Marketing is all about selling your product or service to potential customers. Before you make any sales you need to know who your customers are. Demographic characteristics, such as age, sex and occupation, are always good ways to target consumers.
Once your consumer market has a more narrow focus, you must then learn about their needs and preferences — a good question to ask yourself is what challenges could your product solve?
After your customers needs are met, then the marketing can become a bit more personal.
Relationship marketing explained further
The term relationship marketing refers to everything that has to do with managing a strong, lifelong relationship with your customers. From influencer programs (focus is on influential people, rather than whole market) to affiliate marketing (earning commission by promoting other brands) and everything in between.
Relationship marketing is more focused on brand awareness and the way to position your brand as the best option to your customer. As a result, the most important part of the relationship is the facilitation of two-way conversations with your customers.
What can relationship marketing do for your business?
Relationship marketing differs from traditional marketing, because the focus is relational rather than transactional. Traditional marketing is focused on making the most sales, but relationship marketing targets more long term customers.
This personal marketing approach offers a quality over quantity effect. Consumers are likely to possess a stronger relationship, therefore an increased demand, with brands that offer quality products and show that they truly care.
Relationship marketing offers these benefits
- Retains long term relationships (if you work on building a relationship and not just selling, your customers develop a sense of loyalty that is more beneficial long term).
- Increases your list of referrals (word of mouth is sometimes the most powerful source).
- Creates an excellent opportunity for feedback (happy, loyal customers are a great start to proposing a new product)
Tell us your story. Has your company had any successes or failures with relationship marketing?