Feb 18, 2014
It’s important to remember that business is about the trading of goods. Equally important though, is remembering that this trade (in most cases of money with a product or service) should be mutually beneficial for both parties. In these business transactions where goods are being traded, there are relationships that can be formed.
Relationship marketing focuses on maintaining and improving these relationships. It’s focused on customer satisfaction and retention instead of statistics and graphs. It’s founded on the idea that long term relationships with clients and customers have greater long term value, are less suspect to changes, and are more important than new customers.
The two main points of Relationship Marketing, namely retention and satisfaction, are essential to business success. As businesses retain consumers that have been involved in previous sales they are heading towards sales that can occur on a frequent basis. Because if these consumers are retained it leads to an increase in future sales. The other point of customer satisfaction is the idea that in order to retain these customers their happiness needs to be a priority. As the satisfaction of consumers increases, the potential to retain these consumers increases.
A link to statistics about customer loyalty is provided here. In this infographic, which references 6 unique studies done on customer loyalty, the information provides solid evidence that relationship marketing is key to business success. It shows that businesses need to focus more on the relationships they already have, and work towards marketing to those consumers. The great news for you is that at Innovation Simple we understand relationship marketing, and work to help companies develop loyal customers that can help them grow.
With different services like marketing consulting, social media marketing, web design, and more Innovation Simple strives to help businesses have positive interactions with their clients, and grow their business for the future.