There was a time when marketing was all and only about finding the customers and pushing forward the product to them and then leaving it upon them whether they wanted to buy it or not. The days are long behind and now, and now marketing is all about reaching out to customers and developing a relationship with them.
Relationship Marketing is not a new phenomenon; rather the businesses that have been smart know and understand the importance of developing a relationship with the customers in order to achieve long lasting success. Compared to conventional transactional marketing, the emphasis of relationship marketing is on word to mouth marketing and engagement and interaction with customers are the primary means of doing so.
At present relationship marketing is primarily practiced on the online social media platforms, therefore, it is imperative that instead of just being at social media platforms a business must utilize them as a means of developing relationship with customers and lay foundation for long lasting success. Let me tell you a few reasons why relationship marketing matters.
In the online social media world it is quite common that customers go and interact with different brands of the same niche that are competitors to each other. This happens because none of the brands is able to satisfy the customers and provide them with the care, which they desire. Thus, if a business focuses on relationship marketing and gives customers the care they desire and require, the ultimate result is the customer becoming loyal to the brand and not wandering to checkout other brands. Moreover, the loyal customers developed in this way are less price conscious as well, thus they are willing to pay extra for the extra care that comes with the products of the business.
The Base of Word-to-Mouth Marketing:
The other reason why relationship marketing is imperative in the present scenario is that it serves as the bases of word to mouth marketing. In early days, a business could spend a high sum of money on advertising and promotion using different mass communication means, however, these days, social media marketing has taken over. No matter how much the business spends on advertising, if the people on social media do not agree with the business, then all the advertising will go in vain. Therefore, a business needs to realize the importance of word to mouth marketing and focus on keeping the social media customers and fans happy, so that they willingly spread the name of the business.
Makes Customers Loyal:
The reason why it is relationship marketing is because it focuses in going with the customers in the long run instead of conducting just one time business with them. Therefore, if a business invests time and energy in relationship marketing, the ultimate result is loyal customers. These loyal customers in addition to being a source of word to mouth marketing also serve as a foundation upon which a business can base the targeting of new customers. Thus, the business can keep on generating revenue from these customers and target new ones on the bases of it.
The Cost Of Acquiring Customer Goes Down:
When it comes to conventional marketing and the cost of acquisition of new customers using the conventional means, the cost is quite high compared to when a business invests in relationship marketing. If business acquires one customer through relationship marketing, then that customer willingly markets the business and brings in more customers, thus eventually the cost of acquiring new customers goes down. Hence compared to fancy and extremely expensive ways of gaining customers, relationship marketing brings less expensive customers to the business.
Now it’s Your Turn!
What marketing methodology do you deploy for promoting your business? How do you keep the customers happy and satisfied? Do you think relationship marketing supersedes conventional marketing? Please share your insightful thoughts in the comments section.