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Business relationships are important since they help businesses and companies get more customers and keep them since customers are provided with a positive experience through these relationships.
As a new customer, you’ve got your hands full. You have a long and expensive acquisition process, and they will leave at any time. A faithful customer, on the other hand, is someone who has been with you through thick and thin, and who keeps returning for more.
In spite of the fact that new customers are always a good thing, studies show that they aren’t the most effective focal point for your marketing. Experts agree that it’s better to take court action against long-term customers.
For instance, look at American Airlines. Despite getting new customers every day, they work extra hard to cultivate relationships with their repeat customers by implementing a generous loyalty program packed with features (among other things).
Relationship marketing is what American Airlines aims for, and it is exactly what it sounds like. The core purpose of relationship marketing is to build long-term relationships between a brand and its customers. If you meet someone once at the grocery store, you wouldn’t say you have a relationship with them. In a relationship, you are someone you’ve spent time with, whom you have built friendships with, and who you have enjoyed being with over the years.
According to relationship marketing, a brand can build loyalty to itself instead of simply encouraging a single sale, then seizing the opportunity to never hear from the customer again. The key to relationship marketing is that a brand must be less concerned with selling a single ticket and be more concerned about engaging in business behaviors (such as a loyalty program with rewards) that encourage prolonged and repeated interaction with it.
FINAL THOUGHTS
Why is it so important for a brand to have a relationship with its consumers? Why do you buy a ticket, not a relationship? What’s the big deal? Relationship marketing is crucial in today’s business environment and has a huge impact on your bottom line.
Here at MCDA CCG, we help coach you on how to have long lasting relationships with your consumers.
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