What is Relationship marketing ?
Relationship marketing is the set of communication activities that seek to create lasting connections with customers that go beyond a simple purchase transaction. The goal is to create a bond with customers by making them feel passionate about your brand, business philosophy or the products and services you sell (Apple).
Importance of Relationship Marketing
Due to the large number of new companies, most markets are saturated by the large offer that currently exists. As a result, it is becoming increasingly difficult to acquire new customers and it is more important to build customer loyalty with existing customers.
By establishing deeper relationships with customers, they will stay longer, cross-shop and have a much more reliable database. In short, it is a loyalty strategy.
Benefits of relationship marketing
- Higher customer lifetime value (CLV)
- Helps optimize ROI due to lower marketing and advertising spend
- Aligning the organization with the user experience
Examples of Relationship Marketing
There are several types of activities that brands can use to facilitate relationship marketing, including:
- Provide perfect customer service so that customers are impressed with the brand and want to stay loyal to it.
- Thank customers through a social media post.
- Solicit customer feedback to create a positive impression that customer opinions are valued.
- Launch a loyalty program that rewards customers for their patronage.
- Reward customers who do word-of-mouth advertising for the brand.
- Offer discounts to long-time or repeat customers.
