Tag: marketing strategy

#DevelopStrategy – Relationship Life Cycle

This month we covered the differences in both relationship marketing and lead generation. While both of these have a place in your marketing strategy, in this article I want to focus more on relationship marketing and what I like to call the Relationship Life Cycle.
As a refresher, relationship marketing is essentially fancy terminology for the practice of developing a long-term connection with your customers, clients, vendors and power partners. Instead of focusing on gathering a lead or closing a sale, the aim is to provide a bond with the people you work with. The long-term benefits of relationship marketing tend to be more referrals, client enthusiasm and the development of brand advocates.
The course of the relationship life cycle is closely tied to the ole marketing adage of Know, Like, Trust.  If the new way to market a company is backed by the idea that people do business with other people (instead of companies) then the know, like, trust concept is absolutely essential. Here is how the relationship life cycle would apply to your marketing strategy using social media:
Know
The first step in any relationship is getting to know the other person. You simply can’t make a connection with someone you’ve never met and know nothing about. Think of it like dating – once you start to know a potential suitor then your curiosity will lead you to finding out as much about them as possible.
Whether it be an introduction at a networking event, a discovery call, or a visit to your website – getting to the Know step involves getting to know each other. When it comes to social media, this appears in the form and following your various social media channels. People can also get to know you by hearing about you from others, meeting you at events, reading your online content, or viewing any media you’ve been featured in. Once someone starts to know you, and gets a sample of what you are about, then they are more likely to sign-up for your newsletters, like you on Facebook or follow you on YouTube.
Like
Well, now that you’ve gotten a chance to spend some time with the individual – you have to decide whether or not you like them. In our dating scenario, are they worth going out on a date or two with to see what develops? Do you like them enough to begin to participate in their life?
Those who are paying attention to what you are doing will either begin to like you or they won’t. However, once you hit the Like stage you will find that they begin to initiate some true social media engagement with you. They like your posts, comment in your group, or participate in your polls.  This phase of the relationship life cycle involves interaction so be sure to participate in return!
Trust
Now you’ve gone on many dates and have been seeing each other for a while. At this point, they are becoming a partner and you have developed trust in them. You like them so much, that you want your friends and family to like them too! At this point, you are sharing their content.
This is the end game for the relationship life cycle…you want all the people you do business with to know, like and trust you. The goal should be that they trust you so much that they freely, and happily, share your content and business with the other people in their circles.
When you compare the relationship life cycle to how we operate with our personal relationships, the success behind relationship marketing becomes much more apparent. Our clients become more than an invoice. If you want loyal clients that will regularly provide free marketing for you, this level of connection is the way to go. Just another tool to add to your marketing strategy toolbox because everyone here at The Social Media Advisorwants you to #BeAwesome at what you do!
~ Social Media is changing the way people do business.  Don’t get left behind ~ 
Be sure to Follow us and Let’s Engage!
Hollie Clere of The Social Media Advisor is a “#BeAwesome” Developer, Social Media Brand Builder, Content Manager, Trainer and Author in LinkedInFacebookTwitterBlogGoogle+,YouTubePinterestInstagram and the tools to manage them.

#DevelopStrategy – Relationship Marketing vs. Lead Generation



Marketing strategies are not created equal. While everyone has a perspective on which is the most effective, two common ones that get lumped together are “relationship marketing” and “lead generation.” These two marketing strategies are not the same thing.

Relationship marketing involves the use of “direct response” campaigns that emphasize customer retention and satisfaction. This type of marketing strategy creates a bond with the customer through narrow market targeting, tailors offers to their customers, and usually demands a response that can be tracked by the marketing team. This typically requires an email address so that the company can contact the individual directly for exclusive offers, maintenance follow-ups, and unconverted leads. Relationship marketing is about the long-term value of a loyal customer and the connection that can be built beyond typical ads and generic sales promotions.

Pros:

  • Allows companies to tailor taste profits based on the customer’s preferences, activities, etc.
  • Focuses on customer satisfaction
  • Increased customer retention by enriching the purchasing experience
  • Brand loyalty becomes more commonplace
  • Referrals come from loyal customers


Cons:

  • Cost of acquisition is steep at the beginning in both time and money
  • Slow-moving marketing platform that requires patience as referrals build
  • Networking, not everyone’s forte, is a central piece in developing business relationships


Lead generation, however, focuses on the sales lead side through newsletter sign-ups, marketing referrals, events, etc. This is a key part of the purchase funnel method and is associated with pipeline marketing. It’s less personal than relationship marketing, but very effective in gaining new potential customers. Lead generation usually requires an opt-in of some type. Examples include landing pages, online surveys, and brand specific opportunities. Like relationship marketing, lead generation requires an email address to convert leads into customers.

Pros:

  • Build a list quickly
  • Ensures that your clients and customers want to be there (opt-in)
  • If combined with a sales funnel, this method can run itself via newsletter drip campaigns after the initial set up


Cons:

  • A relationship isn’t really built until they “opt-in” to something you offer
  • High turnover rate
  • If done poorly or in a sleazy manner, this can destroy your reputation (Don’t offer something you’re not willing to follow up on!)

Both relationship marketing and lead generation have their strengths and weaknesses, but the best marketing strategy involves a combination of the two. Ensure that you track the results for each style so that you can adjust your strategies as needed to ensure a long-term quality experience for both you and your customers.

The team here at The Social Media Advisor prides itself on developing their business through relationship marketing but also comprehends the value of lead generation and prospecting. A healthy balance of both can be extremely valuable for any small business. Want to find out more? Contact me to book a discovery call to find out how we can help you #BeAwesome with your marketing strategy. 



~ Social Media is changing the way people do business.  Don’t get left behind ~ 


Be sure to Follow us and Let’s Engage!

Hollie Clere of The Social Media Advisor is a “#BeAwesome” Developer, Social Media Brand Builder, Content Manager, Trainer and Author in LinkedInFacebookTwitterBlogGoogle+YouTubePinterestInstagram and the tools to manage them.


#ReviveYourMarketing – Your Marketing Doesn’t Have to Be Perfect

There is a lot out there about branding, and message and company image. You’ve been preached to about the do’s and don’ts of marketing since you first started your business. Some of it makes perfect sense, some of the advice is contradictory, and all of it is overwhelming. What happens when we get overwhelmed? You got it. We end up doing nothing at all.
This month I’m on a mission to help your revive your marketing. Promoting yourself and what you do is the key to business success. Fortunately, there are a lot of different ways to approach marketing and, even if you have let it slide, it’s easy to pick that ball back up and run with it.
The most important thing I want to emphasize is…. your marketing doesn’t need to be perfect. If you get hung up on the right image, or the right tagline, or utilizing the right social media platform – you will get nowhere at all.
It doesn’t matter what move you make, but it’s vital that you start moving. There isn’t just one way to approach marketing but here is a general outlineto get your forward momentum working.
Branding
If you aren’t clear about your brand or your message, you might as well be target shooting in pitch-black darkness. It’s possible you will find a small percentage of people interested in what you do, but it’s so much more effective to develop a brand that does your marketing for you. If you create a clear cut brand and use it to promoteyourself in person and online, you will find that people start coming to you instead of you chasing them. Why? Because they already have a feel for you before the first conversation occurs.
Develop a Marketing Strategy
Spend some time figuring out who your target audience is and where they enjoy spending their time. Then create a marketing strategy that focuses on where they already are. Instead of just putting your marketing out there and waiting on your clients to find you – put effort into creating a marketing strategy that showcases your company right where they are.
There are a lot of options to choose from and plenty of advice. Email newsletter? That’s a great way to build a list and funnel. Social media? Get your voice heard and establish an online presence. Advertising? Depends on your market and your budget. Content marketing? It’s a great way to gain traction online. Influencer marketing? That’s the perfect way to establish that you are an expert in your industry or niche.
The point here isn’t to try everything. That kind of thinking is going to keep you stalled. The purpose is to pick the one you think will offer the best results and just dive in! Something is better than nothing when it comes to marketing and you can work on making it better over time.
As you get good at one strategy, you can look into ways to automate or outsourceand then bring another technique into the fold. It’s better to do one thing well than several things in a mediocre fashion.
So, cut yourself a bit of slack and give yourself permission to focus on the marketing without worrying about perfection.
“And now that you don’t have to be perfect, you can be good.”
John Steinbeck
Need some advice or an expert to point you in the right direction? Give The Social Media Advisor team a call and let us help you #BeAwesome at what you do!

~ Social Media is changing the way people do business.  Don’t get left behind
 ~ 

Be sure to Follow us and Let’s Engage!

Hollie Clere, of The Social Media Advisor is a “#BeAwesome” Developer, Social Media Brand Builder, Content Manager, Trainer and Author in LinkedIn,FacebookTwitterBlogGoogle+YouTube,Pinterest, Instagram and the tools to manage them. 

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