KMMS Copyright 2011
The Importance of Referral or "Relationship"Marketing
Why focus on relationship marketing?
Customer relationships are the lifeblood of every good company. Relationships between a company and their customers, distributors, employees, referral sources, are vital to continued, sustained growth, and stability. Loyal relationships with these valued individuals make for a strong bottom line. So, why do so few companies focus on customer relationship marketing? That's a great question, and probably the most frequent answer is lack of understanding of the potential profits in keeping existing customers happy versus constantly acquiring new ones.
When you consider that two-thirds of customers switch from one company to another because of a perceived attitude of indifference from the former company, it makes sense to focus as much attention on customer retention as you do on customer acquisition. Don't be a victim of indifference. Develop a good relationship marketing program that takes into consideration both customer relationship marketing, and customer acquisition through relationship marketing. With well-planned relationship marketing efforts, like a greeting card campaign using our system, you can impact retention -- and that will impact the bottom line.
According to customer relationship management experts, companies can increase revenue by 50% if they retain only 5% more of their customers. Don't you want your share of that revenue? Our system is the way to put the process of keeping those dollars on autopilot.
Solidify loyal relationships with your most valuable customers.
Business owners tend to be driven, both financially and philosophically, to make cold calls, pursue new contacts, and acquire new customers. But often, little thought is given to nurturing relationships with the customers they already have. Given that acquiring a new customer can cost five times more than retaining an existing one, this can be a costly approach.
Customers who are continuously courted, interacted with, and reminded of your company's presence are less likely to go racing off when competitors come calling. Making those customers feel recognized, known and appreciated can go a long way toward locking up their loyalty. And, it's also a great way to get them referring others.
Restore broken relationships and win back business.
Regardless of how effective your customer retention efforts are, some relationships will inevitably break down. For various reasons, certain customers will suspend their relationship with you and your business. But those relationships aren't lost. You can win back these once-valuable customers.
Often times, repairing a broken relationship is more efficient than trying to build one from scratch. But many companies make the mistake of attempting to re-acquire lost customers in the same way that they acquire new ones. But failing to use what you know about those past customers -- and what they know about you -- to your advantage can cost you time and money. Our automated greeting card system lets you minimize the potential for losing a client or customer, and also streamlines the process of acquiring new ones, all at a cost that cannot be matched in any other customer acquisiton or retention system. So, if you have not formulated a marketing plan that includes a focus on relationship marketing with an automated tool like ours, you owe it to yourself and to your business to try it out today.