Investing in improving your customer loyalty strategies can even be cheaper than attracting them from scratch, since a 2% increase in customer retention can reduce costs by up to 10%. In this sense, relational marketing is essential to achieve this.
Relational marketing is about establishing long-term relationships with customers, seeking their satisfaction in order to gain their loyalty, and is therefore one of the marketing strategies that costs the most to implement in a company. Many companies continue to focus on acquiring new customers as a priority task for the sales team, but this effort can cost the company up to five times more financially than retaining an existing user.
In a market as competitive as the one we find ourselves in, where there is much more supply, more substitute products and a greater number of sources of information, attracting a new customer is not easy. What is the purpose of relational marketing in a company? Despite not being an easy task, we must be aware that this effort is just as important as attracting one. In fact, the data provided by Emmett C. Murphy and Mark A. Murphy, researchers and experts in business and leadership, say that a 2% increase in customer retention can reduce company costs by up to 10% . If you want to know how to use a lever as powerful as relational marketing to multiply the results (and benefits) of your company , We Are Marketing will help you in the process.
Phases of Relationship Marketing
Many companies, in fact, have both functions (loyalty and acquisition) separated into different departments to work on the strategies for each of them separately. Likewise, to achieve success in relational marketing and, therefore, customer satisfaction, the commitment of the entire company is necessary, and not just the Marketing department. In this sense, in some large companies, relational marketing is a strategy that affects all departments with one purpose: customer coverage (sales, customer service, shipping, etc.).
Relational marketing focuses mainly on improving internal germany phone number data operations. Many customers stop buying a product or disengage from a company because they feel neglected or because they have not received good after-sales service, regardless of whether they like the product or not. The way to avoid this type of frustration on the part of the user is to get ahead of the game and work with a service team that can solve any need and serve the customer correctly.
Characteristics of Relationship Marketing
Large companies, on the other hand, tend to invest more resources in sophisticated relational marketing campaigns. Industry leaders constantly face competition from new companies that aim to provide similar goods with a higher quality service. Therefore, maintaining their existing users is a way of maintaining their position at the top of their industry. But can small and medium-sized companies spend so many resources?
SMEs face a complex situation, a change of era in which their ability to orient the business towards the user and provide added value will be essential to differentiate themselves from their competition. These small organizations must therefore better optimize their resources and direct their efforts towards customer satisfaction.