The advantages of Relationship Marketing
“Relationship marketing is a strategy designed to foster customer loyalty, interaction and long-term engagement. It is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests and by promoting open communication.”
“I view relationship marketing as a brand’s ability to create an emotional connection with the consumer.”
Jay Deutsch, CEO BDA” as quoted in Forbes
Relationship Marketing is a marketing strategy that is becoming more popular with businesses as they understand and embrace the many social strategies to connect with potential customers and clients.
In many ways it is the opposite of the traditional transactional marketing strategies that dominated most of the 20th century. Where transactional marketing is about a series of single sales events, with little regard of who the consumer is, relationship marketing is about establishing an on-going relationship between the business or brand and the consumer.
Relationship marketing continues to gain in popularity. It has become easier than ever to stay in touch with customers and build a relationship with them. Staying connected allows a business to anticipate and meet client’s needs easily.
Today’s companies are realizing the importance of incorporating several elements of relationship marketing in their overall marketing strategy.
The advantages of relationship marketing are many:
- You gain a loyal following who would never use another brand
- Consumers recommend your products to their friends and acquaintances
- Charging a higher price is possible as brand loyalty increases
- When expanding into a new market with a similar demographic, many customers follow easily
- With loyal clients, less money is spent on big advertising campaigns to acquire new customers
- Ability to turn unhappy customers into lifelong proponents through good customer service
- Customers experience closer connections and easily promote new products or sales
It is never too late to begin the process of building relationships with potential clients and watching the relationships grow.
A great place to build professional relationships is through your contacts on LinkedIn. Enter your name and email address in the box on the right to receive my free checklist.
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Next post I will address several disadvantages. Not every method will be one your business will want to adopt. Later in the discussion we will address how to select the ones that will work for you.
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