Relationship Marketing: Drive More Referrals

Today Bill Lowell and I discuss Relationship Marketing. I can’t count the number of times I’ve heard somebody say, “Marketing doesn’t work for us. Our business is all relationship driven.”

And I think to myself, “How unfortunate, this otherwise intelligent person has no idea about the potential of using marketing approaches to drive more referrals and maintain longer, more profitable relationships…” Then I realize my mic is hot. But my point still stands.

What is marketing but your relationship with the customer? Good marketing strategy starts, nurtures and strengthens relationships – at a tiny fraction of the “cost per touch” of throwing a bunch of sales people at the problem.

How many conversations can a salesperson have over the course of a month? 20? 50? 100? How much does that salesperson cost? Six figures? Easy.

Let’s say a successful salesperson’s total cost of ownership is around $180k 180K/50 conversations = $3,600 per conversation.

Marketing tactics like email, social media, video, websites, PR, community relations et. al can have those conversations with tens of thousands in an instant. Ask a 20-something Instagram influencer. (BTW I also was attractive and skinny when I was in my early 20’s. All you Instafluencers should keep that in mind.)