What is Relational Marketing?
Relationship marketing is a selling technique that focuses mainly on achieving long-run client loyalty by building emotional relationships with existing customers. It wins the purchasers confidence concerning the merchandise that ensures repetitive sales. At an emotional level, a powerful client bond ensures stable endeavor activity and any promotion to draw in potential customers. Relationship marketing targets long-run advantages. These ideas have been clearly explained in the book called “Power of Movement”.
Benefits of Relationship Marketing:
· Consistent Customer Expertise.
· Customer reviews and feedback
· Loyal customers are your marketers
· Customers are part of business decision
Example1: When you purchase a product, they ask you to fill in a form with personal details like birthdays and day of remembrance. Then on your special day, they send you wishes for the occasion and also discount coupons to purchase from them.
Example 2: Frito-Lay’s launched a campaign in which it engaged its loyal customers to create a new flavour for their chips. It was called “Do us a flavour”. To shortlist the flavours, customers can vote it through social media and shortlisted flavours get into the lays flavour list. The company did this to achieve the goals of engaging its customers and creating long-term relationships.
Relationship Marketing Strategy:
· Provide personalized, customer-focused service.
· Engage with the customer where they are.
· Incorporate technology to work more effectively.
· Offer incentives and rewards for customer loyalty.
· Create valuable content that tells a compelling story.
· Collect feedback regularly.
So, you can play a long game with relationship marketing. How are you planning to implement relationship marketing in your business?