Relationship Marketing Strategy

Relationship marketing strategy is a strategy designed by business entities to develop strong connections with customers for long-term engagement. Through this strategy, businesses strive to interact with their customers directly, feeding them with the right information that meets their needs and expectations. The strategy ensures open communication between the buyer and seller, thereby enhancing customer loyalty.

Due to the open communication between the buyer and seller that this strategy fosters, it can enable the business to easily increase individual sales over a long period of time. In fact, business always strive to appeal to the emotions of customers in applying this strategy in order to convince a larger population. The exchange of information builds trust of customers towards the brand. Relationship marketing is more focused on long-term commitment of customers to a brand.

Breakdown of Relationship Marketing Strategy

Unlike other advertising practices, relationship marketing strategy does not involve a single transaction or promote a particular product or service. Instead, it entails the refining of a business’ operations in order to enhance the value of that relationship for its clients. The strategy emphasizes on improving internal operations.

By streamlining the internal operations of a business towards satisfaction of customers’ needs, the latter will be happy and most likely come back again. In fact, many customers will be hesitant to switch even in the wake of product problems. In many occasions, customers leave a company not because they were unhappy with the products but customer service.

Technology is also instrumental in relationship marketing. The developments in technology have enabled businesses to easily track, story and conduct analyses on information regarding customers. There are various ways through which companies are able to effectively communicate with customers directly including, personalized adverts and special deals. Many business also offer expedited service as a reward for customer loyalty.

Through social media, companies are able to continuously engage customers informally, in ways that suit the needs of each. Technology has made it easier for businesses to automate their services and engage customers on a personal level, encouraging commitment for a long period of time.

Another important aspect of relationship marketing is branding. Customers can remain loyal to a company if they feel like the brand or products they acquire from it truly represents who they are and their desires. In relationship marketing, businesses try to promote the brand or image of the company so many customers can find it comfortable to identify with it.

Example of Relationship Marketing Strategy

There are various companies today that apply relationship marketing in their efforts to encourage customer loyalty. An example is Dell, which created a special online store to cater for the needs of corporate customers who purchase their products in large volumes. The store is tailored to the specific ordering needs of online customers. Through this high level service, the company has been able to experience increased customer loyalty.

Forms of Relationship Marketing Strategy

Although technology plays a crucial role in the application of relationship marketing strategy, there are various avenues that can also be pursued by businesses. The main goal of this strategy is to evoke an emotional connection between a company and customers.  The following are some of the ways through which the strategy can be effectively applied to enhance the loyalty of customers.

Networking

There are various platforms where companies can interact with the communities in their target market. Engagement with community groups on different levels can greatly promote open communication and interaction between a company and clients.

Organizing events for clients

Hosting events as a reward to clients not only enhances their confidence in the company but also feel honored, which is an ideal emotional appeal. Such events can include seminars, mobile clinics, and dinner parties among others. These will go a long way in building the business’ brand and attracting even friends and families of existing customers.

Communication is an important element in every relationship, however, the way in which it is conducted has a greater bearing on its success. In the application of relationship marketing strategy, businesses should always maintain frequent interaction with customers. Besides, accuracy should also be upheld so customers do not get misleading information.

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References

http://www.marketing-schools.org/types-of-marketing/relationship-marketing.html

http://www.accountingweb.com/practice/practice-excellence/five-relationship-marketing-strategies-that-work

http://searchcrm.techtarget.com/definition/relationship-marketing

http://www.forbes.com/sites/marketshare/2013/05/09/this-is-the-most-important-word-when-it-comes-to-relationship-marketing/