Sow Relationships To Reap Revenue
Without customers, you have no business. Your customers are the ultimate judges of how good (or bad) your brand will do in this highly competitive world.
Their opinions and reviews create and maintain your brand’s reputation. Their engagement drives your exposure. Their referrals bring you more revenue. Their purchases scale your company.
Customers are your key to building, maintaining, and scaling your business, so it only makes sense to make their happiness and satisfaction your priority (or at least one of them).
You can do so by implementing Customer Relationship Marketing.
Customer relationship marketing focuses on cultivating relationships with existing customers, and with your viewers, consumers, followers, or those who are not yet paying customers or clients.
The relationship marketing tactic is excellent when it comes to acquiring new clients and retaining old ones.
The Importance Of Customer Relationship Marketing
Focusing on individual sales and transactions can only take your business so far. Having long-lasting relationships with your clients, however, will bring you much more revenue and success.
Marketing relies on connections and relationships, so knowing how to connect with customers is key to a successful business, regardless of the industry.
The goal of customer relationship marketing is to encourage engagement, satisfaction, and customer loyalty, which will lead to repeat business and referrals and boost your brand’s reputation.
Let’s explore some key benefits of customer relationship marketing…
- Increased Customer Retention: focusing on nurturing relationships with your clients helps you boost your customer relationship rate.
Repeat customers tend to spend more money per purchase and buy more frequently. - Increased Customer Satisfaction: Part of customer relationship marketing is providing quality customer care and personalized experiences.
People enjoy it when someone (a person or a business) goes out of their way to ensure their happiness and comfort – it makes them feel special and appreciated, which in return brings your business more “hype” and revenue. - Cost Efficiency: Retaining customers is less costly than acquiring new ones.
With retaining customers, trust is already established, whereas acquiring new ones requires significant expenses in advertisement and outreach efforts. - Loyalty Program Opportunities: When you have established relationships with your clients, you can start offering incentives, rewards, exclusive offers, and other loyalty programs.
These, again, boost your customer retention rates and increase customer loyalty.
Examples Of Relationship Marketing
Let’s take a look at some examples of relationship marketing in other info product businesses.
- Hubspot Academy offers free tools, certifications, and blogs about marketing, which increases loyalty and customer engagement.
- ClickFunnels has webinars, live events (Funnel Hacking Live), and a Facebook group, which gives users a sense of community and increases brand trust.
- Udemy’s personalized email campaigns highlight discounts on courses that users have browsed before, which encourages repeat business.
Pro Tips For Relationship Marketing
Now that you know what relationship marketing is, let’s dive into some best practices for its implementation.
- Engage With Your Audience And Existing Clients: You can create communities within Facebook, Reddit, Quora, and other channels where you can share information, provide support, and allow users to interact with one another.
- Encourage Feedback And Reviews: Your clients deserve to be heard, so provide them with a safe space to express their gratitude and concerns (if applicable).
Your responses to the feedback and reviews are just as important, so don’t leave those unanswered or unaddressed.
Most people, especially those who are still deciding, are watching, reading, and noting such things.
Reviews increase engagement and give you valuable insights. They can also be used as content for social proof. - Focus On Customer Success, Care, And Experience: Consistently providing good customer care is one of the main factors in building and maintaining good relationships with your clients and consumers.
Customer care can be as simple as answering a question in a group for someone who is not yet a client or addressing a concern through email for a repeat customer.
If your product is a course or a SaaS (software as a service), it is important that the user experience is smooth from A to Z. Logging in shouldn’t be painful, and purchasing additional features should feel seamless. - Leverage CRMs: Good customer relationship management software is one of the key components of relationship marketing.
It helps you store important information about each individual client, which can be used for personalizing their experiences.
It also helps you save time by automating tasks like follow-up emails and texts, tailored marketing campaigns, and posting scheduled content.
Some good CRM’s include Salesforce, ActiveCampaign, Zoho, and Hubspot. - Leverage Loyalty Programs: Create and personalize loyalty programs for your clients. Offer special discounts, exclusive deals, and rewards for referrals, social media tags, or newsletter sign-ups.
Closing Remarks
Relationship marketing is all about creating and leveraging relationships and connections to scale your business.
With modern technology and a wide variety of communication platforms, such as messengers, email, and social media, engaging with your audience and clients is easier than ever.
Your customers drive your business, and so does your “non-paying” audience. Engaging with people, addressing their concerns, and encouraging feedback establishes trust.
Did you know that it is much easier to convince someone to buy if you have a relationship with them? 😏 Well, relationship marketing helps you accomplish that.
Stay tuned for more actionable marketing tips that help you scale your business – you can do so by subscribing to Vavoza Insider today!
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– Steph
