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What is Relationship Marketing — a one minute description

14

Oct

2010

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An easy intro­duc­tion to Rela­tion­ship Mar­ket­ing, the first in a series of guides to explain often mis­un­der­stood con­cepts. The next 60 sec­ond guides are on Per­mis­sion Mar­ket­ing, Inbound Mar­ket­ing, their rela­tion­ship to other types of mar­ket­ing and then one minute on how they fit together. Col­lect them on your iPhone and you’ll have a four minute refresher on the way to the board­room for your next meet­ing with the cre­atives. 1

The idea behind these videos is to add con­text and clar­ity. If this one has whet your appetite rather than sati­ated your thirst and you want to inves­ti­gate fur­ther, well, it would prob­a­bly be appro­pri­ate to start at Wikipedia.org’s Rela­tion­ship Mar­ket­ing entry.

Nat­u­rally enough, ‘Con­tent’ is the next sub­ject series after these four audio blasts on mar­ket­ing. How to get it, how to make it, what to do with it and why, when and where to pub­lish it.

Video Tran­script
This is one of 4 audio blasts about mar­ket­ing meth­ods, I hope to put each method into con­text for you in 60 seconds.

I’ll begin with Rela­tion­ship mar­ket­ing, which is a strat­egy. Find­ing a prospect, build­ing a rela­tion­ship through repeated inter­ac­tion so they become a cus­tomer, then nur­tur­ing the rela­tion­ship to retain their inter­est. The aim is to develop trust and build increased value for both par­ties, but you are likely to be invest­ing in your cus­tomer early on.

As rela­tion­ships strengthen and trust increases, you can exchange big­ger lumps of value through your prod­ucts and ser­vices, you’ll make fewer but eas­ier sales, with big­ger ticket prices. Get it right and the life­time value of cus­tomers that stay with you will out­weigh your invest­ment in those that leave.

You’re no longer just mea­sur­ing sales, you’re track­ing rela­tion­ships, a lot of them, so you have to auto­mate the Cus­tomer rela­tion­ship man­age­ment, CRM. Don’t panic, you’ve a big choice of inex­pen­sive, sophis­ti­cated prod­ucts to help hold it all together.

Please leave a com­ment, espe­cially if you have sub­jects you want ‘un’covered.

Philip Stan­ley

  1. The idea for these videos sprang from con­ver­sa­tion one Sun­day at junior rugby, when a senior broad­cast exec­u­tive sug­gested I might write a newslet­ter for those who need to under­stand this stuff, but don’t have time to research it all.
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4 comments on “What is Relationship Marketing — a one minute description

  1. Pingback: Tweets that mention What is Relationship Marketing — a one minute descriptionMinutecoach – PAYG business advice -- Topsy.com

  2. olivia woods on said:

    Just the way I like to do my learn­ing Philip, espe­cially when I\‘m busy. Small chunks, no fluff, straight to the point. Take it in and do some­thing with the infor­ma­tion straight away! Look­ing for­ward to more.…when can we expect next installment?

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  3. Philip Stanley on said:

    Per­mis­sion Mar­ket­ing should be along by Wednes­day, given a fol­low­ing wind and too much cof­fee (try­ing to cram it full of info with­out going all nigh­t­ime radio on the vocals) :-)

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  4. Pingback: Permission Marketing – a one minute description Minutecoach – PAYG business advice

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