Relationship Marketing Should Follow the 80/20 Rule…
Relationship Marketing is a strategic personal interaction that builds on the customer base you already have. Building long-term relationships with customers will create the loyalty that all businesses are striving to achieve. Strengthening customer relations, in turn, will create stronger customer retention, thereby generating continued sales and referrals.
Relationship Marketing 80/20 Rule
Although traditional marketing is important, it can cost 5x more to acquire a new customer. Relationship Marketing is less expensive, retains & builds upon a current customer. The key is building a relationship strategy that is 80% relationship and 20% marketing!
Most importantly, a great relationship strategy will generate and acquire repeat and referral business… unlike anything you have ever done before.
This video not only shows our relationship philosophy in action, you will also see an example relationship strategy in a 5 touch follow-up greeting card campaign.
If Relationships are the heart of success in any business, then market with HEART!
Here’s WHY…
- Cheaper than acquiring a new customer. It’s true that it is 5x more expensive to acquire a new customer than to keep and maintain a relationship with an existing customer.
- Evolution of new products. More successful upselling of new products because of relationship trust.
- Loyalty to your brand. Less shopping around because they are focused on value rather than monetary worth.
- Word of mouth substructure. People work with and buy from those they know like and trust, therefore, freely giving referrals.
I urge you to consider having a Relationship Strategy that ensures turning a new customer into a repeat customer. This approach builds relationships and generates new business. More importantly, expands your bottom line.
I appreciate you taking the time to visit my blog and share the information you’ve learned! Also, I love to hear from you so don’t forget to leave me a message.
Take Care,
Kody B
