Relationship Marketing Benefits Your Business
My previous blog post discussed ways that customers benefit from a Relationship Marketing Strategy, but today I’d like to highlight some company benefits. If your company doesn’t have a strategic Relationship Marketing plan in place, you are suffering greater attrition rates and lower customer satisfaction scores than if you had one.
A Relationship Marketing Program Builds Customer Loyalty
Managing business with a Relationship Marketing program guarantees reward; running business operations with engaged stakeholders who deliver an optimum customer experience results in maintaining customers for the long-term.
The benefits to a company are many, but sink your teeth into nine of them below:
- Structure in place that enables the ability to know customers and segment messaging to maximize purchasing
- Ability to connect and coordinate internal and external touchpoints, including employees at all levels of operation, as well as third party vendors
- Attrition decreases as customer experience is heightened
- Satisfied customers transform into loyal customers, seeking future purchase opportunities
- Understanding and ability to realize customers’ lifetime value
- Streamlined process helps more quickly identify opportunities and issues at each stage of the buying process
- Fully-developed and utilized communication structure enables internal communications to be easily disseminated, allows more training/education opportunities, and presents channel for motivation/rewards to internal stakeholders
- Ability to deliver optimum consumer expectation
- Ability to set goal-based objectives, measure, refine and track results
Relationship marketing requires connection — connection that is evident to the customer– The organization connecting with the customer and providing the best possible customer experience consistently, which requires a deep understanding of the customer. The company takes a genuine interest in and actively learns about customer needs, preferences and opinions.
Relationship marketing is a process of continuous refinement–defining customer personas, analyzing segmentation strategy, and ensuring message accuracy and effectiveness. This is one important component of your integrated marketing strategy.
What benefits are you most excited to appreciate through implementing a Relationship Marketing program? What are your biggest obstacles to getting started?