Relationship marketing is a better way to market. It benefits you and it benefits your prospects. Producing a win win situation is always advantageous so relationship marketing just makes good common sense.
What does relationship marketing mean for your consulting firm?
For starters relationship marketing creates a lot less sales resistance. The trust has already been established.
Relationship marketing typically produces a buyer who is less sensitive to price. These people are not out there shopping for a commodity.
With relationship marketing you will find much faster sales cycles. Your contacts won't be doing a ton of comparison-shopping. They might get a second comparison quote but they won't get 15 - 20 price quotes.
With relationship marketing you'll almost always see higher conversion rates - the rate at which you move people from prospects to clients.
Relationship marketing significantly reduces your credit risk. The trust factor is built up and people don't want to risk the embarrassment of running into you later knowing they haven't paid a bill.
What does relationship marketing mean for your prospects?
Relationship marketing brings peace of mind. They know you, they trust you, they perceive less risk.
Relationship marketing means a reduced likelihood of personality clashes. They already like you. There’s already some chemistry established and in a lot of cases you have been talking with them and chatting with them for a few minutes every time you have met over a period of a few months.
With relationship marketing, chances are you are already up to speed on their business. You've chatted lots before so they don't have to waste time explaining what it is they need, what kind of software they use, and the kind of problems they are having.
The Bottom Line on Relationship Marketing
Relationship marketing benefits both sides of the sales equation. You enjoy less risk and easier sales and your prospects enjoy increased confidence in their service provider. Relationship marketing is easy to do, it just takes a concerted effort. The results are well worth it and you will enjoy a more satisfactory overall relationship with the prospects you convert this way.
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