Use Of Relationship Marketing Strategies In Business

How do you intend to improve your B2B client experience in the coming years, since 2020 is almost over? Now is a beautiful moment to start employing relationship marketing strategies if you haven’t before. It will not only improve your customer retention rates but will also increase your revenue.

Did you know that 49% of customers are prepared to pay more for brands that provide personalized experiences? Buyers are willing to spend an average of 13% extra if you include bonus features. These B2C purchasing patterns are spreading to the B2B sector.

So, in 2021, we’ll look at what it takes to create a successful relationship marketing plan.

Defining Relationship Marketing Strategies 

A relationship marketing strategy is a collection of approaches businesses use to develop strong client relationships, including improving customer experiences. A long-term relationship marketing strategy tries to keep customers and build brand loyalty.

Different Relationship Marketing Phases

Relationship marketing methods are divided into five stages:

● Attract: This is the buyer’s first point of contact with the brand.

● Connect: Now, it’s the brand’s job to capture customer attention.

● Courting: You’ve gotten their interest; now it’s time to entice them into dating you. Begin by asking for the person’s name and email address.

● Relationship: You succeeded in nurturing your new sweetheart, and now she’s one of your customers.

● Marriage: Because you have treated them so well throughout the relationship, the consumer has accepted your proposal.

Relationship Marketing Examples 

Keep in mind that the goal of adopting relationship development tactics in marketing is to produce clients who will stay with you for a long time. This necessitates a strong focus on client satisfaction. Making it easier to buy with your company is one of the ways you can accomplish this.

Relationship marketing strategies examples:

● Developing reward schemes for customers

● Customer requests and opinions are solicited and listened to.

● Birthday and holiday greetings and corporate gifts to your clients are a great way to show your appreciation for their business.

● Using multi-channel marketing strategies.

● Personalized messaging

● Improving the user experience on your website and at the checkout

Different Ways Major Brands Use Relationship Marketing

Relationship marketing isn’t a new concept, but it’s increasingly gaining traction among businesses of all sizes. Here are some examples of companies that are pursuing relationship marketing strategies.

Starbucks

Starbucks has reactive relationship marketing strategies. They communicate with customers via email, share specials, and solicit suggestions.

They also use Instagram to post brief videos and photographs of customers consuming their beverages. Sharing user-generated material demonstrates your appreciation for your followers and provides social proof.

Lay’s

This potato chip company decided to use social media uniquely by holding competitions. If you’re unfamiliar with the ‘Do Us A Flavor’ campaign, it’s a programme that invites customers to submit flavour suggestions.

Campaigns like this aim to increase client involvement in a new and enjoyable way. They then use two puppets to transform the tweets and information into short films (Taste Spuds). The competition’s winner wins a sizeable financial award.

IKEA

Customer feedback is used to guide the popular Swedish furniture store’s branding direction. A good example is when they decided to change the font in their catalogue.

Customers despised it, and they spread the word about it all over the internet. The firm took note and ensured that the next catalogue featured the standard font that everyone was familiar with.

Implementing A Relationship Marketing Plan

How do you go about developing and implementing a relationship marketing strategy? It necessitates a thorough grasp of the numerous approaches available and selecting the most appropriate for your target audience. You might discover that Instagram isn’t the best platform for your B2B, but LinkedIn is. Let’s look at how B2B marketers can incorporate relationship marketing strategies into their plans.

Pay Attention To Customer Feedback

We’ve seen this with IKEA, but it’s a technique that firms across industries employ. Not only has the internet made it simpler to see your clients, but it has also made it easier to hear their problems and feedback. Use this to your advantage by asking your consumers for their requests, suggestions, and issues so you can better serve them. You can do this via email, SMS, or a social media survey/poll.

Invest In Customer Relationship Management Technologies

You can use various products on the market to provide an excellent client experience. For example, customer relationship management software can manage customers, personalize communications, and sustain communication. Implementing ERP software to streamline your operations and reduce departmental silos is another possibility. Then you have the option of using unconventional methods such as a platform for mailing branded swag and customized presents. This can send and track corporate gifts to new and existing clients.

Recruit And Train A Top-Notch Customer Service Team

Customer service is one factor that can create or break a customer’s impression of a company. If your employees aren’t competent, courteous, or responsive, customers will be confused. Invest time and money in hiring and training a team to support the needs of your client base. Consider developing a customer care Q&A template based on various customer needs. This will assist your group in dealing with both positive and negative situations.

Utilize An Omnichannel Strategy

People today are accustomed to interacting with brands in a variety of ways. They might go to the company’s website one day and then contact them via Facebook or LinkedIn the next. It’s critical to make it easy for your customers to interact with your company in the method that suits them best. This entails being present on the appropriate social media platforms and via email, SMS, phone, fax, and online chat. Even better if you can incorporate a chatbot.

Customer Loyalty Should Be Rewarded

You can use several different approaches. For example, if you’re a SaaS, you can give customers points for using your product regularly, which they can use to lower their next month’s payment. Customers can earn points by participating in a loyalty programme. Clients can also be rewarded for introducing leads who become paying customers.

Conclusion

Interacting with your consumers one-on-one is the most effective strategy to build a long-term relationship with them. Positive approaches use customer relationship management systems, personalize their experiences, and integrate tools like chatbots and automated email sequences.

Relationship marketing is a challenging part of marketing that necessitates genuine involvement with your current consumer base. While it may appear intimidating at first, it is one of the most effective ways to improve your bottom line and client retention. Although relationship marketing is more complicated than just following these guidelines, the information provided here will assist you in laying the groundwork for a long-term consumer connection.

Engage in a successful relationship marketing strategies approach, and these customers might be critical to your long-term success. Customers who are loyal to you will speak your praises to their friends and family, purchase your new products, and tell you when you’ve made a mistake. By demonstrating that you cherish your audience’s loyalty, you can build long-term connections that benefit both sides.

If you’d like to learn more about how businesses can use relationship marketing strategies in the business, contact the ONPASSIVE team for more info.