In relationship marketing, the fundamental thing one needs to remember is the name of the practice itself.
It is easy to get carried away in the target-oriented rush of digital marketing. From content to backlinks and social media posts, every digital marketing activity is a concerted effort to increase the reach of a brand amongst its target audience.
Relationship marketing is a vastly different concept from the usual instrumental digital marketing techniques. Before delving into relationship marketing, there is a more pressing need to understand the relative longevity of marketing in general.
The present nature of digital marketing is purely focused on the success of individual campaigns and less on the lasting longevity of a brand and its marketing efforts. While earlier digital marketing campaigns used to be long and comprehensive in their aim to educate consumers about everything related to a brand, smaller campaigns now are much more instrumental and designed to deliver immediate results.
Even in digital marketing courses across the board, the need for longevity is now expressed in no uncertain terms. From online training programs to a digital marketing course in Delhi, the impetus to develop a long term approach to digital marketing is being provided.
In this article, we will discuss relationship marketing and its role in breaking the cycle of short-termism is digital marketing.
What is Relationship Marketing?
Relationship marketing put simply is the practice of building a lasting bond with the customer through the deploying of a number of techniques.
In traditional marketing, the way to practice relationship marketing is by offering target customers incentives to keep buying products or services. Credit card companies offering reward points and retail stores offer discounts and coupons are simple examples of relationship marketing.
In digital marketing, the incentive offered to customers, the relationship marketers aim to establish is less transactional and more profound. Content marketing forms the core of such strategies, as the best way to establish trust with customers is by providing them engaging and valuable content. To add another layer of trust, influencer and affiliate marketing also come into the picture to establish a favorable brand image in the eyes of the customer.
The greatest benefit of relationship marketing is the ripple effect it has on the overall target audience sought by marketers in a campaign. Loyal customers are not simply good for recurring revenues, but also from the perspective of branding and onboarding of new customers.
Loyal customers act as pseudo-ambassadors of a brand, promoting their products or services to friends and colleagues. This amounts to free organic promotion of the brand in question.
Why is Relationship Marketing Important?
As discussed before, most modern digital marketing campaigns are too target-oriented. Relationship marketing is a tactic to offer the brand being promoted a considerable cushion which cannot be formed in a typical digital marketing campaign.
Companies like Apple and Coca-Cola are examples of brands that successfully practiced relationship marketing and are now reaping the rewards. No matter which soft drink company enters the market, no one can match the stature of Coca-Cola. The same is true for Apple products, which belong in a league of their own. Despite their being products that are as good and even better in some respects than Apple products, Apple is still the dominant brand.
In conclusion, relationship marketing is the key to solving the perpetual short-termism in digital marketing and give brands an incentive to approach campaigns with a long term vision. Digital marketers should imbibe relationship marketing principles into their practice and build a base of loyal and engaging customers.