8 minute read
Most marketing executives understand developing and establishing a brand is important. It's not necessarily easy, and, it's only half the battle. To win, you must take it a step further. That step is to not only recognize your brand, but to develop a passion for it. According to consulting firm Bain & Company, it costs 6 times more to attract a new customer than it does to keep an existing one. What’s more, a mere 5% increase in customer retention can boost profits by up to 95%. This is where relationship marketing comes in.
You’ll get more bang for your buck by retaining loyal customers than constantly trying to recruit new ones. In addition, these passionate advocates can be key drivers for new customer acquisition channels. That being said, here are 6 relationship marketing secrets used by successful brands for getting your target audience, prospects, and current customers to love your brand.
Secret 1: Surprise & Delight
These days it’s not about just getting by on your service, but going above and beyond. People can get basic service anywhere. What they crave is a brand that will truly value them. The easiest way to lure prospects in and get them hooked on your product or service is to wow them with each and every interaction.
Secret 2: Image is everything
Your online presence is akin to your brand’s first impression with your audience, and we all know you only get one chance, so you’ve really got to knock it out of the park with this one. Make sure you have a compelling, user-friendly website, a clear brand image and a solid social media presence so that first impression will really stick.
Secret 3: Quality over quantity
It’s not about bombarding your audience and banging them over the heads with your brand. Rather, it’s about providing them with quality content that they can use. In fact, 60% of consumers say they feel more confident about working with a company after reading their custom content. Not sure where to begin? Start by asking what are your customers’ biggest pain points? Then, determine how your product or service provides the solution. Turn this information into content and you’ll have them hooked.
Secret 4: Connect emotionally
75% of consumers say they make buying decisions based on their emotions. What does this mean for your brand? If you can find a way to connect with your audience emotionally, you’re more than halfway toward converting them into loyal customers. In a brand engagement survey, 94% of respondents said they would be highly likely to recommend a brand they were emotionally engaged with. Find a way to tug at the heart strings of your target audience and you’ll end up with loyal brand ambassadors.
Secret 5: Over-deliver
You’ve surely heard the old adage, “under promise and over deliver”. This is a key component to garnering affection for your brand. When you consistently go above and beyond to satisfy your customers in service, quality and support, they’ll pay you back with repeat business and referrals.
Secret 6: Listen to feedback.
Think the squeaky wheel always gets the grease? Not necessarily - especially when it comes to customer satisfaction. A recent Harris Interactive study revealed that only 4% of customers that are unhappy will actually complain. The other 96% will simply leave. This means that you need to be asking for feedback from your customers on a regular basis. More importantly, you need to pay attention to what’s being said – good or bad. When you encourage your customers to speak up and show them that their opinions really matter, you endear them to your brand. As a bonus, you’ll also be better prepared to correct problems and make improvements in a more proactive way.
Relationship Marketing As Part Of Your Brand Strategy
Loyal customers are critically important to the success of your business. They stay longer, buy more, and refer your brand to their friends and families. In fact, according to a study conducted by the White House Consumer Affairs Department, repeat business is worth 10 times as much as a single new sale.
By implementing these six key strategies, you’ll have your customers falling in love with your brand. Build a strong relationship that will have them coming back for more and spreading the love to their own networks.
Posted January 20, 2021 in Relationship Marketing