In it's simplest essence, relationship marketing puts the word custom back in buyer. Appears straightforward enough doesn't it? Although it's almost a no-brainer, incredibly it's relatively rare in numerous marketing circles. The focus now has become tempting shoppers instead of keeping them - a term referred to as offensive marketing. It's gently changing over the course of time but how peculiar is that, to not try to keep your present customers? Once you've taken the time to forge and nurture a relationship, it's hard to see why you wouldn't spend the additional energy to maintain it. Relationship marketing will make a great difference in the world , not to mention it can save you and your business money.
Relationship marketing developed from direct response marketing in the 1960's, appearing in the 1980's to become a system that places an emphasis on building longer term relationship customers instead of on single transactions. This marketing philosophy requires that you understand a customer's needs as they are going through their purchasing life cycle. Instead of only offering one product to your clients, relationship marketing requires that you offer a selection of products/services, as your clients basically need them. You'll be able to reply to them and serve your clients in a way that will give them encouragement to resume buying from you consistently.
Why would focusing on your current buyers be more profit-making? If you are continually spending money and other resources to land new clients, you are not focusing on your dependable consumers - those who are keeping you in business now. Ignore them at your own hazard. If you are not listening to your customers, there probably is somebody out there that is. Probabilities are rather good that your customers will become your competitor's purchasers if they do not feel just like they are valuable to you. This is named churn, or the customers who will not come back to you if you divide them.
Your best sales people will be your impressed clients. If they've had a good experience working with you and buying your items there's a probability that they'll tell their pals about the experience that they have had. If their experience with your business has been bad and they feel neglected or taken lightly, there's an even higher chance that they'll tell their pals. Sadly unhappy shoppers are way more certain to tell people about their experience than satisfied customers. Always remember this critical fact.
Another term for attempting to keep shoppers and increase their commitment is called defensive marketing. Consumers who've already bought something from you are your bread and butter, your key to continued profits. Net result? You Need them and can't stand to lose them. They're your assets. And you put a value on assets and treat them in an appropriate way. Client loyalty is worth cash to your business, since the price of keeping an existing consumer is only about 10 % of the price of getting a new one.
What's the lesson from this? Concentrate on your present consumers and your business will have a solid foundation to build on in the future.
Relationship marketing developed from direct response marketing in the 1960's, appearing in the 1980's to become a system that places an emphasis on building longer term relationship customers instead of on single transactions. This marketing philosophy requires that you understand a customer's needs as they are going through their purchasing life cycle. Instead of only offering one product to your clients, relationship marketing requires that you offer a selection of products/services, as your clients basically need them. You'll be able to reply to them and serve your clients in a way that will give them encouragement to resume buying from you consistently.
Why would focusing on your current buyers be more profit-making? If you are continually spending money and other resources to land new clients, you are not focusing on your dependable consumers - those who are keeping you in business now. Ignore them at your own hazard. If you are not listening to your customers, there probably is somebody out there that is. Probabilities are rather good that your customers will become your competitor's purchasers if they do not feel just like they are valuable to you. This is named churn, or the customers who will not come back to you if you divide them.
Your best sales people will be your impressed clients. If they've had a good experience working with you and buying your items there's a probability that they'll tell their pals about the experience that they have had. If their experience with your business has been bad and they feel neglected or taken lightly, there's an even higher chance that they'll tell their pals. Sadly unhappy shoppers are way more certain to tell people about their experience than satisfied customers. Always remember this critical fact.
Another term for attempting to keep shoppers and increase their commitment is called defensive marketing. Consumers who've already bought something from you are your bread and butter, your key to continued profits. Net result? You Need them and can't stand to lose them. They're your assets. And you put a value on assets and treat them in an appropriate way. Client loyalty is worth cash to your business, since the price of keeping an existing consumer is only about 10 % of the price of getting a new one.
What's the lesson from this? Concentrate on your present consumers and your business will have a solid foundation to build on in the future.
About the Author:
CatalystMLM is a 'no pitch, just worth ' community to support the multi-level marketing industry. The resource library is crammed with valuable training and interviews from top income earners like Joseff Boyer, Jill Konrath of Spin Selling, Ray Higdon, Todd Falcone, Kate Northrup, and more...
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