BENEFITS OF RELATIONSHIP MARKETING
Relationship marketing aims to create customer loyalty and secure life time custom. Customer reward programmes provide insights about each customer's spending habits and build relationships with them. Some of the benefits
of relationship marketing include:
- Loyal customers will help expand your business by recommending your business to friends and family.
- Loyal customers are more willing to try your new products, because
they trust you.
- Loyal customers are more likely to accept price increases because they are loyal to you
and trust your products and services.
- Loyal customers are more likely to provide feedback which enables you to improve your product and services. They can even support innovation by identifying gaps in the market and suggesting ideas for your business.
- Loyal customers will usually continue to provide you with custom after there is a lapse in the customer service (as long as you resolve the situation swiftly and to the customer's satisfaction).
It takes a lot of time and effort to build relationships with customers but the list of relationship marketing benefits is endless. The ultimate benefit is an increase in sales, market share and