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Relationship Marketing: How It Can Help In Today’s Economy
Can a bad economy put a dent in your sales? A colleague of mine thought so as she watched her sales decline during the last six months. Like most of us, she has heard the news reports suggesting that we are in a recession and wondered if that is the reason her sales are down. I was not so sure, and asked if she had recently cut back on her advertising and marketing. Her response? Yes—as a means of limiting expenses. I then asked if she was meeting new people and developing relationships. She said no. To me, that indicated these two things could be a large part of the problem.
The economy may have something to do with fewer people spending money, but there is nothing you can do about that. What you can do is practice relationship marketing with people in your sphere of influence to increase your business sales. Think about this:
Joe Girard was listed in The Guinness Book Of World Records as the “World’s Greatest Retail Salesman” for 12 consecutive years. Girard wasn’t born with a silver spoon in his mouth; rather, he was abused by his father as a child, lost multiple jobs as an adult and eventually went bankrupt. Finally, he landed a job at a Chevrolet dealership and did very well—in fact, he personally sold more cars than most dealerships. People stood in line to buy a car from Girard—but why? Because he practiced relationship marketing.
Every year, Girard sent 13 handwritten cards to each of his clients and prospects: one card per month and an extra card at Christmas. These mailings were cards of appreciation, tips and giveaways—never about special sales, discounts or promotions. Over the course of 15 years, Girard sent 13,000 handwritten cards. Each of Girard’s recipients began to anticipate a card from him every month and he was always the first person on their minds when they were ready to buy a car.
So, how can you implement relationship marketing in your business? Try these strategic objectives (which also will help your businesses to better withstand the impact of economic downswing):
Develop Strong Relationships
People do business with people they know, like and trust. It’s your job to make this connection happen. To do that, you must go beyond the superficial and become genuinely interested in your customers and prospects. For instance, you can meet clients at a coffee shop and get to know them personally, without the usual business discussions. I often do that. I make mental notes on what is going on in their lives, so I can refer to it the next time we connect. Then I nurture my relationships by consistently staying in touch.
Consistency Is The Key
You can stay connected with your contacts by sending heartfelt cards like Girard did, or through phone calls, e-mails and newsletters. You lose 10 percent of your influence every month you do not have contact with our clients, but just a five-percent increase in customer loyalty could add 20 percent to 80 percent to your bottom line.
Form A Strategic Objective To Stay In Touch
One way to do this is to set up campaign postcards to go out once a month. Also, find or develop a system for remembering birthdays. In addition, you can think of something unique to your salon clientele or the tanning industry. For example, some real estate agents record closing dates and send anniversary cards, while some veterinarians record the birthdays of client’s pets and send birthday cards. I have found that a simple and sincere card can make a huge impression on someone, especially if they are having a bad day. Sometimes, I include a gift card or small gift with a thank-you card.
Understand & Use The Law Of Attraction
When you express appreciation, recognition or encouragement, you are focused on giving and abundance instead of scarcity. Every human being wants to feel acknowledged, loved and appreciated—and when you send love and thanks out into the world, you get it back tenfold. This is the Law of Attraction, where what you focus on expands. The opposite also is true, however, meaning that if you are focused on your lack of money, you will continue to have a lack of money. Instead, try to inspire yourself by visualizing what you want in your life—those good feelings will bring good things to your business.
Use The Rule Of 250 To Build A Referral Network
As a small-business owner and entrepreneur, you probably know at least 250 people. In fact, you may know many more than that. And each one of those 250 knows another 250, and so on. See where this is going? When you make a commitment to stay in touch with people you know—and remember they each have hundreds of contacts—you have the potential to reach thousands. Additionally, you can build your network by joining local and online business-networking groups. Referred customers usually are already sold on us through the testimonial of the person who referred you.
Ultimately, when you build strong networks and nurture meaningful relationships with the people you serve, you will garner unlimited referrals and be less affected by economic down cycles. Start making relationship marketing part of your business today and watch your business grow.
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