as such. To do this, you are going to need to collect data about your customers and segment them into different groups based on things like demographics, interests and behaviors. Once you have your customers segmented, you can then develop content that will resonate with the different groups.


As an example, when crafting your email newsletters, don’t just send all types of emails to your entire customer base. Instead, use a verified email list and segment these audiences in as granular a manner as you can handle; then, write each email in accordance to what that audience is looking for. Not only that, but you can even have your customers choose which types of emails they’d like to opt for--some are only interested in flash sales while others would love a monthly look behind the scenes of company events, such as fundraisers or charity races.


Give Something Back


Your customers have a lot of options when they go shopping. If they feel like they are getting a little something more when they shop with you, they will be more likely to want to continue shopping with your company.


One of the most common examples of this is to start a customer loyalty program. It is another way to express appreciation to your customers, and it also acts as a way to give your loyal customers a little added value.


It does take time to start seeing the results of relationship marketing. However, it is worth it to have patience. If you can develop a loyal customer base, it will have significant benefits for the long-term sustainability and growth of your company.

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