5 Tips for Creating Value Through Relationship Marketing   

“If you’re someone people count on, particularly in difficult moments, that’s a sign of a life lived honorably.” – Rachel Maddow 

Proponents of relationship marketing argue that consumers build relationships with brands in the same way they build relationships with other societal constructs. Relationships built on trust, that are reciprocal, and that demonstrate mutual appreciation tend to see the most success. When you think about it, how many times have you purchased products from brands you don’t trust? How many times have you donated to a charity that doesn’t align with your values? I mean, sure, you may contribute a courtesy donation to Aunt Sarah’s community potluck fundraiser or pick up a generic brand because it’s on sale. But I would submit that your real commitment is to those organizations or brands with whom you feel you have an authentic relationship – one that is relevant to your life.

So, if these authentic relationships are so important, how do we, as business owners and leaders, create them? If I’ve learned one thing in business over the years, it’s that the firehouse marketing approach–the “one size fits all,” will fail almost every time. Long gone are the days when companies could advertise themselves into being relevant without having a real authentic relationship with their customers.

This is the fundamental premise of relationship marketing. As brands, we must move beyond the “one- time” transactional relationships of older marketing models and move toward strategies that consistently produce mutual value.

How does a brand begin to focus on relationship marketing? Jeff Haden may have summed it up best in a 2013 INC article when he said, “The most extraordinary professional relationships are built by ordinary actions…” Here are five such actions that you can put in place with your brand, no matter how big or small, to begin the process of improving how you deliver quality relationship marketing for your organization.

Be honest about who you are. Authenticity is a cornerstone of trust with partners and consumers. They know, almost instinctively, when a brand is not authentic. The 2014 Cohn & Wolfe survey on authentic brands uncovered some interesting findings on brands and the importance of authenticity.  According to the survey, authenticity in business beats product utility and innovation, across all markets they surveyed. Characteristics such as a) communicating honestly about products and services (91%) and environmental impact and sustainability measures (87%) are more important to global consumers than product utility (61%), brand appeal (60%) and brand popularity (39%). Additionally, authenticity has a positive impact on the bottom line: 63% of global consumers would engage with a brand they consider to be authentic, over and above competitors. 

Keep it real with your customers. Be honest about your values. Be consistent. Address negative feedback. Make sure messages are clear and simple.

Be clear about your partner’s objectives–and yours. Developing a strong relationship marketing program also requires alignment. Have an honest conversation with your partner about the mutual value of the relationship and what you both expect from it. Kate McKay offers the following seven tips on how to create strategic partnerships:

• See beyond what’s on the table.
• Be clear on your why.
• Understand the why of your potential partners.
• Seek commonality and a shared vision.
• Don’t rush the process.
• Expect to be uncomfortable.
• Write things down.

Keep communications open. Engaging in a two-way conversation is critical to building a good relationship. Recognize that every relationship is different, and invest the time to understand what will be required to make each one successful. Knowing and understanding your audience, their behaviors, and their preferences is key. According to the Harvard Business Review, marketers can create a more personalized customer experience at scale by incorporating the “Three D’s” – data discovery, decision making, and content distribution.

Show appreciation. Find unique ways to thank your partners and customers. And remember, appreciation begins at home. A 2012 Bersin and Associates study found that companies who excel at employee recognition and engagement are 12 times more likely to produce strong business results. 

Get feedback. Actionable feedback helps good relationship marketing programs stay strong.  Ask your partners probing questions and act on their responses. Use a variety of channels and opportunities to solicit feedback. Let your partners know that you hear them. Include their feedback in product improvements and enhancements that you make along the way. Domino’s did a great job with this when the company was seeking to improve its product. It was painful—but helpful. This short video shows how customer feedback led to a company turnaround.

The bottom line is, if you want to build successful business partnerships, put down the cookie cutter and listen to your partners.