26 Jul How To Tailor Business Relationship Marketing For C-Suite Executives
Connecting with C-suite executives in today’s business environment takes much more than simple emailing. These individuals constantly receive marketing material and probably screen out more than half of them for various reasons. B2B sales reps must consider finding new ways to stand out and catch their customers’ attention every time. One of the many ways they can do this is by building lasting relationships through relationship marketing.
What is relationship marketing?
Relationship marketing is a marketing technique that emphasizes building a solid personal relationship with your customers. This brand of marketing fosters trust and loyalty and encourages long-term relationships. It’s a great way to keep your existing customers happy. And happy customers are vital for a company’s success and increase in revenue.
Why business-to-business relationship marketing is important
Relationship marketing is especially effective for B2B businesses. It’s better for your brand to have a lasting relationship with its existing contacts instead of one-off sales. Considering their busy schedules, C-suite executives would appreciate having a reliable business partner. This cuts down the time they would have spent screening new businesses each time they make a purchase decision. Here are a few more reasons why business-to-business relationship marketing is essential.
Improved customer experience
Treating customers well from their first contact with your business determines whether they buy or not. As mentioned earlier, building meaningful relationships with your customers improves customer experience. When existing customers enjoy interacting with your brand, they’re more interested in continuing to work with you. They’re also likely to refer you to their network leading to more business opportunities for your brand.
Great feedback channel
A successful business-to-business relationship means both parties are comfortable enough to share their thoughts and opinions on each other’s business. When a company has great rapport with its clients, they’ll be excited to share what their experience with your offer was like. These can be either negative or positive experiences and are a treasure trove of information. You can use valuable feedback to improve areas they’re dissatisfied with or expand features they love.
Maximizes business resources
The cost of acquiring a new customer is marginally higher than retaining existing customers. A good relationship marketing strategy helps businesses make the most of their marketing resources. Since you’re nurturing your existing customer relationships, you’ll spend less on customer acquisition. Customer retention could also boost profits by as much as 25 percent.
Incorporating C-suite executives in relationship marketing
Peer-to-peer relationships between your businesses C-level executives and customers is another method of relationship marketing that can be incredibly beneficial. Below are a few best practices for including C-suite executives in relationship marketing strategy.
Identify your contacts
Identifying the key stakeholders in your prospective customers’ C-suite is essential. It may seem like the obvious group to target is solely their corresponding C-level executives, but other individuals outside these groups often influence their decisions. They’re a rich source of information on the company’s day-to-day activities and challenges. Learning who these influential people are and establishing a good relationship with them can significantly benefit your marketing efforts. Schedule meetings with them and learn the company’s pain points and how you can partner with them to solve them.
Walk in their shoes
Put yourself in your customers’ position and learn more about what they don’t want. It can be tempting to focus solely on what you think they want and tailor your offer to suit it. However, this strategy may sometimes backfire. Knowing what they don’t like can also provide information on what to avoid doing, thereby gaining their continuous patronage.
Connect in the right places
Knowing where to find your audience in their most receptive state can determine whether your pitch is accepted or not. Tracking their C-suite executives’ networking activities can help you meet them when they’re willing to talk shop. Approaching them at relevant social functions and events, including informal events, makes establishing a bond between executives easy. You may also examine your clients’ online presence and note their frequent platforms. Connecting with and establishing a rapport outside a formal setting makes it easier to connect.
Interested in learning more about how relationship marketing can help you land that coveted meeting with a C-suite executive? Linked Strategies has years of experience developing strategies that help businesses like yours connect with their target audience. Contact us today to get started building high-level executive relationships.