- Expanding Your Business Opportunities with Relationship Marketing
- How Relationship Marketing Expands Your Business Opportunities
- What Else Can Relationship Marketing Do for You?
- Marketing Glossary
Expanding Your Business Opportunities with Relationship Marketing
Simply put, relationship marketing is a strategy that focuses on building long-term relationships with your customers that will, in turn, bring about a triple effect. The effects include keeping you in business for a long time, increasing your sales and profit margin, and marketing your products through word of mouth for free.
An off-shoot of the triple effects is that relationship marketing fosters trust, and loyalty, two key elements you’ll need to expand your business opportunities. After all, if your original product and services are not trusted, and you lack a loyal customer base, expansion, would be a bad idea.
How Relationship Marketing Expands Your Business Opportunities
Having the above in mind, the question becomes, what are the ways relationship marketing can help you expand your business opportunities? Note that the latter does not necessarily mean going into a business, or creating a product other than the one you are known for.
It covers branching out into a new market with the same product. For example, if your products get designed with a certain age demographic, or locality, relationship marketing lets you know when your business is ripe to move beyond where you are, which brings us to our first point.
Provides Information on What People Need
Every business is tailored towards finding a need and meeting it. Whether you sell insurance, produce beauty products, or you are in the hospitality business, the bottom line is you are following the economic principle that human wants are insatiable.
In times past, people go into business and expansion without knowing if those they are producing for need their product. The information was not available because they relied on the traditional means of marketing.
However, things have changed, and relationship marketing, lets you know what people are interested in buying. It enables you to understand what’s sellable, what consumers are talking about. It’s the secret to the success of prominent corporations, and how Apple knows that its customers would buy its new iPhone, and when best to release it.
It Makes Available, Useable and Credible Feedbacks
Getting and using feedback is one of the bedrocks of most successful businesses. In business expansion, you need feedback, which is one thing that relationship marketing gives you.
Feedback lets you know a lot of things; it’s how you get to find out what people need, and are willing to pay money for. Never underestimate the power of positive feedback. With it, you know the ripe business opportunities, and when and how to key into it.
If for instance, your business is not doing as well as it should, relationship marketing would give you an insight into the reason. And what more you can do to complement and make it better. Sometimes, it’s not about breaking into a new market, but improving what you already have.
Gives You Insight on the State of the Market
Business opportunities abound, but a person without insight might miss them. But don’t fret, because with relationship marketing, you will have tons of ideas on the state of the market, and the business to invest in, that guarantee you a return on your investment.
The insight will also let you know the sustainable business plan to follow. What to do to ensure your expansion is in and for the right market. It equally provides you with workable data that does not only cover the readiness of the market, but the people.
It Gives You Insight on Customer Expectations
Firstly, needs and expectations are two different things; both are important. While needs cover products and services, expectations deal with the delivery. Bringing it down to how it expands your business opportunities; insight into customers’ expectations lets you know what’s lacking in terms of delivery, and how you can capitalize on it.
Think about brands, like DHL, that offer courier services; they capitalized on relationship marketing to know that not all companies can deliver their products. Also, they understood that people expected the existence of a company whose sole purpose is to deliver goods around the world and they get it.
What Else Can Relationship Marketing Do for You?
The knowledge gotten from relationship marketing is endless, with infinite opportunities. However, in addition to the four mentioned above, here are some other ways relationship marketing contributes to business expansion opportunities:
- It gives you an in-depth knowledge of the target market, and audience.
- It gives you an understanding of the core values of the target market.
- It brings to light people in a different locality who wish they had your product. Referrals, which is one of the advantages of relationship marketing, will deliver this to you.
In conclusion, there are some things you’ll never know without the right information. When Jeff Bezos started Amazon, all he wanted was to create a platform for people to buy books with ease, but with relationship marketing, he branched out into delivering online services for different products.
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