Relationship management is a crucial element in every successful business. Without sound relationships, the potential for success becomes limited. Here are five reasons why relationship marketing is crucial to the success of your business.
1. Develop the Know, Like and Trust Factor
Due to advanced technology, we now have the opportunity of getting to know and then deciding to trust the company or person behind every purchase. As business owners, this essentially means that we have to go the extra mile in order to create the know, like and trust factor.
In order to do this, we must remain active relative to our web presence, offline networking, and social media platforms. For instance, with regards to social media - you welcome new followers, reply to their comments, and produce relevant content that is both entertaining and educational; these steps are extremely important to building a lasting relationship with your audience.
2. Create Opportunities for Business
As you are building your people-to-people marketing skills, you are essentially creating an open doorway for even more opportunities since connecting on a personal level inevitably leaves a strong impression.
The specific memory you created with your client will cause them to think about you more frequently. Therefore, when your client’s friend requests a business referral, your name will automatically come to mind.
3. Be Unique
In today’s economy where getting and keeping a job is somewhat unreliable, a growing number of people are starting their own businesses. In order to compete, you must stand out.
Person-to-person marketing provides the space you need to learn about your audience and also develop confidence using your own special methods. Simply being yourself and responding confidently to your clients is key.
4. Gets Referrals by Word of Mouth
Word of mouth referrals are absolutely gold when it comes to running your own business. By focusing on your people-to-people connection skills, you can effectively create the WOW factor that boosts your popularity.
Clients want to feel acknowledged and special, since many times they don’t feel it in other parts of their life. This is huge issue since emotion is a major contributing factor behind the reasons why clients make a purchase.
5. Know What Your Audience Needs
By using a person-to-person marketing model, you will quickly learn what your audience needs and desires. For instance, Starbucks incorporated free Wi-Fi as suggested by their customers. Because Starbuck’s listened to that request, they enjoy a constant stream of customers today who happily drink delicious coffee while utilizing the Internet. In contrast, Borders chose to ignore their customers. They failed to make the necessary improvements and changes to maintain their customer base. As a result, the company failed and is gone forever.
Since social media came into play, the face of business has greatly changed. In order to survive, businesses today must adjust their focus and strive to build solid relationships with people in order to successfully promote their brand and boost their long-term revenue.
