Question

There are three core relationship marketing strategies

Answer 1

Answer:

1 – People Strategy. Make sure you have a clear relationship marketing strategy that reflects and supports your business strategy, and the right marketing team to deliver it. ...

2 – Know Your Customer. Get to really know, understand and value your customers. ...

3 – Communicate

Explanation:

Relationship marketing is a long-term strategy with the focus on building close relationships with your customers.

Not only it is more cost-effective to market to existing customers (it’s 6-7 times cheaper!), but long-term customers are less likely to churn and, the longer you have a relationship with a customer, the more profitable they become.

And yet, most businesses are still focused on transactional marketing, which is less about building long-term relationships and more about increasing individual sales.

Because transactional marketing puts the sale and not a relationship with the customer first, it can often lead to a poor customer experience as companies move on from one customer to the next, instead of investing more efforts into a customer’s success.