research on relationship marketing

Relationship Marketing: The Ultimate Guide

Published: January 18, 2024

Want to know a secret? Customer retention is much more critical to your company’s success than customer acquisition.

In fact, Frederick Reichheld of Bain & Company found that as little as a 5% increase in customer retention can increase company revenue by as much as 25–95%.

Whether you’re a team of one or more, strategic relationship marketing can help you connect with your customers and engage them long-term.

As a result, you can boost customer retention , increase revenue, and run a successful business without all the costs associated with getting new customers.

Let’s dive into the benefits of relationship marketing, examples of excellent companies that build lasting relationships with customers, and relationship marketing strategies you can employ.

What is relationship marketing?

Relationship marketing refers to the marketing strategy of cultivating more meaningful relationships with customers to ensure long-term satisfaction and brand loyalty. Relationship marketing isn’t about short-term wins or sales transactions — instead, it focuses on delighting customers for the long haul.

Importance of Relationship Marketing

If customers feel satisfied with their interaction with you, they’re more likely to become a repeat customer and return to your business repeatedly.

After all, existing customers are 50% more likely to try a new product and spend 31% more than new customers.

That’s why relationship marketing is essential for every business that wants to increase revenue long-term without spending more.

Starting at the right time is also crucial. The perfect time to start a relationship marketing strategy is when a customer has made a purchase (or several).

And your goal with relationship marketing is to convert customers to brand-loyal patrons of your business.

To do that successfully, take a personalized approach to client retention and integrate into their lives in a natural and genuine way.

What are the benefits of relationship marketing?

There are various benefits attached to using relationship marketing strategies for your brand. Done right, the most impactful ways to improve your business through relational advertising include:

• Strengthening customer loyalty and increasing your customer retention rates.
• Generating greater brand awareness and equity through customer referrals.
• Scaling up cross-selling and upselling opportunities to an audience who already values you.

Let’s look at a few firms that have adopted a relationship marketing strategy to retain customers. Afterward, we’ll explore how you can implement a strong relationship marketing strategy today.

Relationship Marketing Examples

• Capital One
• Fairway Independent Mortgage Corporation

1. Capital One

Capital One understands its customers deeply — down to the minor inconveniences that plague them most. And one of those is the long TSA line at the airport.

Capital One reimburses all venture cardholders up to $100 when they pay the TSA PreCheck fee. All they have to do is pay for it with their Capital One credit card.

TSA PreCheck expires after five years, and this benefit applies every time the cardholder wants to renew their PreCheck status.

Here, Capital One is demonstrating its brand value to its current audience through:

• Offering a perk that’s universally appealing to their base — free money.
• Mitigating a prevalent issue, customers face a long-term resolution.

This benefit speaks to a relevant pain point for Capital One customers and makes keeping an account open with Capital One well worth it in the long run.

In the past couple of years, Domino’s has taken certain risks with its relationship marketing strategy. All for the sake of innovation and improvement.

This includes a series of ads called Pizza Turnaround , where they showcased a series of negative customer reviews before promising a new and improved recipe.

These self-deprecating ads appeal genuinely to viewers but go against any traditional sales playbook, which is why they work. By admitting an area of opportunity, Domino’s re-invented its brand as transparent and honest.

Who wouldn’t want to buy from a company like that?

Domino’s has also done a fantastic job tapping into its digital audience. In fact, 70% of Domino’s sales are now through digital channels. Ultimately, Domino’s has taken innovative steps to cultivate a loyal, long-term customer base through:

• Slowly and strategically re-inventing their product and their brand.
• Engaging with their customers on their favorite digital platforms.

Undoubtedly, a 35-minute film is not the most traditional avenue a hotel can take to increase sales. And yet, that’s what Marriott chose to do with their film, “ Two Bellmen Three .”

This film enables Marriott to appeal to a younger demographic and build brand awareness on dominant platforms like Snapchat. Best of all, their retention marketing content rarely resembles an advertisement.

Instead, it’s typically focused on providing their audience with fun or helpful information on various travel destinations.

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Forget the Pitch, Focus on Friendship: How Relationship Selling Makes You a Sales Superstar

Conventionally, sales have always been about the pitch. How you make your product or service pop. What you bring to the table in terms of persuasion and charm. What’s exciting, even game-changing, about whatever it is you have to sell.

However, customers are becoming increasingly savvy and disinterested in this type of approach, and sales pitches are starting to feel….well…..a little stale.

But how on earth do you sell something if you’re not pitching your way to success? The answer lies in relationship selling. Appealing to customer intuition and emotion to build genuine connections.

But what exactly is relationship welling and how does it work? In this article, we look at this question in detail, as well as some practical applications, best practices, and how it can transform you into a sales superstar. Read on to learn more.

What is Relationship Selling?

Relationship selling is a sales approach centered around building and maintaining meaningful connections with customers. Unlike traditional selling methods that prioritize pushing products or services, relationship selling emphasizes understanding the customer’s needs, preferences, and motivations.

It can be extremely effective, with around 82% of sales pros saying that building relationships with people is the most important part of sellin g. In addition, it can boost customer trust and loyalty , and some estimates suggest this can improve sales rates by up to 70% .

Types of Relationship Selling

By understanding the different types of relationship selling, you can begin to get a grasp on the diverse needs and preferences of today’s savvy customers. Whether through consultative guidance, ongoing engagement, collaborative partnerships, or emotional resonance, relationship selling offers a multifaceted framework for building meaningful connections and driving sustainable success. Explore these in more detail here.

Trust-based Relationship Selling — Establishing trust and credibility with the customer allows you to focus on building rapport, ensuring that customers feel comfortable and confident when they interact with you. For example, a financial advisor who takes the time to educate his clients about investment options and consistently delivers on promises can foster both trust and loyalty.

Need-based Relationship Selling — In need-based relationship selling, the emphasis is on understanding and addressing the specific needs and pain points of the customer. This means striving to become trusted advisors by offering tailored solutions that genuinely meet the customer’s requirements. For example, an IT consultant conducts thorough assessments to identify a client’s technological challenges and proposes customized solutions.

Collaborative Relationship Selling — Collaborative relationship selling involves partnering with customers to co-create value and drive mutual success. Sales professionals collaborate closely with clients, involving them in the decision-making process and soliciting their input and feedback. An example of collaborative relationship selling is a software provider that collaborates with its clients to develop customized features and functionalities tailored to their specific needs and preferences, resulting in solutions that truly resonate with the end-users.

Emotional Relationship Selling — Tapping into the power of emotions to establish deep connections and drive purchasing decisions, emotional relationship selling looks to elicit positive emotions such as trust, joy, and excitement through personalized interactions and empathetic understanding. Through compelling narratives, by evoking aspirational imagery and emphasizing the emotional benefits of their products or services, you can create memorable experiences that resonate on a deeper level with customers. An example of emotional relationship selling is a luxury car salesperson who focuses on the exhilarating feeling of driving a high-performance vehicle, exciting your customer’s desire for status, thrill, and luxury.

Examples of the Relationship Selling Process in Action

Relationship selling contains various elements, each aimed at nurturing connections and enhancing the customer experience. The following, are often used in combination to build lasting relationships that talk to the customer.

Personal Touchpoints — Sales professionals can leverage personal touchpoints such as acknowledging birthdays, anniversaries, or milestones to strengthen relationships. Sending personalized messages or small gifts demonstrates care and appreciation, fostering a deeper connection with your customers.

Recalling Personal Details — Remembering and referencing personal details shared by your customers during previous interactions showcases attentiveness and reinforces the bond between the salesperson and the customer. Whether it’s asking about a recent vacation or inquiring about a family member, acknowledging these details demonstrates genuine interest and builds rapport.

Aligning the Pitch to Customer Interests — Effective relationship selling involves aligning the sales pitch with your customer’s interests, preferences, and business goals. Sales professionals tailor their approach by highlighting how the product or service can address specific pain points or contribute to achieving objectives. This personalized approach resonates with customers and increases the likelihood of a successful sale.

Building Trust & Value: Relationship Selling Best Practices & Tips:

To become a relationship-selling superstar, you can adopt several best practices and techniques:

Conduct Extensive Research — Prioritize research on the buyer and their industry to gain insights into their needs, challenges, and preferences. Understanding their business environment allows sales professionals to tailor their approach and offer relevant solutions.

Develop Conversational Skills — Cultivate strong conversational skills to engage customers in meaningful dialogue. Establishing rapport through casual conversation and active listening creates a comfortable atmosphere conducive to building relationships.

Practice Active Listening — Practice active listening by focusing on your customer’s words, understanding their perspective, and responding thoughtfully. Validate their concerns and demonstrate empathy to deepen trust and connection.

Maintain Follow-Up Communication — Consistent follow-up communication is essential for nurturing relationships and staying top-of-mind with customers. Utilize tools like Spike’s unified inbox and Advanced Search features to streamline communication and ensure timely follow-ups.

Be Honest and Transparent — Honesty and transparency are fundamental principles of relationship selling. Avoid exaggerations or false promises and instead focus on providing accurate information and realistic expectations.

Emphasize Product Value — Instead of criticizing competitors, focus on highlighting the unique value proposition of your product or service. Emphasize how it addresses your customer’s needs and delivers tangible benefits, ultimately reinforcing trust and credibility.

Become a Relationship Selling Master

When used correctly, relationship selling can revolutionize the way you sell, fostering genuine connections and meaningful interactions with customers. This means that you can lose the stale sales pitches and drive deep into the heart of what your customers truly want, and by understanding their needs, building trust, and delivering value, your business can establish long-lasting relationships that drive success.

For more information on how Spike can boost your sales through streamlined communication and collaboration, contact us today.

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Please note you do not have access to teaching notes, the explanatory foundations of relationship marketing theory.

Journal of Business & Industrial Marketing

ISSN : 0885-8624

Article publication date: 1 February 2006

Drawing on resource‐advantage theory and a diverse literature base, this article seeks to further the development of the explanatory foundations of relationship marketing theory by proposing, and then providing, tentative answers to three “why?” questions in relationship marketing: why is relationship marketing so prominent now? Why do firms and consumers enter into relationships with other firms and consumers? Why are some efforts at relationship marketing more successful than others?

Design/methodology/approach

Before addressing the three questions, the paper begins by discussing the different forms of relationship marketing.

Although relationship marketing is a relatively young field of inquiry, relationship marketing theory is an extremely rich area of research. Relationship marketing can take many forms and, as a result, relationship marketing theory has the potential to increase one's understanding of many aspects of business strategy.

Research limitations/implications

The answers to the three questions in this paper provide a strong foundation for the further development relationship marketing theory and are useful for both relationship marketing theorists and practitioners.

Originality/value

As relationship marketing theory and practice are developed further, the authors hope that the article will provide useful guidance to those involved. From a marketing theory standpoint, the eight kinds of factors provide guidance to researchers exploring the many forms of relational marketing. For practitioners, they provide a useful framework for evaluating extant relationship marketing strategies and for developing future strategies.

• Relationship marketing
• Competences
• Public policy

Hunt, S.D. , Arnett, D.B. and Madhavaram, S. (2006), "The explanatory foundations of relationship marketing theory", Journal of Business & Industrial Marketing , Vol. 21 No. 2, pp. 72-87. https://doi.org/10.1108/10610420610651296

Emerald Group Publishing Limited

Copyright © 2006, Emerald Group Publishing Limited

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Understanding Carbon Disclosure in Chinese Manufacturing: The Role of Managerial Ownership and Analyst Coverage

• Published: 09 May 2024

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• Xinyuan Zheng   ORCID: orcid.org/0000-0003-1659-4002 1 &
• Jianfei Shen 1  

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This research explores the intricate relationship between managerial ownership, analyst coverage, and carbon disclosure practices within Chinese manufacturing firms. Drawing from corporate governance, agency, and institutional theories, it employs logit and probit regressions to analyze data from a sample of these firms. The findings indicate that higher levels of managerial ownership correlate with reduced carbon disclosure, reflecting a prioritization of short-term profitability over environmental transparency. Conversely, more excellent analyst coverage positively influences carbon disclosure, indicating external market pressures driving firms to enhance ecological reporting. Additionally, the interaction between managerial ownership and analyst coverage moderates the relationship, highlighting the nuanced interplay between internal ownership structures and external market forces. Theoretical implications underscore the significant role of governance mechanisms and market dynamics in shaping firms’ environmental transparency efforts. In contrast, policy implications advocate for regulatory interventions and market mechanisms to promote sustainability governance and enhance ecological disclosure practices. Future research avenues include exploring the underlying mechanisms guiding firms’ carbon disclosure decisions, conducting longitudinal studies to track temporal trends, and comparative analysis to identify best practices across different regions and industries. This research provides valuable insights for stakeholders aiming to foster sustainability and accountability in the Chinese manufacturing sector.

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This paper is supported by the National Social Science Fund of China (2019BJ0190).

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Xinyuan Zheng & Jianfei Shen

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Zheng, X., Shen, J. Understanding Carbon Disclosure in Chinese Manufacturing: The Role of Managerial Ownership and Analyst Coverage. J Knowl Econ (2024). https://doi.org/10.1007/s13132-024-02008-6

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Received : 09 November 2023

Accepted : 15 April 2024

Published : 09 May 2024

DOI : https://doi.org/10.1007/s13132-024-02008-6

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• Carbon disclosure
• Corporate governance
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• Analyst coverage
• Earnings management
• Internal governance
• External governance
• Environmental transparency
• Sustainability

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