Businesses can take several different approaches to marketing. The most traditional models involve communications and branding focused exclusively on direct sales.
These companies use promotions, aggressive advertising and constant merchandising or product development to maintain a high level of sales. A more modern approach attempts to build long-term relationships with customers in an effort to increase customer lifetime value and reduce churn.
This type of relationship marketing focuses less on direct sales and more on providing a consistent and valuable experience for the customer. Companies that use relationship marketing have higher long-term revenues since the cost of retention is significantly lower than the cost of new customer acquisition.
Businesses that are focused on long-term relationships need to supply sales leads and existing customers with a reason to include the brand in everyday life. One effective way to do … Read the rest