A relationship marketing strategy is an effective and efficient way to generate business growth. It focuses effort on customers, ideally best customers, rather than squandering precious resources trying to acquire prospects of undetermined value.
OK, so if a relationship marketing strategy is the way to go how should I think about it?
Consider three broad areas when you develop a relationship marketing strategy. Conveniently there is a well known acronym, CRM, that’s used to describe the areas. Within each there are three key subject areas.
So there you have it, nine steps to relationship marketing nirvana.
Customers
- Heavy Users are worth the effort. Moderate and Light users aren’t.
- The customer’s interest in your product or service is need/time based. Not calendar based.
- Customer aren’t under any obligation to pay attention. Relationship Marketing must be about them not you, so give them the information they value.
Relationship
- Build the plan using the 5 Relationship Marketing Principles.
- Tone and manner must reflect that there is a relationship. Leave the plaid at home.
- It’s a commercial relationship. Use customer data to maximize the mutual benefit of cross- and up-sell programs.
Marketing
- Relationship Marketing deserves its own budget/communication plan.
- Invest in a marketing database.
- Measure what you are doing.