Devising Relationship Marketing strategies to foster customer loyalty - Mumbai

Modern customers are bombarded with new choices and purchasing decisions every day. The internet has allowed individuals to access thousands of markets in one place, making the process of browsing products easier than ever. However, as the world is squeezing into our devices, ensuring customer loyalty is proving to be a struggle for many businesses trying to thrive. Consequently, organizations are turning to relationship marketing strategies to connect with and retain their customers’ attention.
Relationship marketing is one of the aspects of marketing that puts emphasis on long-term engagement and aims to nourish relations directly with consumers. Professionals employed in this field need to upskill and adapt to the dynamics of new-age relationship marketing tactics to ensure maximum customer retention.
Fortunately, the path to building a winning customer relationship strategy is not as daunting as it appears to be. Let’s dive deep into the subject and learn how sales and marketing professionals can outrun the competition by devising suitable relationship marketing strategies.
Contents:
Importance of Relationship Marketing
Key to customer loyalty
Build a winning Relationship Marketing strategy
Key Highlights:
Relationship Marketing strategies offer long-term engagement and high customer retention when executed well.
The cost of customer acquisition is five to twenty-five times more than the retention cost.
Even a 5% of increment in customer retention could drive a profit of up to 95%.
IIM Lucknow provides marketing strategy courses to help professionals upskill to adapt to the ever-changing consumer behaviours.
Big brands like Apple, Starbucks and Volvo use this tactic of marketing very often.
96% of the customers say that having good customer service is extremely important for brand loyalty.
1. Importance of Relationship Marketing
Finding new buyers is one of the most tiring and expensive tasks a business has to carry on. In fact, customer acquisition typically costs up to twenty-five times more than the cost of retaining existing customers. Relationship Marketing strategies serve as an ideal way for organizations to build a retaining buyers base.
Apart from saving money on acquisition costs, relationship marketing helps brands bring more profit in the long run by increasing the brand’s overall market value. For an instance, it is estimated that improving the retention rate by merely 5% could result in exponential profits ranging from 25% to 95%. This makes relationship marketing a shining chance for trained sales professionals to turn existing customers into loyal buyers.
Learning all ins and outs of relationship marketing has never been this easy. Individuals planning on climbing the career ladder as relationship marketing specialists can simply enrol in the IIM Lucknow marketing strategy course.
2. Key to customer loyalty
Regardless of the type of business, a healthy customer relationship is vital to building long-term customer loyalty. Customers make purchasing decisions based on their emotions and past experiences with the brand.
To know more: https://executive.timespro.com/executive-education/blog/devising-relationship-marketing-strategies-to-foster-customer-loyalty/