Relationship marketing is much more than just another marketing strategy. It’s a way to connect with your customers, and it’s been used by successful companies over the decades. What exactly is relationship marketing, and why does it matter for your business? Check it out:
What is Relationship Marketing?
Wikipedia defines relationship marketing as a form of marketing that “emphasizes customer retention and satisfaction, rather than a focus on sales transactions.” This form of marketing recognizes the long-term value of customer relationships, but it also does so much more. Jay Deutsch defines relationship marketing as “a brand’s ability to create an emotional connection with the consumer.” Building a relationship with your customer is an effective marketing strategy for both your band and your customer retention. Here’s why it matters:
Why Relationship Marketing Matters for Your Business
Relationship marketing builds the “know, like, and trust” factor
Ever hear the saying, “people do business with people they know, like, and trust”? Relationship marketing is what builds that trust factor.
Relationship marketing creates word-of-mouth referrals
Don’t underestimate the power of word-of-mouth referrals; some businesses thrive on just this factor. Relationship marketing helps to foster an environment that will connect people to your business organically.
Relationship marketing created business opportunities
The more you develop relationships with other business professionals, the more opportunities will come knocking at your door. Some of these opportunities for collaboration can be gold for the growth of your business.
If you are looking for an opportunity to develop a business revolved around relationship marketing, one in which you are marketing products you love, reach out to Alan with AdvancingWithUs. Learn how he’s been using relationship marketing to succeed in business for over 25 years and how you can start your own business following his footsteps.