Do you know?
Do you know 67% of people who stop buying from a business do so because of a “perceived indifference?” What’s the simple answer to building customer relationships that keep customers coming back and buying more of your products? The hard part is implementing strategies and tactics across the business to “show your customers the love.” How are you going to do that?
Relationship Marketing is an ongoing process and involves continuous learning by all staff and possibly enhancements to your way of doing business
A common rule of thumb is that 20% of customers will stop buying from a business each year. This means that after 5 years only 32% of your original clients are likely to be with you. Hopefully, by then you have replaced the other 68%! Of course, this is a generalisation and much depends on the business size, how satisfied their customers are and how many competitors or alternatives there are to their services. So how do you ensure that you retain a steady influx of customers and retain the old ones? You do it by building long-lasting and effective relationships with your customers. Relationship strategies are business solutions that can help you with customer retention and brand building over the years.
These statistics mean you not only have to find new customers, you need to keep as many of the existing customers as possible.
The Benefits of Relationship Marketing
- Increased sales
- Reduced marketing expenses
- Increased profit margins
The Client Orchardist is passionate about, and specialises in, helping businesses in Brisbane, Gold Coast and Queensland (QLD) to achieve business growth and increase sales through relationship marketing. This includes: developing marketing plans with a customer service strategy, a CRM strategy and retention strategies. A variety of methods and tools are used to understand and meet customer expectations through customer service survey, developing a customer profile to enable customer segmentation that facilitates database marketing ultimately leading to quality customer service.
Customer Touch Points
Relationship marketing requires the co-ordination of all areas of the business from purchasing, transport and warehousing, manufacturing to sales, administration to accounts. Why? The diagram at left highlights possible key customer contact points with your business.
Because relationship marketing involves identifying the different types of customers, what they purchase or how they interact with a business. This may mean several people from one customer are dealing with different units and people within your organisation.
What information are they receiving from each of your business units? Who is responsible for the overall relationship? Is the information consistent? Is the marketing media used, the most appropriate for each customer group? Can your marketing be more cost effective and generate a better ROI? Do the products sold provide the benefits the customer expects?
To develop the best relationship marketing strategy for your business, it is important to ties it in with your business growth strategies.
You also need to consider your sales strategy and business plans so you increase sales and increase profits. Sales success is achieved through having the right sales skills, understanding the sales cycle, effective lead management and accurate sales forecasting and smart goal setting.
When developing your relationship marketing strategies you need to consider four key areas:
Business Growth Strategies
“Ross’ ability to break the ‘numbers’ down gave me clarity and a much better understanding of my operation and, most importantly, an actionable path forward.”
“Ross delivered a very informative presentation to our Franchise Partners and he clearly displayed that he is an expert in this field.”