5 Reasons Why Relationship Marketing Is Your Key To Unlimited Success

Relationship Marketing. If you are in business, then chances are you have heard this term. What does it mean? I am going to quote my friend and relationship marketing expert Bob Burg and say that the definition is: “The cultivating of mutually beneficial, GIVE and take, win/win relationships.” Now, Bob has used this definition when talking about networking in general, but I think it applies here equally as well. You see, relationship marketing, or referral marketing (which I use interchangeably) is about building relationships, not selling. When you place an ad, you are selling, but when you place a phone call and ask about someone’s family, you are using relationship marketing. See the difference? As you build and cultivate these relationships, you are becoming someone that the other person truly knows, versus knows about. Again, to refer to Bob Burg in his infinite wisdom, “All things being equal, people will do business with, and refer people to, those people that they KNOW, LIKE, and TRUST.” Remember that quote, and LIVE it. Don’t just do something because it will work, do it because it is the right thing to do…that will bring you true long term success.

Ok, now that we have that out of the way, on to the list! I believe relationship marketing is truly the king of marketing, and if done correctly, will allow you virtually unlimited success. Here is why:

1. Practicing relationship marketing removes client objections- Think about one of your good friends for a minute. If they sold a product or service you needed, would you choose to do business with them, or someone you didn’t know? How about if the person you didn’t know offered that product or service at a slightly lower price? If you are like most people, you value that relationship more than the few dollars in price difference. This holds true for other objections as well. Establish a solid relationship, and you will get more business and more referrals from that person.

2. Relationship Marketing is more inexpensive than virtually any other marketing activity-How much does it cost to have a conversation? Nothing. That is the cost of relationship marketing. Keep in mind that I am talking about acquiring clients, but perhaps even more importantly, building the relationships with referral sources. The same principles apply to both and while developing a great relationship with your clients is vital, doing so with other business owners and potential referral sources can really explode your income. Read the rest of this entry