As defined by the Business Dictionary, relationship marketing is, "Promotional and selling activities aimed at developing and managing trusting and long-term relationships with larger customers. Customer profile, buying patterns, and history of contacts is maintained in a sales database, and a service representative (also called account executive) is assigned to one or more major customers to fulfill their needs and maintain the relationship." Sounds like a pretty good marketing technique, huh? Why does it seem to have essentially gone out of style?
Society has become technologically advanced. As that has happened, personal, one-on-one connections have become less and less frequent. Instead, people communicate through email, text messaging, social networking, and instant messaging. While these are all valuable forms of communication, sometimes building a personal relationship is still the most effective option.
Take the current economic situation for example. As referenced in the above video, the Bureau of Labor Statistics shows the unemployment rate in the U.S. at 9.4 percent for the month of May. Some analysts predict it will be even higher for the month of June, which will lead to consumers tightening their pocket books even more. As a result, businesses have to earn a sale and the best way to do that is through relationship marketing.
Relationship marketing only takes a little time and imagination. In the end, it provides the opportunities for longer and even lasting relationships with consumers.
Do you practice relationship marketing? If not, why?
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Sounds good...
In marketing my safety and security web site, it sounds good. I wouldn't mind doing this but not sure where to start. Thanks, Abby.
Everything goes online
Now everything goes online, we close the deals, make sales, and communicate without seeing each other. That's what internet offers.
One on One Relationships
1 to Many
It's hard to imagine not meeting top customers personally, but some businesspersons, especially younger men and women, prefer to not meet directly with a salesperson. That's in part why there's so much potential with mobile marketing through text messages. It offers a one on one relationship with the arms-length relationship that many business people prefer today.
Relationship Marketing
Relationship Marketing & Sales also means scouting sales talent that has direct experience in your target industries. If ACME Work Shoes has sales people that are from various target industries, sales staff can RELATE to their purchaser and use terminology that they will be accustomed to hearing.
It IS easier to trust a salesperson that actually knows my business. Case in point: When I go out to find another data center in a region of the world that I want to grow into, if the sales person cannot understand a single technical term I'm talking about, they have lost credibility with me and I will move on to their competitor.
Any new endeavor involing several deparments SHOULD be headed up by the account executive. If development/manufacturing project manager begins to speak greek, the account executive lays it out in language their "FRIEND" will understand and trust. The customer knows the account executive wants to boost their bottom line and not sell them something they don't need.
My sales team actually goes out to convienent stores and buys up several of those restaurant voucher cards. SEND your best preforming and potential rising clients a free lunch or get on the horn and call a pizza parlor in their city and deliver lunch to their office. Associating a pleasurable experience like getting your teeth into a cheese oozing pizza with your company gets their brain into linking positive long term memories of you. Emailing them the occasional office humor graphic or joke couldn't hurt, either.
Finally, an account executive should deliver solutions, quickly! Time is money and long term relationships depend upon the whole team of various departments working together to empower the account exec to do their job, efficiantly.
Another simple approach to
Another simple approach to relationship management. I agree, it is not difficult to generate a good customer base, but to retain your clients the relationship requires solutions that meet the needs of both client and supplier.
I was personally
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