Relationship marketing is the art of building trust with people so that they feel secure doing business with your company. It is a crucial part of doing business in the digital age. Digital relationship marketing involves taking care of communication between you and your customers through the internet.

In the digital age, every business must invest in a strong online presence. Relationship marketing by keeping potential customers informed of new products and services through news updates, blogs, and other means is vital for everyone to survive this ever-changing technological world.

What Is Relationship Marketing?

Importance of Relationship Marketing in the Digital Age
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Relationship marketing focuses on customer retention, satisfaction, and valuing customers. The sole purpose of this is to engage with and nurture your current customers rather than acquire new customers. Both sides are important, but I want to focus on actually retaining current customers and how this can be achieved.

How Important Is Relationship Marketing?

You may feel that reaching out to new customers and driving unique business is more advantageous than retaining existing customers as a business. You might be right in the short run, but relationship marketing is the way to future-proof your business.

Relationship marketing has many benefits.

1: A great way to build loyalty

When customers have already had a positive experience with a business, they are less likely to shop around, and are more likely to come back for more. As a result, loyalty is built.

2: Price Becomes Less Important

As loyalty has been built, and trust has been established, customers are now more focused on value than price.

3: It’s A Word-Of-Mouth Generator

The more successful your relationship marketing strategy is and the happier you make your repeat customers, the more likely they are to recommend your business to their friends, family, and possibly to their audience.

4: You Sell More

Relationship marketing helps you sell more in the long run. A returning customer is just that; a returning customer. In addition, they purchase more often and more frequently.

5: Upselling & Cross-Selling Is Much Easier

One of my online courses is much easier to upsell or cross-sell to someone who has already taken one of my courses, rather than to someone who hasn’t.

6: Acquisition Cost Is Much Less

As this customer was only acquired once, there are no additional costs associated with it; only nurturing is required.

You have to think about a lot when developing a successful relationship marketing strategy. Here are my 6 key elements of relationship marketing to make your job easier.

The 6 Key Elements of Relationship Marketing

1: Customer Service

Human interaction will always play a huge role in relationship marketing, regardless of how advanced technology is or how much Artificial Intelligence is used.

In order to build relationships with your community online, you need to provide excellent customer service. Providing engaging and personalized customer service is crucial.

A customer who contacts you online about their recent order will not feel important if you ignore them or give them a standard response. They will spend their money elsewhere as soon as they feel unimportant to a business.

2: Education Through Content

My relationship marketing strategy involves writing content not only that connects with my audience, but also that educates them in the way they want to be educated.

In my research into what my audience wants, I found that “how-to”, “why” and “top tips” are key phrases they look for in content. As well as video-based content, my audience enjoys live-streaming and webinars.

The goal of relationship marketing isn’t to promote your business. It’s about educating your audience. Without thinking about tomorrow, selling today means nothing. Your audience should be built for the future, not just for a quick win.

Across multiple platforms, I have built an audience that reads my content regularly. You might be able to offer free content that is appreciated in addition to acquisition.

In addition to hosting webinars and providing free resources on my website, I write regular content for my two websites and my partners’ websites.

3: Social Media

It’s time to remove all the misconceptions and negativity surrounding Social Media.

Let’s take the phrase “Social Media”. It’s meant to share media (content) that engages a specific community socially. You must include it as a key part of your relationship marketing strategy since it has become the number one place where your audience hangs out and engages.

Don’t assume that you must be on every single social network to succeed. Research which social networks your audience is most engaged on and use only those. Businesses should avoid spreading themselves too thin because this only negatively impacts the customer’s perception of them.

4: Email Marketing

Email marketing is probably the most important part of my relationship marketing strategy. Email marketing is one of the most powerful tools I use to nurture, personalize and engage my audience.

To make sure I’m getting the most out of my audience, I research which email marketing tools will give me what I’m looking for. In the course of growing my business, I moved from MailChimp to ActiveCampaign. I decided to make the switch to Infusionsoft in 2017 after discovering that it was better suited for nurturing through automation.

Engaging via email is important, but understanding what tool to use will have a huge impact on open rates, click rates, and general engagement.

5: Loyalty/Referral Program

My undivided loyalty to my audience members is rewarded in many different ways. Discounts and offers are usually used for this, either through a competition or a giveaway.

If a member of my community has purchased a course of mine already, I will always give them a discount on the next course. Additionally, I will allow them to offer a heavily discounted course to friends/colleagues.

Due to the fact that I am both securing a new customer and keeping a return customer happy, I get such a high ROE (return on engagement) and ROI (return on investment).

6: Surveys & Questionnaires

You need your customers on board to make a strategy work. Asking them is the only way to make this happen. In order to help your customers and solve their pain, you need to know what pain needs solving.

It may be challenging at first, and you may not receive any responses to your questionnaires, but give it time. When your customers like and trust you, they are more likely to give you feedback.

Surveys and questionnaires aren’t the only ways to get feedback. It could be about running a Twitter poll, a Facebook poll, or an Instagram story poll. You should ask for feedback wherever your audience is most engaged with you.

After reading all of this, do you understand the importance of relationship marketing in the digital age? In order to retain customers successfully, what changes will you make to your strategy?

More Realization of Digital Marketing Importance

Importance of Relationship Marketing in the Digital Age
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People around the world are obsessed with the Internet. It doesn’t matter if they are young or old. Billions of people are interested in the Internet in one fashion or another. According to Statista.com, 2.48 billion people worldwide used social media platforms in 2017. This site also states that 243.6 million people in the United States used the Internet in 2018, and 257.4 million people in the US are expected to use social media sites in a few years.

Having said this, it will behoove any company to take full advantage of social media platforms. Even Bear Newman from Bear Fox Marketing says that because the majority of consumers do brand research before making a purchase, it is important for your brand to be on relevant social media platforms. So, when you utilize digital marketing for your company, make sure to use social media sites that will reach your target audience and even hire the top New Jersey Digital Marketing Agency, Radiant Elephant.

Effectively Strategizing Digital Marketing

When it comes to social media marketing, you can check with various services to determine your target audience. Sites, such as Twitter, Facebook, and YouTube, have algorithms that can match your type of business to individuals/companies you are providing services or products to. Also, social media platforms can present your promotion to possible leads by taking what you typed in your tagline to what you typed concerning how many companies or people you want to reach when setting up your marketing campaign on those social media sites.

Knowing your target market is always vital when it comes to reaching your audience. Regardless, of it is the digital age or not, you must know how to reach your audience. If you don’t research your target audience, you will most likely waste your marketing budget. You most likely won’t get a good ROI. Just because marketing is done mainly on this type of technology doesn’t necessarily mean you will be successful in your marketing efforts. So, marketers must understand the demographics, consumers’ norms, and their shared beliefs to have success in reaching them.

Search engines are another major digital marketing tool to use. Google, Bing, MSN, and Yahoo are among the most used search engines among users. However, most of these users only check the first few pages. Because of this, you must work on having your site on the first page or very close to the first page. To achieve this, you must use various SEO techniques, but you must also beware of the ever-changing rules and algorithms that Google uses.

Benefits of Digital Marketing

One of the benefits of digital marketing is having easier access to your target market right under the tips of your fingers. Other benefits include:

Businesses can easily obtain feedback from customers

With analytical tools built-in on social media sites and search engines, companies can easily check on the number of visitors, sales, and even consumers’ comments. They also can check on other sites, such as HootSuite, Yelp, and online consumer reports about their products and services. You don’t have to spend a lot of time and money doing surveys anymore.

More affordable prices than other forms of marketing

Advertising on the radio or TV is still very expensive. However, you can advertise for a very small fee or an enormous amount. It all depends on your budget and goals.-

Marketing can start immediately.

It only takes a few minutes to get your marketing campaign together for social media sites, Google Ads, Yelp, etc.-

A broad array of marketing tools is available.

There are various ways to market online. Besides SEO, SMO, YouTube, Yelp, and Google Ads, you can use other forms of digital marketing, including email marketing, affiliate marketing, influencer marketing, and text marketing.

The digital age is here to stay, and businesses should take full advantage of digital platforms to reach the masses. If they don’t, they will lag while their competition will soar.

With the fact that most people are online to find information, pay bills, and even shop online for different services and products, companies must market digitally. Traditional marketing forms are mostly a thing from the past. 

Conclusion

In today’s digital age, the word ‘relationship’ is associated more with friendship and social networking sites. Whether it is a relationship through blood ties or a business connection, we all would agree that maintaining a healthy and long-term relationship improves your quality of life.

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