Why Building Customer Relationships Is The Best Marketing Strategy
I’ve been consulting small business owners for 6 years now on how to grow their business through smart marketing. After studying with some of the greatest business minds in the world and testing marketing strategies in my own businesses and in my client’s businesses, I’ve come to realize that building relationships is the MOST important part of marketing your business and building a brand that lasts.
Why Building Customer Relationships Improves Your ROI
Building relationships with your customers turns what would have been just one-time sales into life-long customers, dramatically increasing the ROI of your marketing efforts, increasing the life-time value of your customers and providing more stability to the company’s sales and cash flow.
If your business isn’t currently making as much money as you want it to, ask yourself this question:
How Big Would Your Business Be If You Kept Every Customer You Ever Had?
That’s right… how big would your business be if you kept every customer you ever had? Pretty big, right?
Here’s the deal – the most PROFITABLE use of a company’s marketing budget, according to millions of dollars of research from IBM, is to market to their existing customers – to build those existing customer relationships. But despite this, most company’s spend over 80% of their time, energy and money chasing after new customers – when what they should really be doing is keeping the customers they already have.
Innovation And Word Of Mouth
Building relationships with customers also allows the business to get more feedback and word of mouth marketing. Engaged customers who have a relationship with a brand are far more likely to tell other people about the company and its products. They are also a much more likely to give feedback to the company about its products. Oftentimes, the best company innovations come from engaged customers who make a suggestion or complaint and smart employees who recognize that opportunity for growth.
Think about it – if you kept all of your customers and they told people about your business and your products, do you think you would get more NEW customers? Of course you would!
So when you market to your existing customers by focusing on building better relationships, you not only solidify existing customers, turning one-time sales into life-long customers, you ALSO get the added benefit of more word of mouth marketing – giving you more NEW customers as well!
So why doesn’t EVERY business focus on building better customer relationships instead of chasing new business? Because they don’t know. But now you do. So if you want to go crush your competition, I suggest you put this into action right NOW!
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