Marketing in order to retain customers and boost customer satisfaction is known as relationship marketing. The focus here is diverted from money gain through sale transaction. The approach that sets relationship marketing apart from other marketing genres is the recognition of importance of sustaining long term customer relationship by extending interaction beyond promotional sales messages or advertising. With evolution in technology, the interactive platforms have extended to social media and telephonic interaction through mobile networks. Ways of retaining customer loyalty through relationship marketing is by:
- Setting up customer relationship on day one: in business approach involving generation of leads, the primary task is to effectively handle the customer. This decides the foundation of the relationship: if the relationship sustains or falls apart. If interaction is face-to-face, the importance of good relationship through interaction escalates. The right approach here is by addressing the needs of the customer and tending to it in a way beneficial to both parties. It is also helpful to ask the customer about their needs and expectations.
- Customer Feedback: Interact with customers to maintain and improve business and service quality. Facebook marketing is an effective approach for this strategy.
- Equality: treat all customers, regardless of the revenue generated through them, equally. If the customer feels that there is preference there are high chances of losing a good lead. Through the first interaction there is no certain way to determine the course of the relationship. That can only be ascertained by time and you can then decide if the relationship needs more investment or less.
- Put the customer at ease: when the customer is at ease then the interaction is unrestricted. Instead of sending out generic mass emails, make a personal phone call to show interest. Adopting a separate web site to maintain contact with regular customers is also beneficial.
- To conquer, divide: organize the potential of each customer in a way that will make follow up easy. Grade every potential customer according to the RFM (recency, frequency, monetary value) and share-of-wallet. Develop marketing strategies according to the groups created to specifically target the same.
- Begin at the beginning: do not attempt to start the relationship after the customer has been introduced. In order to maintain the old customers as the new ones enter, relationship must be started at the beginning.
- Customize to personalize: isn’t it a god feeling when your preferences are known and you are treated accordingly? Extend the same approach to each customer. Put in some effort to know what they like and counsel them accordingly.