Wednesday, 6 November 2019

Learn how to build a profitable relationship with your customers

It is the dream of every businessman to progress and watch his business upgrade to make headway advancement. There are many ways by which the requisite goals can be accomplished. But according to the market studies, one of the most powerful and compelling way to sustain and modernize in the competing market is to build a healthy relationship with your customers, which is likely to bring loyalty and more stability to your existing business.

Building relationship with the customers is also one of the customer retention strategies that can be used as a mechanism of profit in various aspects. It can be used to provide better customer service so that there is less significant customer churn.
Business leader, entrepreneur and founder of Wall Mart, Sam Walton said, “The goal, as a company is to have customer service that is not just the best, but Legendary.”
So, if you are a business holder and want to build a profitable and trustworthy relationship with your customers, you need to provide an exceptional class of customer service.         
“Customer service shouldn’t just be A department, it should be the entire company.” - Tony Hsieh, CEO of Zappos
According to a survey conducted in the US, 80 percent of the customers were willing to pay more if they were provided with superior customer service from the merchants. Most of the companies fall back and make mistakes in focusing on this essential factor of customer service.

Here are a few ways by which you can build a profitable relationship with your customers.
Building Relationship Base
                              With the ever changing technology and awareness of the consumers, e-mail has become as easy as messaging. Almost half of the world’s population check their mailboxes every day which makes it easier for the brand holders to communicate with their customers. The customers directly receive your product information in their mailbox rather than from other sources. This also exemplifies the efforts put up by you to give such an experience to your consumers. Thus, e-mails can prove to be a great way to establish new relationships with your potential customers or help in the existing build of relationship with subscribers. It becomes necessary to create valuable content build up surrounding your brand and products.

Email marketing can be very confusing for start-ups and beginners. You need right advice to make it profitable for your business. But question is, how will you get right tips?
                              Communication is one tool that holds the relationship of seller and buyer together. The best advice would be to communicate frequently with the buyer. Newsletters, social media, promotional content, whitepapers, communication in person or on phone etc. can be used to extend the reach as well as provide the consumer with quality information. A responsible and trustworthy business holder rewards their loyal customers or shares their network of contacts with them to keep the customer engaged with their brand and at the same time increase their own value.
“Getting the like is easy, anything else requires trust”- Jon Loomer

Marketing Strategy
                              There are numerous benefits when you plan your marketing strategy through e-mails. Marketing can be done in both inbound and outbound ways.

Outbound marketing is the customary way of advertising your products. For example consider the advertisement, that flash in the middle of a movie or shows. It interrupts the customer experience sometimes. In some instances, this strategy might be useful, but in other situations, it is also passive and less attention is paid by the target consumers.

Inbound marketing is all about attracting leads through valuable content, not interrupting them with direct sales pitch. If you consider inbound marketing strategy, you might prefer to send emails to your customers, so that customers come directly to you. This is also called e-mail marketing strategy. Leaving behind the conventional way, e-mails have advantages that will not only help you build relationship with subscribers, but also reduce the effective cost involved in marketing.
“These days, people want to learn before they buy, be educated instead of pitched.” — Brian Clark

54% more leads are generated by inbound tactics than traditional paid marketing. According to a market survey, inbound methods of marketing cost 62 percent less than decorous methods of outbound marketing. The major cost incurred in any business is on marketing, which can be reduced by a significant amount through effective email marketing.
Customer Service Statistics
  •  78%  of consumers have bailed on a transaction or not made an intended purchase because of a poor service experience.
  • On average, loyal customers are worth up to  10 times  as much as their first purchase.
  • It takes  12 positive  experiences to make up for one unresolved negative experience.
  •  82%  of consumers have stopped doing business with a company because of bad customer service. – Zendesk
  •  Email  is a critical medium for online customer service.
  •  94%  of all online retailers provide email customer service and  27%  of email inquires are answered incorrectly.
  •  Knowledge  of the product is more important than speed when emailing a customer, so do everything in your power to get it right the first time, every time. (Source: Zak Stambor, Internet Retailer, 2010)
  • The only thing more important than response time and personalization is the  quality of your response . Go the extra mile to resolve questions in a single email.

Keeping the tips and points in mind, both the reach as well as the cost can be minimized for marketing, assuring an everlasting experience to the customers along with sharing a sustainable relationship with them.

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