Relationship marketing is a marketing strategy which emphasizes customer retention and satisfaction. As a business owner, your focus is providing value to your new customers by consistently providing solutions to a problem that they have.
Find ways to connect with your customer, even making a phone call! Yes, in spite of all the technology to connect with your customers today, an old fashion phone call, leaving a voice mail to connect means a lot. To let your customer you’re a real person interested in them is very special to them.
There is often a focus on getting new customers and then making an immediate sale. It is easy to forget about the importance of developing a customer retention strategy. In the emphasis to build your leads list, reaching out to build customer retention is often overlooked.
The main difference in relationship marketing and other types of marketing is that the goal is to build healthy customer relationships over the long term. There are financial benefits to keeping the customers you already have as opposed to constantly having to re-invest in finding new customers.
Customer Acquisition Marketing Strategies
While getting new customers is obviously crucial for any home business, the cost of customer acquisition in the form of advertising, pay per click, time spent attracting your target audience through article marketing, social media, SEO is greater than the cost of serving someone who has already purchased from you.
Good customer acquisition marketing strategies are based on attraction marketing. By carefully researching where your customer is looking for answers, the wants and needs of your target audience, you can “attract” them onto your potential customer list. You do this by providing information and solutions relevant to their unique circumstances.
However, if you don’t have a plan in place for building and maintaining a relationship with the customers you have attracted over the long term; you have, to be blunt, left a whole lot of money on the table.
Relationship Marketing – Learning to Speak Your Customer’s Language
At the heart of relationship marketing is the idea that having gone through the time and expense of gaining new customers, why not go the extra mile to be sure that you keep them?
Relationship marketing centers around providing customer care on a continual basis. You don’t disappear never to be heard from again the moment a purchase has been made.
Great care is taken to make each customer feel they are being treated as an individual and not a number. You must learn to speak TO your customers and not AT them.
- For example, let’s say you were having a promotional contest for the opening of a new car dealership. You wouldn’t want to offer a two-seater sports car as your grand prize if your customer base was made up largely of people with families.
- If you teach violin; giving away concert tickets to a hard core rap group would not likely appeal to your classical music students.
These promotions are not speaking the language of your customer.
Know your customer well. Your writing should feel like you are talking across a Coffee Shop table having a conversation with them.
How Do You Develop Trust in Relationship Marketing?
Building trust in relationship marketing is critical. People will buy from you when and if they trust you. Always operate from what will be in your customer’s best interests. The result should always be a mutually beneficial outcome for both you and your long term customer.
Rather than try to sell a high priced item to the customer right off the bat, you might suggest a low cost alternative or even a home remedy for them to try first.
If you truly cannot meet the needs of a customer who has come to you and you know someone else who can, refer them on. You will find that putting the best interests of your customer first will bring good returns in your business.
What you lose in sales volume on a one time sale opportunity will be more than made up for by the customer who comes back to you again and again over a period of time. This is sometimes referred to as the “customer life cycle.”
You want that Life Cycle to be a loooonngg one!
Have fun developing a close and long term relationship with your customers.
I would love to begin a relationship with you …connect with me on Facebook.