Today’s businesses work to build and maintain long- term, mutually beneficial partnerships with their key customers. Companies understand that it is much more expensive to gain new customers than it is to keep existing customers. Effective follow-up and customer service will help to build loyal customers. Modern business is trying to feel the customers that the business is there for serving them better by improving their lives in a meaningful way. The organizations that are not able to see the trends and change themselves are perishing.
The rise of Relationship Marketing is significant as it deals with human beings who are often emotional and this move is based on the idea to have a sustained emotional connection with the customers to build a lifelong relationship between the brand and its customers. The essence of Relationship Marketing is customer retention, satisfaction, and valuing customers. Most businesses are engaged in serving experiences to customers rather than just selling. Trust is the factor they are dealing with while building a relationship that gradually turns into loyalty.
The business must understand the present and future problems or needs of the customers and should offer better solutions or meet those needs better than competitors. A large percentage of the business revenue will come from the already existing clients. Firms create new opportunities for growth by keeping existing customers happy even after the sales cycle is over to make them stay with the brand. Relationship Marketing is viewed as the brand’s ability to create an emotional connection with the consumer. It is important to know their preferences, tastes, personalized interests to motivate them to acquire products and services from companies that are able to generate some kind of emotional reaction, preferably one that involves values and beliefs. If the business is successful with relationship marketing and has a repeat customer who is happy, then the business can have the opportunities for influencer marketing.
Social media has a significant role in bringing prospect/lead and company closer together. The customer and the brand are provided with a common platform to build a trusting relationship. This channel allows a much more efficient and fast communication, where it is possible to manage the crisis, ask for and receive feedback, among other purposes. This customer engagement and feedback system helps the company to keep the clients closer.