Hooking customers to your brand will often require a lot of marketing effort. You typically focus on how to push your product or service to more people. However, there is another approach you can explore to connect with them. We’re talking about relationship marketing. So, how does it work and how can you make it work? Let’s find out.
What Is Relationship Marketing?
At its most basic, relationship marketing is all about promoting your connection with the customer. The idea is to emphasize loyalty, retention, and long-term engagement and the benefits they give customers. With that, customers would be better convinced to continue supporting the brand.
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Relationship marketing falls under the umbrella of the customer relationship management department. As such, it might be present in other matters like reducing customer churn and aiding in customer success. It also plays a significant role in increasing customer lifetime value.
Why Relationship Marketing Is A Must
Considering that your other marketing efforts already bring in many customers, you might wonder whether relationship marketing will help. As it turns out, it does add a lot to your plate. Here are some of the benefits you want to look into.
Improving Marketing ROI
As it is, just 20% of your current customer base will account for 80% of your total revenue. And you definitely want to keep engaging that 20%. Relationship marketing helps you a lot here since it provides a more effective platform to convince these customers. That encourages them not just to stay but to be more involved with you.
Improves Word Of Mouth
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As you already know, word of mouth is a potent form of marketing. But the challenge is in convincing people to talk more about you. Relationship marketing gives customers that additional push to highlight what your brand offers for them and others.
Creating Stronger Brand Advocates
Another vital element of your promotional efforts is brand advocacy. And relationship marketing can help you here as well. The emphasis on the relationship you develop with customers creates a stronger affinity within them for your brand.
Creates Greater Customer Lifetime Value
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However, the longevity of your customers is just part of what makes them valuable. To get more from them, you also want them to spend more. Relationship marketing is a great way to boost cross-selling and upselling opportunities by highlighting what these offer for the relationship.
The Types of Relationship Marketing
As it turns out, relationship marketing has a broad scope. Thus, you will encounter different types. These types are based on what aspect of the relationship you want to focus on. The following are the most popular ones you will encounter.
Basic Marketing
In basic relationship marketing, your main focus is convincing customers to purchase. Here, you highlight the product and what they can get from it. So, you might wonder where the relationship part is. The idea is that getting them hooked on your product first will serve as a good foundation for that future relationship.
Reactive Marketing
For this, you simply respond to customer feedback on your product or service. The idea is that, by seeding your response, they become more enamored with your brand. From there, they will be encouraged to engage you more.
Accountable Marketing
In this relationship marketing type, you commit to a promise to the customer, such as meeting a desired product output. By emphasizing that commitment, you get them more invested in the brand. However, this will require a lot of effort on your part to not only fulfill that commitment but also go beyond it.
Proactive Marketing
An effective way to show customers how much you care is by responding to their concerns even before this happens. And proactive relationship marketing is all about emphasizing this. You tell your audience what issues they may potentially encounter and how you can help them. The approach is very personal and requires that you have a lot of data on the customer.
Partnership Marketing
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As the name implies, this type of relationship is all about presenting yourself as the partner the customer needs to succeed. On the other hand, you also highlight how they can help you with your own success. By tapping into this idea of a mutually beneficial partnership, you can convince customers to be more interested in what you offer.
Building Your Relationship Marketing Strategy
While you can go for any of the above types, a better way to approach relationship marketing is by combining the different types into a unique marketing strategy. For that, you should clearly understand what role relationship marketing will play in your business.
Another essential aspect that you want to establish early is what your long-term relationship with customers will look like. Think about where you want to lead your customers in the future. For instance, you want them to be more invested in the brand’s future development. From there, you can map out how to get to that relationship. Use tools like predictive analytics to see other possible ways you can follow.
Getting The Right Relationship Marketing Support
Maintaining a relationship will require help, which Virtua is ready to provide. We offer a comprehensive marketing solution that will suit this approach well. With our marketing experts, you can effectively plan the strategy.
And of course, you need the right people to execute it. Our marketing and customer service agents are always ready to take the job. The latter will take on the promotional duties to help you build that image. Meanwhile, the customer service team will not only build, but also strengthen that relationship through great service and engagement.
Amaze Your Customers MORE With A Great Relationship
Just like maintaining personal relationships, relationship marketing requires a patient approach. And Virtua Solutions is ready to help you cultivate that long-term connection. Contact us today and let’s start bringing you and your customers together.