Relationship Marketing
Business is all about people and their needs. Any organization
with an aim of long term survival in the industry focuses on
creating processes to connect and reach out to their
potential/existing customers to sell their product and services
multiple times over a period of time.
Relationship Marketing helps organizations to sell more units by
creating loyal customer base in the market using long term customer
engagement plan rather than focusing on the individual sale.
Here are the Five Stages of Relationship Marketing with
Characteristics
- Basic Marketing: The first stage is focused on
getting the first sale. This is the first time when a customer will
engage with the brand by making their first purchase. Here are the
key characteristics:
- Price: The goal is here is quote competitive pricing to draw
more attention to the brand and provide good value for money over
competitors
- Brand Awareness: Product/Services promotional strategies are
used to spread brand awareness and reach out to the maximum number
of potential customers.
- Goal: The goal here is to get the first sale and capture market
share by achieving huge numbers of individual sales
- Reactive Marketing: Once the first sale is
made, the organization usually expects and encourages customers to
give valuable feedback. The purpose here is tackle unforeseen
competition by reacting and solving issues faced by the customers.
Here are the key characteristics:
- Goal: To identify ever-changing needs of existing and potential
customers
- Data-Driven: It involves analyzing real time data to meet the
needs of customers and make required changes in the product and
services.
- Identify Avenues of Promotion: The organization will identify
where the customers are and what platforms they are using to
promote their product and services on those avenues while listening
to customers reviews on the same platforms
- Accountable Marketing: A strong and effective
tool to build relations with customers and yet very few
organizations call their customers to take feedback after the first
sale. The idea here is to make the customer feel important and keep
them close to the chest of the organization. The best tool to
create a loyal customer base. Here are the key
characteristics:
- Feedback System: The organization has outlined a feedback
process with a team in place to resolve the issue and keep a direct
connection with customers.
- Check on Deliverables: A set of promises is made to the
customer at the time of sale. This is to make sure that all
promises regarding the product or services are delivered and
understands customers’ point of view regarding the utility of
product/services.
- Goal: Listen to customers and make sure internal process are in
place to meet customer demands
- Proactive Marketing: Proactive Marketing is
about taking certain steps and measures to plan for future
fluctuations in the market and being prepared for external threats
that can affect future sales. Here are the key
characteristics:
- Competitive and Creative Approach: A proactive approach will
help the organization to gain competitive edge over other companies
and force the competitors to rethink their approach.
- Identify Needs Before Sale: Extensive research before entering
a market or promoting and developing products before anyone else is
the key to gain traction among customers.
- Metric Driven: The metrics are identified before these
strategies are implemented to measure the success of the
campaign
- Partnership Marketing: It’s about selling
tailored products or services in huge numbers to a B2B business
partner. It involves multiple discussions to identify the
requirements and deliver in huge numbers to create a long-lasting
relationship. Here are the key characteristics:
- Goal: The goal here is to build a long term relations than a
sale. For eg: a relationship between a wholesaler and a retailer
where goods are supplied throughout the year.
- Higher Revenue: A set of good B2B relations can help the
organization to achieve revenue goals without focusing on
individual sales.
- Future Sales: It becomes easy to forecast sales for next year
considering the rapport between the seller and buyer is in
place.
d.Referrals: It becomes easy to get referrals from existing
clients considering that they have had a good experience doing
business with your organization and are willing to promote your
brand in front of others.