The Power of Connection

The value of retaining good customers should be common knowledge. Various studies show that acquiring a new customer costs five to seven times more for a business than retaining an existing customer. Meanwhile, existing customers are 50% more likely to try new products and spend around 30% more compared to new customers. And satisfied, long-term customers are the engine behind a golden pipeline of referrals, which are the lifeblood of most photography businesses. Put simply, investing in customer retention usually results in higher profitability.

One way to invest is through practicing relationship marketing, which means focusing on creating true connections with clients as people versus thinking of them as just a sales target. Building authentic client relationships is “absolutely critical” for any small business, says Heather Capps, founder and CEO of Dallas, Texas-based marketing agency HCK2. “My company has been in business for 27 years, and there’s probably not a week that goes by that I am not evangelizing about building client rapport, client retention, and client engagement,” she says, adding that her staff has a “client experience manual” that includes some of the processes and protocols below (and see sidebar “Connecting, Not Selling”).

Mark Morin, owner of the Stratégies marketing agency near Montréal, Quebec, and a keynote speaker on relationship marketing, calls the concept transformational. “Businesses that start focusing on relationships as opposed to transactions can revolutionize their business in terms of volume and stability, and reduce the dependence on spending money in media to attract clients.”

Capps and Morin share insights on how to build strong client relationships and, in turn, a more successful and profitable business.

Tags: marketing  marketing strategy 

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