What are the characteristics of relationship marketing

What is relationship marketing and what are its benefits?

what are the characteristics of relationship marketing

Do you want loyal customers and more business opportunities for your company ? Relationship marketing might be the way to your success. Relationship marketing takes the marketing concept one step further by establishing long-term, satisfying relations with customers in order to foster customer. Businesses need to focus on People to People and relationship marketing today. Social media is a key component to this.

what are the characteristics of relationship marketing

The key difference is in how those media are used, as well as what content is deployed through them. In relationship marketing, communication with the customer goes beyond the use of promotional messages designed to sell, and include informative communication — often in the form of newsletters, video clips, buyers guides and more, designed to help build the marketers credibility and provide a positive experience in order to solidify the customer relationship.

These messages can also help customers make better, more informed choices.

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Help them find the right product or service based on their behavior, priorities, preferences, characteristics, etc. Marketers can also help customers learn how to use their products appropriately in order to get more enjoyment. In doing so, they increase customer satisfaction and provide a positive customer experience.

What is relationship marketing and what are its benefits?

Historically, one of the main characteristics of relationship marketing has been the presence of some form of response. With the advent of social media, the concept of response is being transformed into that of a conversation. Today, customers can interact with marketers in real time and in a very public way.

They can share their experience — positive or negative — with others, and directly influence the brand perception and appreciation of others.

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That sometimes means looking at their demographic profile, but most often by examining their behavior and their purchase history. However, that does not mean that a loyalty program, offering incentive in exchange for greater patronage are absolutely necessary. Loyalty programs are useful in the sense that they allow marketers to identify their customers and to capture transactional data. But if customers are already identified through other means and if we are able to track their purchase behavior, such programs are not essential to the relationship marketing process.

Loyalty can also be built through more relevant communication, a positive customer experience and better timing. You provide more than just a product or service, you provide an experience.

Quiz & Worksheet - Relationship Marketing Characteristics & Strategies | cypenv.info

To respond to a concern means that you find a way answer the question that empowers your company AND the person making the concern. Create Business Opportunities When you build your relationship marketing skills, you also open the door to more business opportunities because a personal connection experience leaves a a long-lasting impression.

That fond memory which you created with your customer will cause you to come to their mind more quickly and frequently. Because Mari had built a person-to-person connection, she was referred and her business took off.

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With a person-to-person relationship marketing model you can learn first hand, and at no cost to you, what your audience MOST desires. For example, free Wi-Fi in Starbucks was a suggestion from patrons.

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Today, because Starbucks listened, its shops are always packed with customers who know they can conduct business AND get great coffee.

On the other hand, Borders did not listen to its customers.

what are the characteristics of relationship marketing

The company did not make the necessary changes, improvements and additions to keep people coming back, and as a result, the company has now forever disappeared. You need to have your own flare. By instating relationship marketing, you can quickly and easily develop your unique style.

You simply have to be yourself and respond confidently to your customers.