Posted on 06/06/2020 by the Promote This Team.
If you’re feeling like you’re missing that oomph, chances are your business is currently flying under the radar. Not being relevant to a business has long term ramifications – here’s why you need to start making yourself known to your audience and invest in relationship building today.
Having a sought-after product just isn’t enough in today’s over-saturated market. As a business owner, you need to ensure people are aware of your product, and also feel compelled to buy it. The key to this lies in building and nurturing relationships, which refers to the ability to make a connection with a stranger and grow the relationship to a point where you can ask for a sales.
Not yet convinced? Here’s why you should be taking relationship-marketing seriously.
It builds customer loyalty
When customers know and trust your business, they won’t feel like they have to shop around. Building a relationship with customers means they feel a sense of loyalty to your brand, and will make you their first point of contact when they need something.
It means that price ceases to be an issue
Because these customers are now loyal to your brand, they’re less worried about finding the lowest possible price on an item. They are, in fact, more likely to spend more with you due to the connection that has already been built.
It generates word of mouth referrals
When customers feel strongly about your brand, they will naturally refer you to friends, family and even their social media audience. A brand that fails to break through to their customers like this will simply miss out on these valuable referrals.
It invites feedback
By creating a sense of closeness to the customer, your business is better able to facilitate open communication and quickly address customer complaints. This feedback can then inform your development as a business, allowing you to make the necessary changes to your product or service offering.
It increases sales
It has been shown time and time again that retaining a customer is far more valuable than acquiring a new one. In fact, acquiring a new customer costs five times as much as retaining an existing one! Repeat customers also spend more each time they visit you, and purchase with you more often, meaning that a 5% increase in customer retention can boost profits by 25-95%.
It makes upselling easier
Up-selling and cross-selling becomes easier when you have built a relationship with a customer, as they know that they can expect quality from you. Nurturing customer relationships, therefore, is truly an investment in your business.
Customer service, educational content, social media, email marketing and loyalty programs are just some of the initiatives you should carry out to build better relationships with your customers.