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What is Relationship Marketing Strategy
Relationship marketing definition:Â A relationship marketing strategy is a strategy which is created to encourage customer loyalty, communication and future engagements. The strategy also aims to develop a bond between the customer and the business by directly providing information which targets their needs and interest through promotions.Â
The Goal of Relationship Marketing
The goal of marketing relationship is to get the customers interest, retain the customers as long as possible and to also grow or increase customers engagements through targeted promotions.
Importance of Relationship Marketing Strategy
Relationship marketing is a very important factor to consider if you want to create an effective customer relationship management(CRM). This is because relationship marketing aims to cultivate a long-term customer engagement and foster customer loyalty instead of only focusing on single sales.
How to Maintain a Good Customer Relationship
- Focus on promoting an effective communication with the customers
- A timely effective and efficient communication should be your priority
- Maintain and promote positive attitude
- Treat your customers as an individual
- Be completely open
- Share positive knowledge
- Meet or exceed your customer’s expectations
- Engage in survey and feedback from customers
Benefits of Relationship Marketing
- A good customer relationship, this allows you to know more about your customers and remember their needs. This will make your customer believe you know and care about them.
- Increase the cross sellability, knowing your customer’s needs and wants to enable you to provide current and future solutions to their problems.
- Increased team collaboration, this is when the management team work together to implement CRM by learning and using the tools.
- Helps to improve effectiveness and efficiency in serving customers
- Improve employees knowledge on how to implement CRM to record customers interactions, solve customers problems and create efficiency in serving customers.
- The business will increase its profit and revenue.
- Relationship marketing help save cost.
- Encourages customer feedback.
- Enable customers to communicate any complaint about product and services
Types of Relationship Marketing
Classic relationship: This is having a classical network and distribution channel relationship between the business and customers.
Special relationship: this form of relationship exists between marketers, service providers, interactions between customers, suppliers, new and old customers.
Mega relationship: this has to do with personal and social, having knowledge of the customer, and engaging in mass media relationships.
Nano relationship: this covers the product and services within the company, internal customer relationship, the relationship between operations and marketing management, employees relationship, external providers of marketing services and the business owners.