Relationship Marketing: Building A More Profitable Customer Base

There are many stepping stones to building a successful business, and one of the biggest lessons to learn is that trust equals profit. People who have grown to trust you will spend their money on your products and services. The one aspect that many business owners don’t utilize to their fullest capacity is on customer follow up – the nurturing of the relationship between business owner and customer.

Relationship Marketing is a marketing method that takes time to develop. Businesses consistently maintain two-way communication with their prospective, current and inactive customers in order to gain a deeper understanding of their needs while delivering personal and compelling marketing.

Often, we are so focused on increasing our subscriber base, or bringing in new customers or clients that we sometimes forget about the people who have helped us get where we are today. With the increase in email marketing and its ease of use, many business owners simply feel that sending out a bulk email to all of their customers is doing the job for them. If an email blast to 2,000 subscribers brings your business an additional 10 sales, then you may want to look at options that will help you increase your response rate from .5%. There is definitely a place for email marketing in every business, but it’s important to remember that this is only one marketing avenue that can be used successfully.

Traditionally, it has been said that it costs five to seven times as much to acquire a new customer as it costs to get a current customer to buy from you again. In today's highly competitive Internet world, the figure is even higher.

One simple form of relationship marketing involves reaching out to your contacts on a personal level, using a media that will make people remember your business. Sending a birthday card that includes a personal message from you, or a ‘great meeting you’ card after meeting with a potential client will not only bring a smile to their face, they will remember that you went above and beyond with your thoughtfulness. Showing that you care will increase your customer loyalty and improve relationships.