Beyond the Buzz: Relationship, Loyalty & Nurture Marketing

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Before your next interview or client meeting, make sure you're clear on relationship marketing vs. loyalty marketing vs. nurture marketing. They're not all the same and you'll be more confident using …

Before your next interview or client meeting, make sure you're clear on relationship marketing vs. loyalty marketing vs. nurture marketing. They're not all the same and you'll be more confident using these terms after a quick review. Good luck!

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  • 1. RELATIONSHIP, LOYALTY & NURTURE MARKETING Don’t Letting Jargon Trip You Up! © Sharon Moore 2014
  • 2. ARE YOU SPEAKING THE SAME LANGUAGE?     You’re a marketing pro with many successful campaigns under your belt. So don’t get tripped up at your next client meeting or job interview by terminology. Maybe you say relationship marketing and they say loyalty marketing. That could be you saying tomato vs. them saying tomahto. But when they say nurture marketing, that’s a totally different vegetable. Read on for a quick brush up before anyone calls anything off!
  • 3. QUICK DEFINITIONS Relationship & Loyalty   The terms relationship marketing, loyalty marketing and brand loyalty marketing are often used fairly interchangeable. The fundamental principle is that keeping existing customers is far less expensive than acquiring new ones. Nurture   Nurture marketing is a tactic within a Marketing Automation software system. It is focused on building and maintaining relationships, although the primary goal is creating qualified leads for the sales team.
  • 4. CREATING AN EMOTIONAL CONNECTION Relationship Marketing  An approach designed to develop strong connections with customers by providing them with information directly suited to their needs and interests.  The focus is building brand loyalty through customer satisfaction rather than driving transactional sales.  Positive outcomes include repeat business, increased word-of-mouth activity and a willingness on the customer’s part to provide information to the organization. Know Your Customers Provide Valuable Information Connect with Customers Where They Like to Go Have Two-way Communications Build Credibility Stay Engaged Over Time Reward Customer Loyalty Listen to Customers Be Social on Social Media
  • 5. REWARDING LOYALTY OVER TIME Loyalty Marketing  Designed to enhance brand loyalty by cultivating ongoing relationships between brands and customers.  The goal is to retaining existing customers and grow revenue per customer over time.  Loyalty marketing can involve using data to calculate customer lifetime value (CLV), a prediction of the net profit attributed to the entire future relationship with a customer.  Loyalty marketingcan also refer to customer programs in the retailing industry. Common Tactics Rewards Programs Sweepstakes Contests Games Promotions Reward Points Future Discounts Coupons Premium Services For a Fee
  • 6. NURTURE MARKETING: OBJECTIVE To move potential customers along a structured sales funnel using a Marketing Automation software program or platform. The Sales Funnel is Suspect  Prospect  Lead  Opportunity Suspect Contact in Your Database Lead Qualifying Criteria + Action They may have visited your website,signed up for a newsletter,commented on your blog post, followed your company on LinkedIn or liked your Facebook page. Criteria set by sales/marketing. May be geography, industry vertical, company size, title, etc. Prospect Looking for Information Opportunity Meets Threshold Score They will provide personal details in exchange for desired information. They have an identified need, are interested in your product and have the required budget and authority. This might include filling out a web form or subscribing to a newsletter. Action might be registering for a webinar or opening an email. Handed off to sales.
  • 7. NURTURE MARKETING: TACTICS Multiple tactics can be selected and placed in a plan that is automatically triggered and run be predetermined criteria. Drip Marketing Nurture Marketing Programs to maintain contact with suspects and prospects by sending messages in predetermined chronological order. Messages and offers are based on the prospect’s position in thesalescycle and the details in their profile. Goal is to deliver appropriate and timely information. Trigger Marketing Closed Loop Marketing Program that tracks and analyzes every touch, interaction and advance from suspect to customer. Messages are delivered to prospects based on events or interactions, according to a plan that defines what these events indicate. Employs nurture marketing techniques to expedite the movement from suspect to customer.
  • 8. RETAINING CUSTOMERS IS ALWAYS THE GOAL What Do You Need to Take Away?  Relationship marketing is as it sounds: a strategy of building and maintaining relationships with customers over time that offer mutual benefits.  Loyalty marketing is also as it sounds: a strategy of rewarding customers for being customers and encouraging them to stay loyal.  Nurture marketing is a practice of using Marketing Automation software to create qualified leads for sales. Marketing Automation is a hot topic with all kinds of buzz. The reality is that it is not a marketing panacea, but it can be a very smart investment if your company can make good use of it. Like all investments, it must be evaluated. Read my article Marketing Automation Basics to learn more today.