Thursday, November 20, 2008

What You Should Know About Relationship Marketing

I learned a new type of marketing strategy from my cousin Michael last spring when I stayed with him and his family in Savannah. He works in all aspects of real-estate: selling, buying, building, developing, planning, drawing, stamping, fixing and so forth.

The traditional marketing strategy is made up of the 4 Ps: price, product, placement, promotion. In other words, what product for whom, and how do you advertise it and get it to this target audience.

Now I'm going to tell you Michael's highly successful marketing strategy. It really falls under the "relationship marketing" umbrella and works especially well for service providers. This type of marketing revolves around these two simple questions:

Potential Customer: So, what does your company do?

You: What do you need to be done?

Potential Customer: How much does it cost?

You: How much money do you have?

And voila: a happy customer-client relationship emerges.

You've probably realized that traditional media marketing is going out. Relationship marketing is in. Take someone to lunch today.