Relationships in Marketing - Explained
Why Relationships Matter in Marketing
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Table of ContentsWhy are Customer Relationships Important in Marketing? How to Maintain Customer Relationships?
Why are Customer Relationships Important in Marketing?
Marketing is all about creating relationships. With that being stated, what do we mean by a relationship in the context of marketing. Generally, we mean a connection between two or more individuals/entities based upon trust.
One of the most important relationship is that between a business and its customers.
This is important, as customer acquisition cost is generally high for most businesses. It is generally more expensive to acquire a new customer than to maintain a customer. Continued relationships mean increased revenues and reduced costs. For this reason, having a continued relationship between a business and its customers is very important.
How to Maintain Customer Relationships?
The essence of maintaining a customer relationships is through continued contact. This might include personalized mailings, emails, discounts, extended warranties, updates, continued service information, etc. In essence, you a providing something to the customer that reinforces the level of trust established during the original decision to purchase.
In this same vein, one manner that we continue a customer relationship is through loyalty programs. Loyalty programs provide some additional benefit or reward to customers who continue to purchase from the company. In effect, the royalty program reduces the number of options that a customer is willing to consider when making a purchase.