Relationships. Why are they so darn important in our lives? It’s a question that cuts to the core of the human condition. What is it about this most basic of human interactions that move our minds, our hearts, and our souls? My humble guess is that every person cradles their own, very particular answers to those questions.
Marketers have tried to access that very special part of our lives for many years. Relationship Marketing is the establishment of a long-term interaction between a company and an individual. The goal is to establish a genuine interaction, built on loyalty. That long-term relationship is essential to this process.
The tortoise and the hare?
This concept differs from transaction-based relationships, which focus on promotionally-based sales. Advertising often focuses a select message during a finite time window. Immediate sales and individual ad campaigns often pursue the short-term ROI. A long-term relationship appreciates a long-term return, provided consistently over time.
Forbes contributing writer Steve Olenski describes the concept of Relationship Marketing as revolving around one critical component:
“The word I am referring to is “emotion.”
Long the holy grail of marketers and advertisers the world over, the word emotion speaks to that rarified place where few brands and advertisers reside. For just as in any relationship in life, touching on human emotions, preferably the positive emotions, is the key to any happy, healthy and long-term relationship.”
The advantages of this marketing strategy include:
- strong word of mouth advertising
- a higher rate of brand loyalty
- retaining a long-term consumer is less expensive than the cost of acquiring a new customer
Embracing a consumer relationship requires knowing your market, your consumer and having an understanding of your own goals. Familiarity breeds a consistency that benefits both parties. Engaging your consumer leads to long-term gains.
If you are interested in developing long-term relationships with your customers, contact our team.