“Play the long game” and “It’s a marathon, not a sprint” are common phrases we have all heard. In the marketing world, traditional marketing focuses on acquiring new clients and sales. But the “long game” is relationship marketing, which cultivates existing customer relationships to create a loyal, long-term base. The focus is on building repeat business through brand loyalty. Think retention vs. acquisition.
Why is relationship marketing critical to your brand?
Here are three reasons:
- Marketing costs may be decreased as much as 10% by focusing on retaining customers rather than trying to acquire new ones.
- Research has shown that revenue may be increased by as much as 25-95% with as little as a five percent increase in customer retention,
- When you cultivate your existing relationships and develop a loyal following, those customers will refer their friends and family. This saves you time and money. Word-of-mouth is free marketing, making your loyal customers great brand ambassadors.
While the focus of relationship marketing is retaining customers, “Good relationship marketing should appeal to the random viewer as powerfully as it appeals to your long-term customers.” writes Caroline Forsey in this Hubspot blog. Ensure your customers can grow with you over time.
Here are five tips she offers for a successful relationship marketing strategy:
- Focus on personalized customer-service.
- Meet your customers where they are.
- Offer incentive and rewards for customer loyalty.
- Create valuable content that tells a compelling story.
- Collect feedback regularly.
The brand-customer relationship takes time to build and work to maintain. Market to your customer by getting to know your customer. Keep things fresh. Offer new content and diversify both your content and your platforms.
Customer loyalty is hard-earned. Play the long game to score the most points.