What Is Relationship Marketing?
Search Customer Experience, Wednesday, July 17th, 2024
Relationship marketing is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.
The goal of relationship marketing is to create strong, emotional, customer connections to a brand. Such connections can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads.
Relationship marketing stands in contrast to the more traditional transactional marketing approach, which focuses on increasing the number of individual sales. The transactional model can fall short when it comes to the return on customer acquisition cost. A customer engages with a brand one time, but without a strong relationship marketing strategy, they don't come back to the brand in the future.