In the modern business world, companies can’t rely on a great price or an innovative product alone to help them stay ahead of the competition. Today’s consumers judge companies based on the experiences that they can offer. This means that organizations need to spend more time and effort on building the right relationships with their target audience.
By focusing on crucial relationships, business leaders can improve their chances of accessing all the benefits of brand loyalty and recurring customers within their organization. What’s more, a business built on relationships is also far more likely to reap the benefits of word of mouth marketing – which is the promotional method with the highest possible return on investment. The question is, how does a company start building the right relationships for successful growth? The following 3 tactics will help.
1. Get Active on Social Media
A few years ago, companies never would have considered using channels like Facebook and Instagram to connect with their target audience. Today, if a business is not active on at least one social platform, then they could be missing out on some serious growth. Social media channels are an essential part of any relationship-building strategy because they allow companies to interact with and engage their target audience on a daily basis.
Social media channels give businesses a way to participate in regular discussions with their customers. What’s more, social media also presents another valuable avenue through which companies can share content and important information about their brand.
Networking is another fantastic way to build relationships in the business world. After all, while the connections that companies make with their customers are important, other valuable relationships need to be considered too. Through networking with PR companies, influencers, and potential future partners, businesses can expand their opportunities and look forward to future growth.
There are many great ways for business owners to the network today. People can get involved with local industry events that run in places all across the globe or reach out to influencers and PR companies through email and social media. Platforms like LinkedIn also offer a great environment where professionals can network.
3. Encourage Referral Marketing
Sometimes, to create a launching pad for a relationship to grow, companies have to first prove their credibility to their target audience. For new businesses, this usually means piggybacking on the trust that someone else in the same industry has already built. Influencer marketing can be a great way to drive people back to a business that no-one has heard of. Additionally, when a company starts to gain customers, they can encourage additional word-of-mouth marketing by offering incentives in exchange for referrals.
For instance, a company could give special URL links to their customers that allow them to invite a person to a website. When someone makes a purchase using that link, then both the referred party and the original customer can receive a gift or discount. This tactic helps to deliver more traffic to a company that’s still growing, and it gets people talking about the brand too!