Building customer relationships ‘essential’ to business success
Companies have all sorts of goals when they put together marketing campaigns, but if new research is anything to go by, building stronger relationships with customers isn't one of them.
The second annual Cross-Channel Marketing Report, published by Econsultancy in association with Responsys, showed that although businesses recognise the need to forge relationships, the majority are failing to do so.
Of those polled, 70 per cent believed that it is cheaper to retain an existing customer than acquire a new one, while 49 per cent think better return on investment is achieved by putting money into acquisition marketing.
Even in light of these figures, just 30 per cent of companies revealed that they are very committed to relationship marketing, while 22 per cent did not carry out any at all.
The website emerged as the most popular marketing channel among businesses, as 94 per cent of organisations polled use it as part of their marketing efforts, followed by email with 88 per cent.
One of the biggest growth areas since the last survey was carried out in 2012 was the mobile web – the number of businesses using this has increased from 35 to 44 per cent.
Each of these methods is designed to gain information from current and potential customers, which can then be used to better tailor a content strategy or other marketing platform.
However, just 46 per cent of companies and 56 per cent of agencies believe they carry out relationship marketing to an adequate extent, showing that there is still room for improvement.
In order to have the best chance of success with these campaigns, Econsultancy and Responsys highlighted the need for co-ordination between other marketing strategies.
Many of the companies polled said they lacked a clearly defined strategy, which might help explain why their attempts at relationship management have so far been unsuccessful.
Posted by Emma Furze