Marketing segmentation goes far beyond demographics and previous purchases. It can also be determined by the relationship you have with your customers.
What is customer relationship marketing?
Customer relationship marketing is a way to segment your audience based on their relationship with you and how much loyalty they show. The focus is on improving customer interactions and building loyalty to increase sales and grow your business.
Why is it important?
It’s easy to inadvertently stop cultivating a relationship once you’ve made a sale. Going beyond the sale to continue building relationships with your customers improves loyalty, increasing retention rates. Stronger relationships with customers means they are more likely to engage with and promote your brand. You also have an increased chance of getting quality customer referrals.
How do you do it?
1. Conquest
It’s critical to make a good first impression. The marketing efforts in this stage should center around the value you provide and how well you can meet the needs of your customers.
If the prospect is already purchasing from a different company, target them with advertisements that make it clear how you stand out from your competitors and the extra benefits you bring to the table. If they’re unhappy, a promotional or added value offer may just be the thing that will sway them.
2. Cross-sell
You already have your customer, but why stop there?
Focus on getting to know them better and introducing them to other parts of your business, such as new products or parts, repair services or special software to help them get the most out of the products they already have and generating more revenue.
When doing this, make sure you keep track of customer conversations at all levels, so they never feel like they have to repeat themselves. This is especially important because 72% of customers think repeating themselves is a sign of bad customer service.
3. Retain
Use a rewards program to provide incentives for customers to do as much business with you as possible. Engage one-on-one with customers on social media and thank them for their support when they share positive stories and promote your brand. Do your own promoting by sharing customer success stories and testimonials so they feel appreciated.
4. Regain
A certain level of customer churn is inevitable in any business. If you have a CRM system that tracks communication and activity, you may be able to see where you went wrong and regain them. Was a customer service solution not enough, or did the price not reflect their perceived value of the purchase?
Reach out to rectify any customer service mishaps, and begin to nurture the relationship by remarketing with ads that reflect your value propositions, such as an extended warranty or maintenance and repair bundles. If it’s a high-value customer, send special offers to encourage trying your company again.
Conclusion
Using customer relationship marketing to segment your audience provides a blueprint for increasing brand loyalty, earning promoters and growing your business. Watch your sales increase and customer referrals roll in with this strategy.
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