Relationship Marketing: What is it and how will it benefit your business?

Relationship marketing is a strategy we prioritise within our business and our clients’ businesses as it’s such a powerful strategy. In this blog, we’re going to explore different relationship marketing strategies and how they will benefit your business!

According to Hubspot, “Relationship marketing is a marketing strategy that cultivates deeper, more meaningful relationships with customers to ensure long-term satisfaction and brand loyalty. Relationship marketing is not focused on short-term wins or sales transactions — rather, it is focused on delighting customers for the long haul.” Hubspot.com

Relationship Marketing | Digital Marketing | Amber Mountain Marketing

Relationship Marketing Strategies

Audience Targeting and Segmentation

The first step to relationship marketing is to segment your audience. You may have a few different client types who want different things from your business. In order to give them the best service, segment your audiences to ensure that they’re only getting focused marketing that is relevant to them.

Social Media Marketing

Social media is the perfect platform to utilise when wanting to build relationships and it can be used in different ways. Firstly, it allows you to quickly interact with your audience. Many businesses use social media to give their followers immediate updates and engage with their followers. For example, liking and commenting on their posts and interactions.

Social media can also be used to share more of your company’s character. In order to start to build a relationship, audiences will need people and personalities to relate to. By sharing behind the scenes business content and images of your team, your audience will feel like they have more of a relationship.

Free Resources

Another way to build relationships with your audience is by offering them something for free. This could be a free consultation or phone call to answer a few of their questions. Alternatively, you might prefer to create a template or resource that they can download to help them.

Being seen to offer free support shows audiences that you genuinely care about their experience, which also helps them feel like they can trust your business and its products or services.

Referral Schemes

Having a referral scheme in place is another way of giving back to your audience. It may be a scheme that means if an existing customer recommends a new customer then the existing customer gets a discount off of their next purchase. Or you could offer loyalty points and discount codes to those who are seen supporting your business.

Email Marketing

Email marketing is a strategy that many businesses aren’t sure about incorporating. However, having an exclusive piece of content that people can only get access to if they subscribe to your newsletter is guaranteed to help you define an audience that is interested. Once you know that they’re interested, you can then send them relevant and engaging content to build on those relationships.

Relationship Marketing | Digital Marketing | Amber Mountain Marketing

How will these strategies benefit your business?

Incorporating these strategies into your marketing will help you boost the relationships that you build with your customers. Having stronger relationships will benefit your business as it:

  • Builds customer loyalty. Loyal customers are more likely to repeatedly purchase from your business. Once you’ve invested time into building the relationship, all you need to do is continue to nurture it to continue getting business.
  • Increases word of mouth referrals. Word of mouth referrals are essentially free marketing! You don’t need to do anything as people are already recommending your business for you.
  • Creates organic brand ambassadors. Having people that are passionate about your business means they’re pretty much warming up your leads for you.
  • Increases your ROI (return on investment). When your clients recommend your business, the money you spent on gaining that client has also worked towards getting the clients they recommend too. So, you’re getting more for your money!
  • Increases your profitability. Again, once you have a relationship with your customers they’re going to continue to buy from your business. In turn, you’ll get more sales and profit!
  • Gives you a competitive advantage. What’s the difference between the two coffee shops in your town centre? One of them makes you feel welcome. They give you a big smile and ask about your day as they take your order. Whereas the other coffee shops rush you in and out because they have a queue behind you. The first coffee shop is building a relationship with you and you’re going to be more likely to return there!

Summary

In summary relationship marketing in our opinion is one of the best marketing strategies to build a business and gain a great reputation.   This takes time and tenacity but it works and needs to be the focus of every business if you are looking to succeed and grow.

Would you like to be more effective with your marketing? Feel free to get in touch here and we could help utilise these strategies!