Relationship Marketing for business growth

Relationship Marketing is a long-term marketing strategy. Prime objective of this strategy is to build a long-term relationship with the client, with the focus of client retention. This type of marketing relationship is built by prioritising product benefits to the customer and customer service (before making the purchase decision, while making the purchase decision and after sale). Quality is a vital component maintained throughout this process. This is not an overnight yielding process. Investment of your time and resources will definitely give you long-term results.

Prior to talking about Relationship Marketing, have you decided what percentage of your revenue should be generated through Relationship Marketing?

If your answer is “No”, your long-term business strategy is in risk!

This percentage can vary based on the atmosphere maintained by various business owners in their organisation. Yet you need to have at least few long-standing, loyal customers.

In this article, we have summarised three steps a business owner should consider when building a Relationship Marketing Strategy;

1. Emotional connection
2. Meaningful reason
3. Leverage on your community

1. Emotional Connection

The moment we speak about customer loyalty you will remember some of the most popular consumer brands instantly. Even if someone talks negatively about these brands, their customers will defend the brand. What about your B2B business? You too can have loyal customer in B2B; because, it is eventually people getting connected more than the business.

It’s important to Build Trust with your client. Make sure from day one your promises have been delivered. Showcase your brand insight. This is about the people behind your products and services. Share with your clients the way your team works, how they are being treated, values and recognition within the company. This will allow your customer to understand your brand as a person to remember.

Deliver great customer experience. Great customer service is of no use, if that does not create a memory in the minds of the customer. Ensure the content, communication is valid and relevant to the occasion you deal with the customer. Remember to show the customer that the brand remembers them.

2. Meaningful Reason

There has to be a meaningful reason for the customers to stay with your products and services. You should imply this to the customer through different communication methods. Remember” Increasing profits” is not the most attractive phrase for a client to stay with you. It’s a result.

Recent research papers have indicated customers are more likely to stay with products those stand for something; i.e. preserving environment, giving back to the community, carbon free products, uplifting community lives and social responsibility.

What is the purpose of your products and Services? You should start showcasing this to your clients as a value addition.

3. Leverage on your community

When you have deep connections with your clients, it will automatically form a community. This will be a group of customers to stay together with your products and services. Then it will be the time to bring together your community groups, engage them, nurture them and automatically letting them to promote your products.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA. Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

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