Help your Customers grow their businesses

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Relationship Marketing is a form of marketing that emphasizes customer retention and satisfaction than sales. It deals with the long term value of customers and communicating with them beyond just advertising and sales promotional messages.

Margaret Rouse defines relationship marketing as a strategy designed to foster customer loyalty, interaction and long-term engagement.

So what are the benefits to this form of marketing?

1. Understanding your customers
Relationship marketing helps you understand your customers better. It helps you understand their needs and expectations. This helps you to create products that give them value and in turn satisfaction.

2. Repeat Business
Relationship marketing encourages your customers to purchase from you again because a relationship has been formed. A repeat business transaction strengthens loyalty and reinforces why they should keep doing business with you.

3. Word-of-Mouth Marketing
A happy customer will promote your business by telling other people about your product or service. This is extremely beneficial for your business because research claims that people trust recommendations from people they know more than they trust marketing messages from businesses. In fact, word-of-mouth is known as the most trusted form of marketing communication.

4. Reduced Marketing Costs
A popular saying states that a bird is the hand is better than two in the bush. It costs more money to acquire a new customer than it is to retain an existing one. Therefore, you will save money by focusing on relationship marketing than on advertising for new business.


5. Reducing Price Sensitivity
A happy customer will be willing to pay more for your product if there is a guaranteed satisfaction of products and after sales services attached to the price. This will in turn increase loyalty and subsequently repeat business.

 

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