Understanding the Importance of Relationship Marketing

Understanding the importance of Relationship Marketing in 2021, will help your business better pivot within the digital arena. And let’s face it; businesses need all the help they can get right in order to assist them during these changing times. Which is something Net 360 Solutions would love to help our community of businesses with!
So – What is Relationship Marketing?

As described by Wikipedia, it is “…a form of marketing developed from direct response marketing campaigns that emphasizes customer retention and satisfaction rather than sales transactions.”

Well said and very true. A digital connection is NOT a personal relationship. In fact, that is exactly what it lacks – personal or in-person interactions.

It is easy to “connect” with people online, but making a connection is a very different thing.

In fact, clicking to connect will often have customers disconnecting quickly. No one has the time nor the desire for unending superficial interactions on a screen. Which is why relationship marketing is so important – and it takes time to grow. 

Combining Instant Gratification with Real-Time Interactions

It’s true, we are an instant gratification society. With products and services at our fingertips to acquire or book, we often choose to cut out the ‘middleman’ – otherwise known as a live conversation.

However, in doing so – as a business, you are taking away the valuable nature of building and fostering relationships with your customers. This is often what your best retention is based on – relationships.

How Do We Build Relationships in a Digital World?

It is well known, in the marketing arena, that 80% of your business will usually come from 20% of your customers. Although business owners often seek the quick buy-ins through transactional interactions for their products or services, these types of prompt transactions can be short-lived one-time buys.

Instead of short term pay outs, seeking a long-term strategy that focusses on building meaningful relationships with your customers will actually benefit you more. As well, it will cost you less in the long run.

A poor customer service experience is all it takes for online customers to take their business elsewhere. It’s in your best interest to prevent this!

Be the Change Buyers Want (but don’t know they want) to See

We have quickly been taught that fast is best. When in reality, that is so far from the true human condition of care we all genuinely seek.

Imagine tapping into a marketing strategy that roughly only 19-30% of companies are doing. Did you know …almost a quarter of businesses don’t carry out any relationship marketing?

Data from the new Econsultancy/Responsys Cross-Channel Marketing Report 2013 shows the value of building customer relationships, as 70% of respondents agreed that “it is cheaper to retain than acquire a customer.”

In such an untapped market, having a strategy to be the change customers unknowingly desire, and companies rarely do – will put you ahead of the curve and creating a fresh norm we all deserve!

Why Are So Few Companies Investing in Relationship Marketing?

Although the intention is there for a lot of businesses to interact with their online customers, there tends to be a lack of strategy to truly make it a consistent reality.

As well, many businesses believe that their loyalty programs, customized products or newsletter keeps them ‘in touch’ with customers. But those are all things that – in the end, benefit the company, not the customer. And they know this.

This could even be referred to as “tactical marketing”, and nothing feels more sterile to a customer than being SOLD something.

Digital marketing can almost seem diabolical at times with its approach. Alternately, relationship marketing seeks to understand the client’s needs, wants and desires. Not to SELL them on something, but to help understand how you can SERVE them. Someone who’s needs, wants and desires are being met, will feel a sense of loyalty, respect and desire to return the authentic care in which they’re being treated with.

Campaigns, slogans and promotions cannot compete with true, personal customer care. Care goes beyond the head and lends itself to the heart of the matter. This is where the REAL transactions happen – in the arena of desire over duty.

Purpose Driven Connections Matter – Become a Brand that CARES!

When ‘evangelizing’ to your customers – ensure your brand truly cares about their wellbeing.

Business-to-business is a poor term for what is meant to actually represent business-to-person sales. People have feelings, and feelings require ‘feel good moments’ in order to, well – feel good!

People who grow emotionally connected to your brand will buy from you because they care. They will also share your brand with their friends, and likely their social media audience too (free viral advertising that works!), which adds to your ROI and will cause your efforts to pay off handsomely.

Quick Ways to Enhance Your Relationship Marketing

Build a Rapport through real-time connections via truly personalized emails, a person-to-person phone call, or a hand-written invitation to a private shopping experience …just to name a few.

Build Trust through consistent interactions, not just a one-off sales tactics.

Show Personality on your social media pages, tagging those you have interacted with in a positive way, giving shout outs, sharing human struggles so people can RELATE to your product or service and see the person behind the brand.

Inspire Confidence with consistency and an ongoing brand experiences that show you care.

Provide Excellent Customer Service …not good, not great, but EXCELLENT!

Provide Value to your customer’s lives by asking HOW you can do so.

As Simon Sinek put it in one of his famous Ted Talks: “Profit isn’t a purpose. It’s a result. To have purpose means the things we do are of real value to others.”

People want to align their buying decisions with a company who cares about them and about the community they live in. People love seeing passion and purpose, and when you love what you do, it shows in how you care for those who invest their hard-earned dollars into your brand.

At Net 360 Solutions, we employee a team of local professional creatives who are truly passionate about what they do and the service we collectively provide our customers. We are a local Langley BC digital marketing company who thrives on YOUR success. We are truly are excited to further our relationship with you in 2021, and help you in doing the same with and for your customers!

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