7 Simple Key Principles of Relationship Marketing to Attract Lifetime Customers!

Most of business owners fail to effectively attract and retain lifetime customers. What they fail to realize is the key principles of relationship marketing, that converts potential customers into repeat clients.

To succeed in your business, your main goal should be to build a responsive email list of lifetime customers from your targeted market who trust you, feel grateful to you and value your recommendation.

A good relationship with loyal customers is worth a fortune. That’s the most valuable thing any business can have. The key here is to build your large list of lifetime customers who trust you. Achieve this and you’re set for life.

For that reason you need to learn the key principles of relationship marketing to be able to apply relationship marketing concepts to your web site.

What’s Relationship Marketing?

Relationship marketing is the method of gradually turning website visitors into subscribers and leads them from position to position along a planned program to convert them into life time customers.

Think of relationship building as the foundation to your business. It establishes you as a professional, trust worthy and a consistent source.

7 Key Principles of Relationship Marketing.

Building relationship online is more difficult when compared to offline relationship building. The techniques used are almost the same. But, turning a potential customer into lifetime customer offline is easier due to the nature of the process. In online marketing you can’t meet your clients in person like in offline marketing. But, you can deliver what you want if you think of your potential clients in each step you make when building your business. Relationship marketing is a process, not just a one-time commitment. It starts the moment you think about building a business and continue as long as you stay in.

1 – Know your potential customers.

Before you start building your business; you need to determine your targeted market and know your potential customers. Learn how to know your customers to develop effective tactics for delivering your message to them.

You can start getting to know your customers by taking some very simple steps.

– Determine in advance where your potential customers congregate. – What newsletter they read? – What forums they visit and post to? – What else might do while surfing the net?

The best places where you find your prospects are forums, discussion groups and discussion boards. Visit forums of your targeted market and figure out:

– What’s your potential customers’ problem? What they are looking for? – What kind of business they are involved in? – How they want their problem to be solved? – What words they use?

Only by knowing your customers’ wants and needs you can successfully grow your business and be totally customer-oriented. In order to tailor your marketing and advertising strategies to appeal to the tastes and interests of your market, you must first identify your customer.

Relationship is not only based on knowing who your visitors are, but on knowing your customers’ and prospects’ specific needs.

Note: To attract more subscribers and build a strong relationship marketing the easy way use your prospects words. If you feel their pain and use their words when posting to forums, sending message, etc… they’ll be related to you. You will be one of them; you are not a stranger then they will be likely to trust you and consider your recommendation.

2 – Show your expertise.

The majority of business people, never completely and clearly display their knowledge to potential customers. Show to your targeted market you are the leader in your industry and they will follow you.

People like to learn about your experience. They like to follow the expert’s steps to avoid mistakes and reach success the easy way with less investment in time and money.

3 – Start a dialog to establish trust.

Set up a continuing dialog to establish trust. Trust is a vital step to building long-time relationship. This dialog should starts as soon as your visitors submit information along with their email addresses. This explains their interest in your business. In return, you give them what promised when they subscribed and keep contacts at periodic intervals by sending quality information to your subscribers.

Your goal is to create long term relationships marketing with your subscribers. To do that you must invest time to gather available sources and high quality information and put it at your prospects’ disposal to help them succeed. Remember, maintaining customer enthusiasm and creating customer loyalty is your key to success.

4 – Follow up

Dialog leads to follow-up. Hook your subscribers with your follow up messages series. Set up a series of follow up messages to send quality information to every new subscriber. Professionalism is the key to successful relationship.

The main purpose of follow up is to remain visible to your subscribers so, when the need arise and your prospect wants to make a purchase, your product will be the first one the subscriber thinks of.

If you want to make good money your mission will not cease at selling your product. Going after one sale is worthless. Following up with your customer after the sale is made is a great tactic. This important step will help you strength your relationship, decrease the refund proclamations and keep your customer baying from you again and a gain.

Keep following up; don’t stop and be creative. Don’t send your customers only sales messages. From time to time send free useful product they don’t find elsewhere that can help them make money and/or save time. Send special offers with discount for loyal customers only. Keep them up to date and to the point with latest news, etc…

5 – Offer good customer service.

Some people will start an online business and only focus on what services or products they can sell to make good money. They are not worried about establishing good relationship with their customers and potential clients.

– Answer your prospects’ requests as soon as you receive them.

– Replay to every email within 24 hours with the needed response whether it is a question, concern or simply someone looking for more information.

– Treat your customers right. Even if you offer the best products or services, most customers will evaluate your business by how they were treated while doing business with you. For that reason, it’s important to take care of your customers and give them the best product or service they want.

By providing great customer service to the people you do business with, you will get customers coming back to you again and again to buy your products or services.

Note: If you want to stay in your customers’ minds serve them better. You can do this by collecting information from your customers’ feedback. Having a contacts page on your website with a comments or feedback form will keep you informed about your customers’ wants and problems. If you publish a newsletter, you can also accomplish this by asking for feedback from your subscribers.

This is a great way of making your audience know you care about what they have to say and how important they are to you. When you show interest in your customers you will build credibility and loyalty.

6 – Educate your subscribers.

Put at your customers disposal manuals, frequently asked question (FAQ) web page, articles, etc… to help them learn how to use your product or service perfectly. Educate your subscribers to help them build interest and loyalty for your business.

Lifetime clients want you to be their trusted advisor. The more you educate your customers by offering them a variety of options, the greater your chance to earn their lifetime business. Education strengthens relationship marketing with clients.

7 – Sell or recommend only quality products.

Sell quality products that have value, plus offer a guarantee and stand behind it. One of the quickest ways to destroy a business relationship is selling poor quality products and not standing behind what you promise.

If you want to promote other marketers’ affiliate programs from your website, take the time to investigate the companies you advocate. Promote only products from legitimate companies with solid Internet presence. Remember the companies you suggest will have an impact on your business reputation.

Relationship marketing is the corner stone of every business. If you follow these key principles of relationship marketing, you’ll be on your way to building a responsive opt in email list which will lead to more and better sales.

Build a Successful Marketing Plan – 15 Key Business Success Factors

Every marketing plan needs to include an industry analysis. Why? Because it is of critical importance to understand the industry you operate in, and to identify and track your performance to key business success factors (KSFs) for your organization.

Understanding your industry and identifying your KSFs will help in building a successful marketing plan; one that is based on measurable progress and results. A key success factor is an element of a whole that affects your business’ ability to do well in your market.

Most businesses focus on between three and five of the most important (to their business) success factors. From time to time, or year to year, these key success factors may change, as the industry or the market changes.

15 Examples of Key Business Success Factors (and this is not a comprehensive list) are:

  1. Number of new customers per year;
  2. Number of lost customers per year OR the number of customers retained (it is important to understand and measure the potential customer lifetime value for each customer on a regular basis);
  3. Hire and retain excellent employees (measured by employee turn-over, job vacancies, customer satisfaction);
  4. Successful new product introductions (measured by sales and costs);
  5. Successful promotional programs (measured by sales and costs);
  6. Good/healthy financial indicators: for example, working capital, acceptable ratios (in particular debt to equity ratios), profit margins, cash flow, receivables and more;
  7. If in the manufacturing industry, high operating capacity utilization;
  8. Strong supplier network;
  9. Strong distribution network or channel;
  10. Successful product positioning;
  11. Low cost structure;
  12. Niche product/service – track the number of competitors entering and/or leaving the niche. Is the cost of entry into the market high or low?
  13. Market leader or follower or challenger, and is your relative market position and why? Are you able to support that position if under ‘attack’?
  14. Product differentiation: Do you have technology or service advantages that others can’t easily copy? How unique and differentiated is your product or service?
  15. Time to market: is your product or service able to be delivered quickly and easily; from the first point of contact to the time shipped and subsequently invoiced?

Once you have identified your specific KSFs, build strategies around those factors and integrate those strategies into your marketing and business plans to ensure business success. Develop measurement programs to help you track your progress against your success factors. You also need to assess your competition and see if your competitors’ key success factors are similar or different than yours (depending on your strengths and weaknesses and your marketing and business strategies, they might be very different). One way of comparing and assessing is to do a competitive strength analysis; find out what your competitors’ strengths and weaknesses are and build your competitive strategy accordingly. (A sample swot analysis can show you how to analyze the strengths, weaknesses, opportunities and threats that your business faces.)

For example, if retaining your existing customers is a key success factor, your business objective must be to grow sales with your existing customers. How do you do that? First, do a customer satisfaction survey to assess how satisfied your existing customers are (or aren’t). Then determine what needs to be changed and what you need to focus on. Make sure that you understand how your customers chose between competitors: is it price, service, quality, knowledge, reliability, relationships, or all of these factors? What product or service attributes are most important to your customers? What is the unique difference between your product or service and your competition’s product or service (from your customer’s perspective)?

Once you have identified your key success factors; built measurement devices to track them; assessed and compared your competitors’ KSFs – and the industry’s; built your strategies and objectives into your marketing and business plans(phew!); you need to act! Build your business on these key success factors.

The Key to A Successful Online Business Is in the List

The importance of List Building for online businesses can never be overemphasized!

List building defined:

List building is a marketing process that involves strategic gathering of limitless volume of followers for the sole reason to deliver vital news, messages, products info or events, etc. This ever-growing mailing list is created and developed by end-users who freely opt-in via subscription into an online business marketer's autoresponder facility. Whatever business you do online, you can compel your audience, prospects and clients to be part of your list for several reasons, such as: receiving newsletters, updates, discounts, etc. When you consider list building for your online business, it can be very lucrative and highly effective.

Below are some benefits of building and using a mailing list to help promote your online business:

For Pitching New Products / Services

When you choose to build a list for your business, it is actually people who trust in your products or services that will opt-in. A mailing list offers you the opportunity to market new products or services to potential customers. Whatever it is that you sell online, whether it is new software or some popular electronics, sales are almost guaranteed with your subscribers since they actually willingly opted into your mailing list. Once you are able to deliver effective sales pitch to your subscribers, making good profit becomes forthcoming and certain.

For Offering Exclusive Deals / Offers

When you are in the process of launching special offers, your mailing list will be most convenient to reach out to prospects that will quickly engage with the business. For example, if you sell a service or product at a list-price of $ 200 on your website you can sell the same service / product at $ 100 (providing special discount deal purchase link) to people who are subscribed to your mailing list. This can help you make loads of profit – especially if you have a large mailing list of subscribers.

For General Business Updates

When you need to inform your customers of very important product / service update your list will come in handy. Let's assume that your business social networking channel experiences a sudden technical disruption. You can quickly forward an email to your list informing them about the problem at hand.

Also, if you plan on having a live webinar or any event, subscribers on your mailing list would usually be among the first people to find out. With your list, you will be able to send emails at intervals inviting people to attend your live webinar or event.

With so many advantages of building a mailing list for your online business as mentioned above, it is clear that the Key to a successful online business is in the list. Start building your list today!