In short, it is believed that the more points of contact between the organization and the client, the stronger the bond and more secure the relationship.
Implementing a relationship marketing strategy isn’t as daunting as it may seem and it begins with the shift in focus from immediate sales transactions to long term value in repeat business. While the growth of the internet & mobile platforms, and in general the digital world, are seen as distancing the customer from the business, it’s actually increasing more social and collaborative channels of communication. Relationship marketing has expanded to social media, app development, inbound marketing and strategic content. All of which are fine tuned to meet the customers’ needs and encourage ongoing communication.
From a financial standpoint, the efforts exuded to retain long-term clients are far overshadowed by the financial gains made in doing so. On average it costs 5x more to attract new clients than to retain current ones. Additionally, long-term customers are more likely to willingly offer word of mouth referrals. Loyal and happy customers make the employees’ jobs easier and more satisfying. In turn, happy employees are eager to ensure customer satisfaction in a fruitful cycle.
What’s the overall message? Long-term vision greatly outweighs short-term sales targets. Communication needs to evolve beyond aggressive advertising and promotional emails. Managing relationships with customers goes beyond simple demographics and customer service data; each client is important & unique and need to be treated as such.
Relationship marketing is a two-way street. Pushing content toward your audience in an attempt to gain their business is not likely to be as effective as building your brand in a way that creates a connection between you and your customers. That being said, there are multiple channels through which to reach your audience in an interactive manner. So which way is best?
Comparing marketing efforts done with text and video shows that video takes the cake when it comes to building relationships. Reading text is all about cognition, it makes us work to comprehend. Videos are processed 60,000 times faster by the brain than text. When we watch videos we are a passive audience, allowing us to become immersed in the visuals and sparking emotions within us. When we read, we think. When we watch, we feel.
These feelings are key if the goal is to effectively utilize relationship marketing. When we watch videos, emotions are evoked in us through colourful graphics, catchy slogans, audio accompaniments, and the storyline of the video itself. Find a common ground between your company and its audience upon which to create a relatable video. When your customers see this familiarity between themselves and your brand, they begin to feel as though they know you on a more personal level.
Build this budding relationship by making frequent contact with your audience via interactive content that can be shared, liked, and commented upon. This is where the “two-way street” analogy comes in. Content must be interactive in order for it to grow a friendship and build trust between your brand and your customers.
So, will your video reach a large enough audience to build customer relationships? Will they even watch your video? The statistics say yes! Studies show that 40% of consumers prefer to experience branded content via video rather than text. Furthermore, people are 39% more likely to share video content over social media, and 56% more likely to “like” it, building a community of followers for your brand.
Create a striking video that resonates with your audience and highlights the connection between the two of you to encourage long-lasting relationships and long-term customers.