Increase the Lifetime Value of Your Customers
Getting new customers is important for any business, but it traditionally costs five to seven times more to acquire a new customer than to keep an old one.
Nurturing relationships with your current customers by communicating with them on a regular basis will produce greater loyalty and increased referrals.
Relationship marketing is about reminding your customers that they are valued by giving them information they can use to make smart, informed decisions. You also can throw in a reward for their loyalty to encourage further engagement.
What Does Relationship Marketing Look Like?
For most businesses, relationship marketing is similar to content marketing in that it focuses on the creation and delivery of targeted information through email newsletters and social media. There really are no shortcuts to strengthening a valuable relationship, however, as demonstrating your commitment to communicating in an authentic and compelling manner over time will prove to be the most powerful sales tool.
Nurturing authentic customer relationships can lead to long-term and significant business growth.