What is Relationship Marketing and how to apply it in practice

Relationship Marketing

The fierce competition between companies in the same sector and which, in many cases, offer similar solutions, has made the market look for new strategies to win consumer preference. More than that, the big challenge is to make these customers stay loyal to the brand and its products.

For this, companies from all sectors began to invest in the customer experience, developing actions that aimed more than simply obtaining new leads, but helped in building the brand, in building the loyalty of its customer base, and building authority together to the market. And the solution found to achieve these goals was Relationship Marketing.

In this post, see what Relationship Marketing is, what it is for, and how to apply it within a company. Follow up!

What is Relationship Marketing?

Relationship Marketing is a set of strategies whose main objectives are to make the brand a reference in the market, in addition to conquering and retaining customers, so that they become advocates and promoters of the company and its solutions — or, in other words, fans.

For this, actions must be focused on offering positive experiences to the user, mainly through the creation and maintenance of a relationship that offers advantages to customers.

Some companies have become a reference when it comes to customer relationships, such as Nubank and Netflix. Fintech, by the way, went viral recently when solving the problem of one of its customers.

A man had his card swiped and, consequently, blocked by the company, as a security measure. Upon realizing this, he used his good humor and contacted the company requesting not only to unlock the card but also asking the company to unlock Pokémon GO in Brazil.” Nubank’s response was no less creative. Look:

In addition to solving the customer’s problem in a few minutes and confirming the sending of a new card, the company sent a letter and a rare version of a stuffed animal from one of the characters in the Pokémon cartoon (which the customer mentioned in the request to unlock the Pokémon your card).

But that was not all: both in the letter and during the service, Nubank used expressions and references to the design. According to the customer, this “did not let the plumbing fall at any time”.

Did you see it? In addition to being agile in solving the customer’s main problem (blocked card) – which, in itself, could have been enough -, Nubank provided you with a unique and personalized experience.

As a result, the company not only gained the admiration of its customers but also went viral on social networks, gaining an incredibly positive impact and increasing, even more, the visibility of the brand.

What is Relationship Marketing for?

Now that you know what Relationship Marketing is, let’s understand a little more about its usefulness within a company.

More than guaranteeing recurring revenue for the business, Relationship Marketing serves to bring the customer closer to the company, generating a win-win situation: users gain more agility to solve their problems and the company has more opportunities to learn from your audience and improve your solutions.

As you can imagine, this is a strategy that should not be put into action only in the short term, since it is necessary to develop a continuous, progressive, and consistent relationship with your customers.

After all, Relationship Marketing is not just aimed at attracting new customers, but their loyalty to the brand. For this, however, the company must be able to offer its customers some differential that they cannot achieve anywhere else. It is, therefore, a two-way street: the company provides something that the customer seeks and earns its “loyalty” in return.

In the end, by offering positive experiences to users, Relationship Marketing increases the chances that customers feel satisfied and want to spontaneously share their experiences with others, helping to build authority around the brand and influencing the decision of other people.

How to apply Relationship Marketing within a company?

Knowing what Relationship Marketing is and what it is for is just the beginning: you need to know how to implement it in practice within a company.

There are several strategies that a company can use to do this and the good news is that the internet provides the main tools for the relationship between company and audience to become even closer.

Below, see the main ways in which your company can apply Relationship Marketing.

Know your customers

One of the cornerstones of Relationship Marketing is the information you have about your audience. It’s no use wanting to implement different actions if your company doesn’t know your audience. After all, how can you offer benefits and generate positive and relevant experiences without knowing your customer’s needs and concerns?

The first step towards this is creating your company’s buyer persona, which is the representation of your brand’s ideal customers. With the consumer profile in hand, it is possible to direct your relationship strategies to attract the ideal target audience.

The next step is to obtain some strategic information about this audience, which will help the company to generate a database that, in turn, will serve to start a relationship to attract and retain its customers. For this, it is essential that the contact base has complete and up-to-date data, allowing for a more assertive and effective performance.

Another important point is to identify the customers who buy the most, who buy more frequently, and those who generate the most revenue for the company. It is on these customers that the most differentiated Relationship Marketing actions should be focused, through personalized follow-up that strengthens the relationship between them and the company.

Use the right tools

There are several channels and formats to put your company’s Relationship Marketing strategies into practice. The main ones are:

  • Email marketing: highly customizable, email marketing allows you to create a close relationship with the customer, by offering content of interest, sending targeted campaigns and promotions, in addition to post-sale actions such as satisfaction surveys, and even congratulate you on important dates.
  • Loyalty programs: very common in airlines and credit card companies, their operation is based on offering benefits that encourage the customer to choose your brand over the competition. In order for it to have an even greater appeal, it is important that the company analyzes customer data and seeks to offer advantages that are really attractive to them – as long as they do not harm the company, of course.
  • Social networks: social networks are the most powerful tools in the relationship between customers and companies, and therefore, it is essential to know the language and use the most appropriate for each of them. Another important factor is the immediacy with which relationships take place on the internet, demanding agility from the company in responding to customer requests and in identifying possible sources of the crisis.

After all, is it worth investing in Relationship Marketing?

You already know what Relationship Marketing is and how it can help your business. But is it really worth it?

The answer is yes. In a competitive market, Relationship Marketing can be the answer for companies looking to keep their customers, increase their base and attract new consumers, consolidating themselves in the market.

If solutions between different companies can be similar, it is the relationship between a customer and a brand that will lead them to decide which path to follow: remain loyal or migrate to the competition.

In your Relationship Marketing strategies, you can rely on knowledge and methodologies from different areas, such as Digital Marketing, Content, and Inbound Marketing.

If you want to make your strategy even more effective, don’t forget to hire marketing automation software as well.

A lahar is an inbound marketing software that helps you generate leads and turn them into customers. And you can focus your actions on a single tool, as the software offers functionality to manage social media, landing pages, marketing automation and more.

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