What is Relationship Marketing?
According to the relationship marketing definition, it is a marketing approach that focuses on building long-lasting relationships with the audience instead of looking to maximize immediate profits.
That may seem counterintuitive, but in the process of focusing on providing an excellent experience for the customers and exceeding their expectations, companies are able to use relational marketing to nurture and grow relationships that can often last for many years.
But what exactly does that look like?
Well, a big part of it is providing customers with products that they are happy with, but that is not exclusive to companies that adhere to the definition of relationship marketing described above.
Many companies worry about making the first sale and don’t accommodate the needs of their customers afterward. Meanwhile, a comprehensive relationship marketing strategy revolves around an impeccable customer service experience that works to keep customers happy well after their initial purchase.
Today, when businesses have access to an abundance of data about their customers and their preferences, perfecting relationship management practices has become much easier, which is why using it is no longer optional for companies that want to remain relevant.
Relationship marketing sounds great in theory, but you might be wondering: how does it look in action?
Well, if you have an audience that cares about the environment, why not follow the steps of GreenGeeks, a hosting company that pledged to contribute three times as much to renewable energy sources as will be used to host the sites, which makes every website on their platform eco-friendly.
Domino’s was able to completely turn around their public image in just a few years by running honest self-deprecating ads. In the ads, employees read negative reviews by customers and then promise to improve their recipes and become better.
Such honesty and vulnerability show that a brand isn’t afraid to own up to its shortcomings, which is a quality many people appreciate.
If you believe in the quality of your products and want to reassure customers that they will be satisfied, you can draw inspiration from ArmorSuit, promising a Lifetime Warranty for their screen protectors, which is not only eye-catching but also shows boldness and a commitment to excellence.
Relationship marketing isn’t the easiest way to make sales, nor will it be as immediate as focusing your efforts on attracting new customers. But in the long term, it’s the best strategy for ensuring consistent growth.
Financial planners also need a reliable approach for increasing their brand presence and providing a better experience for their customers, which is where LeadJig can be very helpful. Request a demo today of our financial advisor marketing platform and learn more about how LeadJig can help!