Relationship Marketing Strategy – 5 Ways To Benefit Business
Would you like to know how a relationship marketing strategy benefits your business? The most successful home businesses today use it to increase profitability and long term growth. By the end of this post, you will know what relationship marketing is, why you need a relationship marketing strategy, and how it benefits to your business.
What is relationship marketing?
It is not uncommon to hear the term relationship marketing these days. As a matter of fact, it is the preferred marketing strategy for businesses using the internet today. In the following TechTarget article, Margaret Rouse explains what relationship marketing is:
Relationship marketing is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales. The goal of relationship marketing (or customer relationship marketing) is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads. See full article…
In case you are wondering, CRM is a web-based computer systems or software that helps businesses organize and provide marketing, sales and customer service assistance. In short, CRM is the tools to automate and help you carry out your relationship marketing strategy.
Though an important part of your business infrastructure, it can be quite expensive, which is a disadvantage for most home businesses. Would you agree that limited budget and time are two major challenges you face growing your business? A CRM eliminates all of the time you spend trying to organize your business contacts and locate them to make follow ups. Check out the most affordable CRM designed specifically for home businesses. I use it in mine daily.
How Does A Relationship Marketing Strategy Benefit Your Business?
An audience of ideal buyers is one of the most valuable business assets. Traditional marketing is long gone, and customers demand to know, like, and trust who they are doing business with more. One of the biggest benefits is building an audience of raving fans while you experience the following:
- Drive more traffic to your website/blog – more traffic to your customer hub gives you the ability to target and maximize your monetization efforts.
- Increase your ROI – You obviously want to get more bang for your buc, and it is no secret that customer acquisition is more costly than repeat business with existing customers.
- Strengthen your marketing efforts – Word of mouth advertising is the best kind of advertising you can get because it leverages customer influence with their network to drive sales. Nothing like easy customer referrals to bring new business.
- Brand loyalty – It goes without saying that a strong relationship experience creates a loyalty to your business because the customer knows and trusts your service.
Additional Relationship Marketing Strategy Benefits
You should always be looking for leveraged opportunities to grow your business while adding to your bottom line. Strong customer relationship management will help you save time and money in 3 key ways.Click To Tweet
Watch the short video below to find out what I mean:
Are your wheels spinning thinking about all the opportunities to add leverage to your business? Leverage not only saves on time and money, but it also exposes new market opportunities. Now that you see how a relationship marketing strategy can benefit your business, I’m sure that you are wondering how to start building relationships online right? Short answer…Start establishing rapport with your ideal customers online. Check out my previous posts Social Media Marketing – Creating An Inviting Profile and this Simple 5 Step Audience Building Framework for some great tips.
Final Thoughts On Relationship Marketing Strategy
Becoming irreplaceable in your customer’s eyes is a vital key to your marketing success these days. By focusing on learning your customers’ personal tastes and understanding their individual issues, you ultimately begin to make actual sales because you will know how your products or services specifically solve their problems. Not to mention, you will position your business ahead of the competition.
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