Relationship marketing involves building a trust relationship with potential customers. People prefer to buy from those businesses that they trust the most. Customers will start doing business with you if they like and respect you. They will also keep doing business and stay with your firm for the same reason. This is especially effective in B2B business services such as business consulting.

Typically businesses spend 80% of their marketing dollars going after new customers and clients rather than nurturing and retaining their current customers. With good relationship marketing, businesses can increase their repeat orders from existing customers by more than 50%.

You need to build a “relationship” with your customers and prospects. What are the basics of relationship marketing?

1. Get to know them: Keep records not only of what they purchase, but also personal information such as dates of birthdays, anniversaries and even family member names. What are their interests and hobbies? Take a genuine interest in them.
2. Show your appreciation: Do things to show you appreciate them as a customer. Send them a thank you card or token of appreciation. Sometimes it’s even as simple as just saying “thank you.”
3. Stay in touch: Find ways to stay in touch with your clients. Make regular telephone calls or send email. Send holiday cards or postcards.
4. Take an Interest: Ask questions. Find out what their challenges are and see if you can help them. Show them you understand their business or their issues and you’re interested in more than just their last purchase.

What is the benefit of building a relationship with a client after they have bought? Quite simply, not only repeat business but potentially more powerful and profitable - is the prospect of referral business.

This entry was posted on Saturday, June 28th, 2008 at 4:33 am and is filed under Business Consulting. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.