While one message can convince customers to buy your products for the first time, retaining them takes more than that. Businesses must build lasting relationships with their customers in today’s increasingly competitive world.
Relationship marketing is helpful in both B2B and B2C settings and ensures that the business constantly engages the customers at every stage of the buying process.
What is relationship marketing?
Relationship marketing is a mix of marketing tactics companies use to build lasting customer relationships. It involves methods for improving customer experiences and focuses on attaining long-term customer loyalty by getting customers emotionally involved with the business.
The main goal of customer relationship marketing is to ensure and sustain repetitive sales by building customers’ confidence in the product. It’s a complete departure from transactional marketing, which doesn’t pursue the customer after the first transaction. Instead, in relationship marketing, the purpose is to customer retention by prioritizing customer satisfaction over sales.
The growing use of the internet has led to the development of several types of relationship marketing that any business should pursue. Companies may use social media platforms, email, text messaging, or websites in the online space.