5 Reasons Why Relationship Marketing is Important in Business

5 Reasons Why Relationship Marketing is Important in Business

1. Build the Know, Like and Trust Factor

It’s a phrase you’ve heard countless times, but are you living it? [Tweet “”To know and to not yet do it, is to not yet know.” -Stephen R. Covey “]

To consider the importance of follow through with your know, like and trust factor, start by thinking about your own shopping habits, as a consumer. These days, online, will you buy from a complete stranger? Will you purchase something from a random website you’ve landed on? Will you hire a consultant, coach or assistant that you’ve never heard of, worked with or seen?

Chances are the answer is a big NO.

In today’s age of technology, we have the luxury of getting to know and deciding to trust the person or company behind each purchase.

However, as business owners, this means that we MUST go that extra mile to consistently create our know, like and trust factor.

To do this, it is important that we are consistently active on our social media platforms, website, and offline networking. For example, in social media, you want to welcome new followers, reply to comments using the commenter’s name, and create relevant content that is both educational and entertaining.

Moreover, test yourself! Ask a fellow entrepreneur to look at your social media postings and rate them for content, connection and consistency. The feedback can help you take your Know Like Trust Factor to a whole new level!

2. Word of Mouth Referrals

When it comes to owning your own business, word of mouth referrals are gold. And, when you focus on building your business’s people-to-people connection, you create that “WOW” factor that gets your customer’s talking.

Customers want to feel special and important, because they don’t often get to feel that way in other areas of the life. This is key to remember because customers rarely purchase products or services solely based on the products intended result. Deep down, they are also asking themselves, “What will this do for me, or provide for me?”

The answer isn’t just the product results. The answer includes all of the feelings and desires that come with that product and the results.

By building your relationship marketing skills, you fulfill those additional needs. You provide more than just a product or service, you provide an experience.

To create an experience, highlight your customer’s successes, answer questions promptly (whether through social media, email or phone), and respond to concerns instead of reacting to them. To respond to a concern means that you find a way answer the question that empowers your company AND the person making the concern.

3. Create Business Opportunities

When you build your relationship marketing skills, you also open the door to more business opportunities because a personal connection experience leaves a a long-lasting impression.

That fond memory which you created with your customer will cause you to come to their mind more quickly and frequently. Thus, when a friend of your customer asks for a business venture referral, your name will be on the tip of your customer’s tongue.

For example, Mari Smith’s early success in 2007 started because she was referred to test a new Facebook app. Because Mari had built a person-to-person connection, she was referred and her business took off.

4. Stay On Top Of Your Audience’s Needs

Following a relationship marketing model can be the difference between being a long-term success and a no-hit wonder!

With a person-to-person relationship marketing model you can learn first hand, and at no cost to you, what your audience MOST desires.

For example, free Wi-Fi in Starbucks was a suggestion from patrons. Today, because Starbucks listened, its shops are always packed with customers who know they can conduct business AND get great coffee.

On the other hand, Borders did not listen to its customers. The company did not make the necessary changes, improvements and additions to keep people coming back, and as a result, the company has now forever disappeared.

Active listening and listening between the lines are two amazing benefits of person-to-person relationship marketing that can easily get lost in the sea of business if you’re not paying attention.

5. Add Your Own Flare

In our new economy where JOB’s are unreliable, more and more people are going into business for themselves. In order to compete in this new booming, small business market, you have to STAND OUT. You need to have your own flare. Be unique.

By instating relationship marketing, you can quickly and easily develop your unique style. It gives you the space to learn about your audience’s needs, and develop trust with your own techniques. You don’t have to fit yourself to someone else’s business model. You simply have to be yourself and respond confidently to your customers.

Business has changed since social media has arrived on the scene. Businesses have to change their focus and concentrate on building relationships with people in order to empower their brand and build lasting relationships that will result in long term profits.

I’ve shared my 5 reasons why relationship marketing is important in business. Why is relationship marketing important to YOUR business?

Share your response with me below!

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Jennifer Bennett
Jennifer Bennett
10 years ago

Love this post Kim!  And I love the idea of asking a fellow entrepreneur to take a look at our platforms and share with us what they see!  What an eye opening activity this can be!  I also love the fact that you shared how Mari got started…I had no idea.  Good to know that she too got going based on referrals and word of mouth…an area that I think we sometimes forget to consider!  Thanks again for sharing another great post! 

Mandy Edwards
Mandy Edwards
10 years ago

Love it Kim!  I could pretty much copy what Jen Bennett commented word for word!  These are great keys for any business!

Lorrie
Lorrie
10 years ago

The perfect list of 5 benefits of relationship marketing – I especially benefit from good, old-fashioned word-of-mouth referrals. I love the clients that come this way. They have been vetted by my community, and there is a sense of friendship that often infuses the working relationship – an enhanced trust.

Tony Taylor
Tony Taylor
10 years ago

Great post Kim! Word of mouth referral is really what keeps me in business. You have to work a little bit harder to at it, but once you have rapport it seems that you do not have to go for a hard sell with referrals.

admin
admin
Reply to  Tony Taylor
10 years ago

Personal recommendations are invaluable!

Dr. Sarah David
Dr. Sarah David
10 years ago

What a wonderful and insightful post!  I love the idea of relationship marketing.  It makes it easier to refer people that we are familiar with from different interactions.  As always, I enjoyed your helpful tips.  Thanks for sharing Kim!  

Bill Dempsey
Bill Dempsey
9 years ago

Thanks for the tips on relationship building which are even more important than ever in today's social environment. I enjoyed the "styaing on top of your audiences needs" and the example between Starbuck's and Borders.

admin
admin
Reply to  Bill Dempsey
9 years ago

Yes, they sure are Bill! Thanks for dropping in.

Kim Garst
Kim Garst
9 years ago

You are certainly right Steve! Bringing it consistently and being likable is hard work for sure! But oh so necessary in today’s marketplace.

Nathan Farmer
Nathan Farmer
6 years ago

This is quite a nice article!

Doreen
Doreen
3 years ago

Great tips on Building relationship marketing. Wow! This is one of the strongest aspects of building a solid business. Thanks for the article.

Lindsey
Lindsey
3 years ago

Awesome Post! This is definitely a great resource for anyone curious about relationship marketing.

Anuja
Anuja
2 years ago

Wow Kim. This was really helpful

Naina Agrawal
Naina Agrawal
1 year ago

Very well said! I love this relationship marketing. This makes it easier to refer to those with whom we are familiar with various interactions. As always, I enjoyed your helpful suggestions. Cheers, Kim! Thanks.

Mark
Mark
1 year ago

Great Post. In this competitive space where consumers have a variety of choice, the business-customer relationship can be the single factor influencing the consumer decision.

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