Relationship Marketing

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Do you know the impact of relationship marketing? Let's say you went to a neighborhood barbershop for the last two decades. You never went elsewhere, and you've built a mightily strong relationship with the barbers there. Now let's say the barbershop moved twenty miles away, and a new barber comes in town charging 20% less. Where would you be inclined to get your haircut? For most of us, we'd hit the road, take the twenty mile hike, and visit our favorite barbers. That's what building a relationship with your customers is all about. Relationship marketing will help your company endure long-term success. Now, it doesn't take twenty years to build solid relationships. Most are built much shorter. Once you've established relationships with customers, you've found the secret to marketing. Most successful businesses over twenty years old will say this: The success of your organization will depend on the level of relationships you build with your customers. Ask yourself: Would you pay a $10 haircut at the new mega chainstore, or would you spend the $15 at your neighborhood barbershop that you've going to all your life? Having a strong relationship with your customer will let you charge a premium to your customers, and have them for life. If you're just beginning, start a strong relationship with your first customer, and then see it grow from there through word of mouth. For small businesses, this type of patience is vital to your company's success. You probably won't have a big advertising budget, a marketing partner, and a sales team to help you; so don't bother with conventional methods that you hear. True, you could advertise and get a customer transaction, but when you build relationships, you get a customer for life. At the basis of all your marketing activities, focus on relationship marketing with your customers. For us, and many of our clients, that's been the smartest way to build a solid organization.

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Posted on February 18

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