Connect with us

MARKETING

The Ultimate Guide to Relationship Marketing

Published

on

The Ultimate Guide to Relationship Marketing

Did you know that customer retention has been found to be even more critical to your company’s success than customer acquisition? Frederick Reichheld of Bain & Company found as little as a five percent increase in customer retention can result in an increase in company revenue by 25-95%.

In fact, no matter if you’re a team of one or leading a scaling enterprise, you can build customer relationships with your existing audience without the typical costs associated with acquiring new customers. The key is strategic relationship marketing.

Especially since, as Adobe learned, returning customers spend more than newer customers. Why? Because existing customers understand the value of your products and services and they’re invested loyally in your brand. If a customer feels satisfied with their interaction with you, they’re more likely to turn to your business for their needs, again and again.

“But isn’t all marketing relationships marketing?” Not exactly. Some marketing strategies are solely about gaining traffic and conversions to get potential customers into the customer flywheel. From there, you’ll have even more marketing tactics that get that potential customer to make their first purchase like customer acquisition.

The perfect time to start a relationship marketing strategy is when the customer has made a purchase (or several). Your goal with relationship marketing is to get these new customers to become brand-loyal patrons of your business. To do that, you’ll want to take a personalized approach to client retention and become integrated into their lives in a way that feels natural and genuine.

What are the benefits of relationship marketing?

Like many forms of white-hat marketing tactics, there are various benefits to leveraging relationship marketing strategies for your brand. But, when properly executed, the most impactful ways to improve your business through relational advertising include:

So, let’s take a look at some relational advertising examples from firms that adopt a relationship marketing strategy to attempt to retain existing customers. Then, we’ll explore how you can implement a strong relationship marketing strategy today.

Advertisement

1. Capital One

The Capital One relationship marketing strategy

Capital One understands its customers deeply — all the way down to the small inconveniences that plague them most. One of those annoyances is the long TSA line at the airport.

Capital One reimburses all venture cardholders up to $100 when they pay the TSA PreCheck fee. All they have to do is pay for it with their Capital One credit card.

TSA PreCheck expires after five years, and this benefit applies every time the cardholder wants to renew their PreCheck status. Here, Capital One is demonstrating its brand value to its current audience through:

  • Offering a perk that’s universally appealing to their base — free money
  • Mitigating a prevalent issue customers face with a long-term resolution

This benefit speaks to a relevant pain point for Capital One customers and makes keeping an account open with Capital One well worth it in the long run.”font-size: 1.5rem; font-weight: 500;”>

2. Delta

An example of a Delta relationship marketing strategy

Speaking of TSA lines, as the oldest operating airline in the United States, Delta, is no stranger to relationship marketing strategies that preserve the brand loyalty of their customers.

Advertisement

One of their most effective methods remains the airline’s customer loyalty program, the SkyMiles program. Customers who sign up for this program earn “miles based on the amount of money they spend with Delta, which can then be redeemed for future travel purchases like airfare, seat upgrades, and more.

To expand their miles offering, they’ve also partnered with credit card companies like American Express to offer bonus miles and accruement when customers use their SkyMiles credit cards to make purchases. In fact, if you qualify for the Amex Reserve card you will also receive complimentary access to the Delta Sky Club. Within this lounge, you can enjoy unlimited free meals, snacks, and drinks on the day you take a Delta flight.

By employing these relationship marketing strategies, Delta has been able to:

  • Build a loyal customer base that continues to choose them over competitors
  • Seamlessly integrating their business into the lives of their customers through platforms they utilize daily

As a result, their marketing strategy is paying off — they were recently ranked number 1 by J.D.Power for customer satisfaction across North American airlines.

3. Fairway Independent Mortgage Corporation

Fairway Mortgage's relationship marketing strategy

Buying a home is one of the most important decisions a consumer can make. During the purchasing process, buyers typically shop around for the lowest rate, but they’re also shopping for a reliable team that will make the process as smooth as possible.

Fairway Independent Mortgage Corporation is a great example of a business that takes the relationship marketing approach for its customer retention plan. For example, I received a birthday email from Fairway when I needed to make a lending decision.

Advertisement

In addition to that, the loan consultant was sure to send over some marketing documents with their value proposition and benefits for me as a buyer. Their relationship marketing strategies improved my experience as a consumer by:

  • Retargeting audiences via email on a major life event like a birthday
  • Enforcing their service offering with valuable supporting documents

Their retention strategies show that the company is committed to being responsive, respectful, helpful, and most importantly — closing on time. This is a recipe for success in the mortgage industry as referrals are the “bread and butter of any successful loan officers business.”

4. Fenty

AN example of Fenty beauty and Fenty Savage's relationship marketing  approach

When international singer and actress Rihanna made her professional pivot to a businessperson in the Fashion & Beauty industry, the “Talk That Talk” vocalist had also kept people talking about what would come of her brand, Fenty, once it made its debut.

Well in a market already saturated with celebrity beauty and fashion ventures, Fenty distinguished itself to the point of changing the industry landscape through inclusivity. But how? Amongst many examples of marketing strategy, Fenty’s relational advertising tactics remain supreme.

For instance, the popular Fenty Beauty foundation includes shades such as “Vanilla” capturing some of the palest tones, and “Espresso” embracing some of the deepest. At the same time, her Savage X Fenty lingerie sends messages of size inclusivity and body positivity to their customers through the wide range of sizes (from XS to 4XL) they offer to all. Models and celebrities of all shapes and sizes model the clothing during the Savage X Fenty Show streamed on Amazon.

Customers are also able to sign up with a membership program that allows customers to get first dibs on product launches, exclusive content, and access to VIP-only sales. By applying these strategies for customer retention, Fenty has been able to:

  • Presenting the brand as a solution and product for all through inclusivity
  • Showcasing their messaging globally to connect with consumers across borders

By sending an impactful brand message to their audience, that they back up with their product offerings, Fenty is able to stand out from the crowd and create its own.

Advertisement

5.GE

.An example of a well executed relationship marketing approach

Relational advertising is ultimately about offering both new and existing customers valuable content regardless of where they are in the buyer’s journey.

GE does a great job of diversifying its content– and the platforms on which it promotes– to ensure its examples of relationship marketing strategy satisfy as many people as possible. For instance, GE created two sponsored podcasts in the sci-fi genre. It seems strange, but GE positions itself as an “inventor of the future of industry,” so it makes sense that the company might dabble in the world of what-ifs in the sci-fi genre.

Additionally, the company has a popular YouTube channel that features historic, innovative stories from the perspective of GE employees. This is because good relationship marketing should appeal to the first-time viewer as powerfully as it appeals to your long-term customers to ensure your customers grow with you over time.

By consistently offering a diverse range of quality content, GE shows its desire to satisfy its long-term customers even at the expense of short-term wins.

6. Domino’s

Advertisement

In the past couple of years, Domino’s has taken its fair share of risks with its relationship marketing strategy for the sake of innovation and improvement. This includes a series of ads called Pizza Turnaround, in which they showcased a series of negative customer reviews, before promising a new and improved recipe.

These self-deprecating ads appeal genuinely to viewers but go against any traditional sales playbook… which is why they work. By admitting an area of opportunity, Domino’s re-invented its brand as transparent and honest — and who wouldn’t want to buy from a company like that?

Domino’s has also done a fantastic job tapping into its digital audience. In fact, 70% of Domino’s sales are now through digital channels.

Ultimately, Domino’s has taken innovative steps to cultivate a loyal, long-term customer base through:

  • Slowly and strategically re-inventing their product and their brand
  • Engaging with their customers on their favorite digital platforms

Plus, the best part is you can too.

7. Panera

An example of relationship marketing from Panera bread.Panera’s commitment to health and convenience has resulted in 40 million Panera loyalty members.

In 2014, Panera issued a statement promising its customers it would remove all artificial flavors, sweeteners, and preservatives from all Panera products by the end of 2016. The company remained transparent throughout the process, publishing progress reports to demonstrate a level of accountability and transparency to its customers.

Advertisement

Undoubtedly, it was a risky decision to admit they’d previously used unhealthy ingredients in their food — but their brand promise paid off big-time in 2016 when the brand could officially say “100% of our food is 100% clean.”

Additionally, the brand focuses on building customer relationships through personalization. For instance, Panera alerts loyalty members about new food offerings they feel will meet members’ “flavor profile” based on past purchases.

  • Making a brand promise and fulfilling this pledge to their customers
  • Improving the quality of their products for customer satisfaction

The company also meets its customers where they are — starting an online grocery business due to the COVID-19 pandemic. Panera even offers home and business delivery, rapid pickup, and catering to improve customer service.

8. Marriott

An example of relationship marketing initiatives from MarriottUndoubtedly, a 35-minute film is not the most traditional avenue a hotel can take when it wants to increase sales — and yet, that’s exactly what Marriott chose to do with their film, “Two Bellmen Three“.

This film enables Marriott to appeal to a younger demographic and build brand awareness on dominant platforms like Snapchat. Best of all, their retention marketing content rarely resembles an advertisement and is typically focused on providing an audience with fun, or helpful, information on various travel destinations.

9. ArmorSuit

Armor Suit's approach to relationship marketing  through warranty policy

ArmorSuit’s warranty policy begins like this — “Most warranties are limited to 30 days or one year, but with our Lifetime Replacement Warranty, our customers can request for a replacement screen protector for a lifetime. This way, you never need to purchase a whole new kit when a replacement is needed.”

Advertisement

This way, you never need to purchase a whole new kit — a phrase you’ll likely never hear in traditional sales transactions. While it might seem ridiculous to offer a lifetime warranty, it makes sense with retention strategies for two central reasons:

  • Maintaining customer satisfaction with their products
  • Building strong relationships with their base for the long term

Now when their customers need other products related to tech, they’ll most likely check out ArmorSuit’s website first.

Next, let’s explore how you can create a strong relationship marketing strategy for your own business.

1. Provide personalized, customer-focused service.

When you’re creating a relationship marketing strategy and engaging with your customers, your primary concern should never be focused on your product or service. Instead, your concerns should always revolve around the customer — So ask yourself:

  • Would the customer want to see this ad?
  • Would the customer be excited about this Instagram post?
  • Does our new product delight the customer?

Additionally, you must create channels for direct support when your customers need help. Perhaps your retention strategies include implementing a Facebook Messaging Bot for service-related concerns. Alternatively, maybe you answer your customer’s questions via Instagram DM. By meeting your customers on platforms they use most, you’re proving your willingness to help them wherever that takes you, a tenet of successful customer retention.

2. Engage with the customer where they are.

The reason Marriott’s strategy works is not only because of the content they create — it’s also where they post that content. Creating videos specifically for Snapchat is a great marketing strategy example because it enables Marriott to appeal to a younger demographic on a platform already popular with that audience.

Research which platforms are most popular for your ideal demographic. By reaching out to them through their preferred channels, you’re demonstrating strategy examples that embody helpfulness and understanding. It’s this sentiment that will encourage users to interact with your brand.

Advertisement

3. Incorporate technology to work more effectively.

Technology might seem counterintuitive to building organic relationships that are personalized, but it can be the key to solving customer pain points. As your company grows, it’ll become increasingly more difficult to connect one-on-one with each customer and continue keeping customers satisfied.

Using an automated marketing system can ensure that every customer receives communication from your business and has the opportunity to engage. Tools like HubSpot’s Marketing Hub can automate workflows and email cadences so that you never miss a customer milestone.

4. Offer incentives and rewards for customer loyalty.

To cultivate a long-term relationship with your customers and create lasting brand loyalty, continue engaging with customers even after they’ve purchased a product. Consider what you can offer them once they’ve become customers — perhaps they can get a discount on additional products, or receive personalized recommendations based on their preferences.

By creating a loyalty rewards program, Panera’s customer relationship marketing continues to incentivize its customers to purchase additional products and slowly forms a more meaningful relationship by gathering information about each customer. They then use that information to offer unique suggestions depending on their individual food preferences.

5. Create valuable content that tells a compelling story.

If a customer has already purchased your product, they don’t need to see additional product advertisements to become brand loyalists — instead, they need to feel your business offers value regardless of their purchase intent. Marriott’s film isn’t meant to immediately convert a viewer into a paying customer. Firms that adopt a relationship marketing strategy attempt to continuously provide quality to their customers. So Marriott’s purpose is to increase brand awareness. Therefore, down the road, when that viewer is ready to book a hotel for an upcoming trip, they’ll remember the compelling film they saw once and think of Marriott.

6. Collect feedback regularly.

A relationship works two ways — to truly develop a meaningful connection with your customers, then, you must ask for feedback:

Advertisement
  • What do they want to see from your brand?
  • What do they like about your product?
  • What do they wish you wrote about on your blog?

This information improves your relationship marketing strategy so you best fit the needs of your specific audience.

7. Concentrate on building customer relationships for the long-term

There will always be a time for marketing strategies like Pay Per Click ads that generate the instant sales gratification of proper product promotion– but this moment isn’t one of them.

In order to foster meaningful relationships that cause your customers to truly connect with your brand, you have to create purposeful content and deliver quality service to guide them throughout the relationship. By doing so, you will establish brand trust, show your audience you’re not just in it for a quick buck, and demonstrate your commitment to their success, not just your own.

Play the Long Game With Relationship Marketing

There’s a time and place for quicker marketing strategies wins and they’re paramount in hitting goals and KPIs each quarter. However, your marketing, sales, and service teams work much better together at playing the long game. Relationship marketing won’t score you consistent quick wins that you can measure with hard numbers on a dashboard. But you’ll find that staying the course and nurturing the customer through relational advertising will yield happier and more loyal brand advocates for quarters to come.

Editor’s note: This post was originally published in February 2019 and has been updated for comprehensiveness in May 2022.

1654113113 305 The Ultimate Guide to Relationship Marketing

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

MARKETING

Elevating Women in SEO for a More Inclusive Industry

Published

on

Elevating Women in SEO for a More Inclusive Industry

Know your value

It’s essential for women to recognize their worth and advocate for themselves in the workplace. It’s important to know your value and not be afraid to own it.

For a lot of women, myself included, doing this can feel horribly unnatural. It’s often hard to admit that you’re good at things or that you have big ambitions because of how society treats us. I, for example, often struggle with writing my own bio or answering questions about my career path and successes. I even struggled while writing this article in many ways, describing my personal experiences and opening myself up.

It’s easy to underestimate our value and downplay our contributions, but it’s essential to recognize the unique skills, talents, and perspectives that we bring to the table. So, take a moment to reflect on your achievements, expertise, and strengths. Don’t be afraid to speak up and advocate for yourself in meetings, negotiations, and performance reviews. While it may sound daunting, there are actionable steps you can take to get started.

Track your achievements and, as much as possible, quantify the impact. Document projects you’ve worked on, results you’ve achieved, and positive feedback or recognition you’ve received from colleagues or supervisors. Use data and metrics to demonstrate the value you bring to the table. And when the time comes to discuss salary and benefits, you will be prepared with everything you need to ask for what you deserve. Try writing a script and reading it aloud to prepare yourself. It may feel silly, but it works.

More tactically, do your research. Find salary benchmarks from places like Glassdoor or LinkedIn. Use Fishbowl to find people talking candidly about salary ranges for roles similar to yours. There are multiple “Bowls” dedicated to salary, compensation, and negotiations. You may just find people comparing notes on salary from your company.

Advertisement

Remember, you deserve to be recognized and rewarded for your hard work.

For those in leadership positions, we can advocate for more transparency around salary and compensation. That doesn’t have to mean that an entire company has access to everyone’s personal income, but it could mean that, as a company, you share salary ranges for different positions based on experience. It could mean that you clearly define the factors that go into determining salary or a raise and how these factors are weighted. Every company is different, but the goal should be to foster a culture of transparency and accountability.

Overcoming imposter syndrome

Overcoming imposter syndrome and self-doubt is key to promoting yourself and establishing a strong professional identity. It’s natural to experience moments of insecurity and self-doubt. It’s natural to have a sense of not belonging. I know I have certainly experienced it. But just because you feel impostor syndrome or you’re not sure you can do something doesn’t mean you shouldn’t try. Don’t disqualify yourself.

In my experience, men more often specialize in technical SEO than women, which can cause a lot of women to doubt themselves around the more technical side of things. Data from Lidia’s article on the gender divide in topics illustrates this very well. Last year, men wrote the overwhelming majority of content on technical SEO and AI. In contrast, women tended to author more of the “soft” topics. This could be related to women in our industry feeling like they can’t or shouldn’t author content on certain technical topics.

But it’s essential not to let imposter syndrome hold you back from reaching your full potential. So, next time you feel a sense of not belonging, remind yourself of your accomplishments, resilience, and unwavering determination. And remember, you are not alone — many successful women have faced imposter syndrome and overcome it, and so can you.

Make your own credentials

In today’s competitive world, it’s not enough to rely on others to recognize your talents and achievements — you need to take control of your own narrative and actively promote yourself.

Advertisement

You don’t have to write a dissertation to be considered an expert. You also don’t have to share a brand new idea or point of view to be considered a thought leader. The key is to find inefficiencies and unique perspectives  —  whether about the industry as a whole or specific to SEO specialties or verticals  —  and be vocal about it.

Leverage social media and your personal or company website as a platform to express your opinions and share your ideas. Join SEO communities like Sisters in SEO on Facebook or Women in Tech SEO on Slack. These are your peers who will not only happily support your thought leadership efforts but also serve as a sounding board and support system for you. Seek out speaking opportunities and podcast guest appearances. Submit your work and yourself for awards. Don’t be afraid to put yourself out there and showcase what you bring to the table.

I created my own website a few years back to showcase my expertise. With options like WordPress and Wix, it’s easier than ever to get a site up and running. It’s also relatively inexpensive to maintain. Today, I use it as a portfolio that showcases all of my accomplishments, from publications to speaking engagements.

Just remember  —  innovation is great, but it’s not a requirement. A new perspective on something old can be just as valuable as a shiny new idea.

Depth over breadth

Not everybody has to be (or can be) an expert on all things SEO. But you can become an expert on a very specific topic or aspect of SEO. You can also work to become the local expert within your company, city/region, or even a particular vertical. The goal is to be the go-to person about a certain topic or facet of the industry. Maybe you want to be the voice of local SEO like Darren or the data scientist like Annie. Use that angle to start small and master your niche.

Building your own credentials isn’t magic. It just feels that way when it works.

Advertisement

Creating a clear and impactful online presence that reflects what you do and what you stand for will allow you to stand out as a true thought leader. Strong personal branding also provides an opportunity for women in SEO to gain valuable support by connecting with other female leaders. The more value you can provide, the stronger your credentials will be, and the wider your reach can grow.



Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

MARKETING

A Recap of Everything Marketers & Advertisers Need to Know

Published

on

A Recap of Everything Marketers & Advertisers Need to Know

When rumors started swirling about Twitter changing its name to X, I couldn’t believe it at first. But then, in July 2023, as I searched for my favorite blue icon on the phone, I found a black icon instead. It had actually happened!

(more…)

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

MARKETING

The key to correcting the C-suite trust deficit

Published

on

The key to correcting the C-suite trust deficit

Take a moment to search “CMO tenure” and you’ll find a wide variety of content discussing the short tenure of CMOs and how it’s among the shortest of roles in the C-suite. If you dive deeper, you’ll find that CEOs don’t seem to trust CMOs. 

Boathouse’s CMO Insights study (registration required) noted several sobering conclusions:

  • 34% of CEOs have great confidence in their CMOs.
  • 32% of CEOs trust their CMOs.
  • 56% of CEOs believe their CMO supports their long-term vision.
  • And only 10% of CEOs believe their CMO puts the CEO’s needs before their own.

If these statistics also apply to the CMO’s entire organization, then it’s clear we have a trust problem with marketing leadership.

If you haven’t read Patrick Lencioni’s “The Five Dysfunctions of a Team,” I consider it required reading for anyone in any leadership role. In his book, Lencioni builds a pyramid of dysfunctions that need to be addressed for a team to succeed. The foundational dysfunction — with which one cannot build a successful team — is “absence of trust.” We see it at scale with marketing organizations today.

Introducing objectivity through data

In “Hamlet,” Shakespeare writes, “There is nothing either good or bad, but thinking makes it so.” Each organization that makes up a company looks at the company from a different perspective. What marketing sees as positive, finance may see as negative. But who’s right? No one.

Advertisement

Usually, there is no objectivity because leadership comes up with an idea and we execute it. It’s like the fashion proverb “Beauty is in the eye of the beholder.” Unfortunately, we’re going to struggle to run a profitable organization if it’s run like a fashion show.

Therefore, we need to introduce objectivity to how we work. Leadership needs to come together to agree on goals that align with the goals of the broader organization. One element of this conversation should be an acknowledgment that this is turning a ship.

Often leaders — especially those without marketing backgrounds — are likely to expect instant gratification. It’s going to take time to turn the ship and you and your team would do well to set reasonable expectations right away.

Dig deeper: KPIs that connect: 5 metrics for marketing, sales and product alignment

Aligning goals and metrics across the organization

With goals in hand, we need to assign metrics to their progress and agree on the source(s) of truth. Once these objective measures are in place, perspective doesn’t matter. 2 + 2 = 4 regardless of whether you’re in HR or accounting.

Every public road has a speed limit and whether you’re in compliance with it has nothing to do with your perspective. If you’re above it, you’re wrong and subject to penalties. Referring to the fashion example, it’s not a fashion show where some people like a dress and others don’t.

Advertisement

By using data to objectively measure marketing’s progress within the organization and having the rest of the leadership buy into the strategy, we build trust through objectivity. Maybe the CEO would not have chosen the campaign the marketing team chose.

But if it was agreed that a >1 ROAS is how we measure a successful campaign, it can’t be argued that the campaign was unsuccessful if the ROAS was >1. In this example, the campaign was an objective success even if the CEO’s subjective opinion was negative.

Data-driven campaign planning

Within the marketing organization, campaigns should always be developed with measurement top of mind. Through analysis, we can determine what channels, creative, audiences and tactics will be most successful for a given campaign. 

Being able to tell the leadership team that campaigns are chosen based on their ability to deliver measured results across metrics aligned to cross-departmental goals is a powerful message. It further builds trust and confidence that marketing isn’t run based on the CMO’s subjective opinions or gut decisions. Rather, it’s a collaborative, data-driven process.

For this to be successful, though, it can’t just be for show, where we make a gut decision and direct an analyst to go find data to back up our approach. This would be analytics theater, which is a perversion of the data. Instead, tell the analyst what you think you want to do and ask them to assess it.

For the rest of the organization’s leadership, ask questions when the marketing team presents a campaign. Find out how they came up with the strategy and expect to hear a lot about data — especially the metrics you all agreed would support the company’s overarching goals.

Advertisement

Dig deeper: 5 failure points of a marketing measurement plan — and how to fix them

Data literacy: Building credibility through transparency 

Building trust doesn’t happen overnight, but a sustained practice of using data to drive marketing leadership’s decisions will build trust if the metrics ladder up to the organizational goals and all of leadership is bought into the measurement plan.



Over time, this trust will translate into longer tenure and more successful teams through building the infrastructure needed to tackle Lencioni’s five dysfunctions.

Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.

Source link

Advertisement
Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending

Follow by Email
RSS