Within the entire buying life cycle, there is a need for businesses to understand that one time purchases from customers is good; but is not enough to retain the sustainability of the business. The smart goals of companies should not only be focused on selling their products and/or services quickly but also to acquire loyal customers who can practice their purchasing power to the company for a number of times. Since there is a need for a continuous transaction between the business and the customers, relationship marketing is implemented through a variety of procedures.
Relationship marketing can be a part of an executive summary of a marketing plan. It is very important for this type of marketing to be implemented to ensure that the loyalty of the customers will remain the same or further develop.
Being able to do this can make the business strengthen its foundation in the field where it belongs. Hence, more people will entrust the company and its offers for a long time period. Learning more about relationship marketing can help you and your business to prosper. For you know more details about this kind of marketing, we have listed a number of items that can further explain what relationship marketing is and why it is very helpful to implement it in your business.
What Is Relationship Marketing?
When creating a marketing checklist during your annual marketing planning, you must always include relationship marketing as one of your major call to actions. Especially in a market where a lot of competitors are present, knowing who your target customers are and identifying measures and activities that can provide their demands can make you stand out from the businesses that offer the same products as you do.
Executing relationship marketing can help you have a hold of the market that you would like to penetrate. For it to be clearer, relationship marketing is not any of the typical marketing style examples as it consists of the following processes and undertaking:
- Relationship marketing is a type of marketing activity which gives focus on how a company communicates and interacts with their market for a long period of time. It is an undertaking which requires a lot of efforts from the end of the business as they need to ensure that they are disseminating the appropriate message to their clients/customers.
- Relationship marketing targets to change the thinking of sellers that an immediate sale is what is essential to keep the business going. This type of marketing helps companies to create measures which can help the business operations survive for a long time.
- Relationship marketing provides a company the avenue to identify the needs and wants of their target market. It is essential for companies to be aware that actual sales agenda can be achieved in varying circumstances. This can be done only if the management is knowledgeable on how to properly handle and communicate with its customers.
Factors That Can Affect Relationship Marketing Activities
Each company follow their own regulations when practicing relationship marketing. A few factors that affect relationship marketing activities of companies are as follows:
- The nature of the operations of the company
- The kinds of products, services, and other things that the company offers
- The marketing styles followed by the business
- The purchasing power of the target customers of the business
- The needs and wants of the social class where the consumers of the business belongs
Relationship Marketing Examples
When planning and implementing activities for your business’ relationship marketing styles undertaking, it is essential for you to be aware of the purpose on why you need to apply a particular activity to your current market situation. Some activities that businesses implement to promote a lasting relationship with their clients/customers are as follows:
- Sales people training programs. A big part of the success of a relationship marketing comes with the performance of the sales people of the business advertise. Training sales people to provide excellent service to customers can help the business get the trust of the market. More so, there are clients who return to establishments because they already have a contact sales person who they believe can always help them with their needs as customers.
- Business-to-Consumer (B2C) follow-up. Businesses let their customers fill a personal information form so that the management can ensure that they can contact them for follow-ups. The best follow-up activities implemented by businesses are those that do not include selling any products/services. Most follow-ups within the bounds of relationship marketing should be about the experience of the customers with what he/she has bought. This may also include an exchange of information on how the business can be of further help with regards the effectiveness of the purchase and the like.
- Special updates and announcements. May it be through email marketing, residence mailing or online direct messaging; sending special updates and announcements can be a part of the retention program of businesses. These activities make customers more interested with the company as they are more aware of what they can get for a particular time duration. It also provides a personal touch when companies update consumers about the new things that the business has in-store.
- Continuous provision of excellent customer service. The way customers are treated play a vital role in making an impression about the business and how they take care of customers. Through continuous implementation and development of customer service programs, customers can be secured that they have chosen the right business to patronize.
- Social media and online communication. Aside from using marketing postcards, a lot of businesses maintain contact with their customers through social media and other online activities. This is very convenient especially if the business has a wide market to cover. Using an online page or social media accounts to address the concern of customers is very effective when it comes to let customers be ensured that they are heard, considered and given importance.
Impacts of an Effective Relationship Marketing
When properly done, relationship marketing can provide a lot of positive impacts to the business. Listed below are some of the common effects of an effective relationship marketing.
- Relationship marketing does not only build a following, it also helps the business to slowly immerse its customers to the brand. With this, the reputation of the business as an entity can be instilled to the people who are more than willing to spend in exchange of the offers of the company.
- Relationship marketing can help businesses to have an improved profit margin. Since relationship marketing targets the trust of market, companies do not need to rely on special offers or markdown prices just to get the attention of people.
- Relationship marketing allows businesses to have a great professional business relationship with the consumers. People will come back to the business because they know that they will be taken cared of rather than trying other brands where they are unsure of what the outcome of the transaction will be.
- Relationship marketing can ensure prospective consumers that the company offer the best products for their problems. Since there are already a number of people who believe in the brand, other consumers who have not tried the offers of the business yet can already have testaments from current customers. This is the reason why there is a big need for customer advocates who can spread information about your business to be well-taken cared of.
Relationship marketing is truly a tedious undertaking. However, getting the results of this long-time activity can affect the business a lot. Again, it is not essential to only sell the offers of the business—building relationships with customers is what matters the most.
Through relationship marketing, you can easily identify your business from your competitors. You will have a unique successful branding which can leave a great impression and perception to the market niche where most of your consumers belong.