Relationship Marketing: Revitalizing Customer Value

By CIOReview | Tuesday, May 28, 2019

FREMONT, CA: Relationship Marketing is a strategy to build a lasting relationship with existing customers. To build brand loyalty and to encourage repeat-business, relationship marketing is vital. Rather than concentrating on goods or service advertising, it focuses on maximizing the value of customer relationship. It focuses on nurturing customer relationships with existing buyers by providing personalized attention and assistance. It also engages in creating memorable experiences, significant interactions, and packing an emotional punch across the customer life cycle.

Relationship marketing is essential for an effective marketing strategy. Aside from forging lasting customer relations and developing laser-focused brand awareness, relationship marketing helps you in diverse other ways. Promoting brand loyalty can enhance customer lifetime value. Loyal customers often turn into brand ambassadors, which add to verbal promotion. It builds a personal connection that gives a competitive edge because happy customers will do good business. An efficient relationship marketing strategy will positively reshape the customer experience. This is also taking over other factors to become a competitive differentiator.

Relationship Marketing attempts to rekindle positive sentiments in the minds of the buyers. Brands channelize resources to engage the customers to have meaningful and useful communications with them. An effective relationship marketing strategy has to be adequately covered, for maintaining a significant relation throughout the customer life cycle. Customer expectations should be taken very seriously while delivering products, and also after sales support should be provided. Excellent customer service with friendly and knowledgeable support staff results in positive experiences are expected by the customers.

Customers want to feel heard and valued, which can be achieved, by acknowledging and acting upon their feedbacks. Engage customers by creating emotional experiences for them, such as birthdays and anniversaries. This will become a moment that the customers will cherish and also help in building lasting relationships. Relationship marketing helps in filling the experience-expectation gap that other marketing strategies might miss. This type of marketing helps in identifying the sweet spot of the customers.