I enjoy watching business documentaries. Since you are strongly connected with a business, you probably enjoy them, too. I learn a lot from them and I have discovered that all those success stories have one thing in common: they all evolve around the classic business model on how to outsell your competition.
According to Wikipedia and Len Barry who coined the term, “relationship marketing is a form of marketing which emphasizes customer retention and satisfaction, rather than a dominant focus on point-of-sale transactions.”
Products themselves would seldom retain, satisfy, and turn customers into raving fans. Many businesses learned this the hard way during the troubled economic times we face. The most successful businesses over the last few years were those who were able to develop long lasting, meaningful relationships with their customers. There is no better set of tools to help you accomplish that than social media.
From Facebook and Twitter to blogs and videos, social media has become part and parcel to modern marketing efforts. However, convincing the rest of the business of social media’s value is a tough task for marketing trail-blazers. Many business naysayers have yet to be convinced that social media is a worthy marketing strategy while many wonder if it’s not just the latest black hole for marketing dollars.
I cannot help but think, as I reflect on the latest conversations I had with business owners in the area, how the marketing profession has changed in a very short period. The way people interact, research information and buy products and services has changed. Ten years ago, many were wondering about the Internet: “I guess I need a web page, but I wonder what to do with it” the same way many are now wondering about social media: “I guess I need a Facebook page for my business, but I wonder what to do with it!”