The Importance of Data-Driven Relationship Marketing
Here’s why relationship marketing is such an essential strategy: it’s six to seven times more expensive to take on a new customer than to keep an existing one. Further, 86% of those existing customers will pay more for a more enriched experience. This shows how important it is to pay attention to what customers want and to foster loyalty. The right one-to-one relationship marketing approach for a business can open up a world of possibilities – and profits.
Value Added to Customers and Businesses
Implementing an effective relationship marketing strategy drives profitability and productivity. That’s because the focus shifts from the expense and effort of constantly trying to acquire new customers, to understanding more about the behaviors, wants, and needs of existing customers. When a brand focuses on cultivating a symbiotic relationship with established customers through one-to-one relationship marketing, it effectively builds a foundation of reciprocal trust. Customers end up feeling a stronger, more personal connection to the company or brand.
In addition to driving ongoing business with loyal customers, here are some other mutual benefits of relationship marketing for companies and their customers:
- Feedback: Customers benefit from the opportunity to add value to the company culture by offering opinions on their experiences, as well as any complaints or suggestions they have. Savvy marketing professionals will utilize this information as an invaluable resource to make the customer experience better by addressing these concerns and suggestions. Immediate solutions to a negative customer experience can improve the customer’s satisfaction level and cultivate a relationship of trust with the company.
- Promotion: Satisfied customers become effective promoters who share their experiences with individuals in their circle of influence. This organically shared promotion, or word of mouth, is an effective way to create new leads and customers for the company.
- Offers: Companies that create complementary, relevant, and personalized offers for their customers further cement their relationship with these individuals.
- Inner Circle: By inviting customers to become part of a company’s “inner circle,” the business creates positive, long-standing relationships with them. Companies that do this know that by giving their customers a chance to innovate with them—by offering creative ideas for products, services, and customer benefits—they’ll build a solid relationship, and customers will feel like an invaluable resource to the company.
Enhancing Relationship Marketing through Technology
Relationship marketing is an important part of any email marketing strategy. It can be supported and enhanced tremendously through CRM and marketing automation software, which can deliver targeted, personalized content; and make it easier to record, track, and act on customer information. When you adopt a one-to-one digital marketing approach to relationship marketing, you're able to easily maximize cross-selling or upselling opportunities. To more effectively understand customers or potential customers on a personal level, look for an omnichannel engagement platform like Selligent Marketing Cloud.
Selligent Marketing Cloud
Selligent Marketing Cloud is an excellent alternative to Salesforce. It provides marketers across many industries with a number of strong benefits, including:
- Customizable dashboards for online viewing and scheduling automated distribution
- Individual-level reporting that is aggregated per channel and per day, with the ability to capture information at a detailed interaction level
- An interactive, insightful dashboard offering a 360-degree view of your customers
Contact us for more information on how to implement effective relationship marketing. We would love to show you how Selligent Marketing Cloud can help you foster a deeper, long-term, and more profitable relationship with your current and prospective customers.