Have you heard about association marketing?

 

   An effective association marketing strategy can be a key component in acquiring new customers and retaining an existing one.

Consider a startup or traditional business every company pays a huge cost when it comes to customer acquisition.

   Getting a new customer is one of the most expensive and difficult activities in any organization if they are not well trained. And the question I am going to write now will be the most asked questions about the marketing world. “How can we retain our customers?” and “How can we find the right customers which will stay with us?” The answer is super simple Association Marketing Strategy or you can call it Relationship marketing strategy.

There are different levels of relationship marketing

1. Primary stage
2. Responsive stage
3. Answerable stage
4. Take charge stage
5. Collaboration stage

   Every level achieves the same goal of meaningful connections with prospects and customers. This long-term strategy of customer engagement can take away your pressure of customer retention. Association marketing turns every new customer into a returning customer. So let me tell you about the 5 levels of Association marketing.

What is association marketing and how does it work?

   Transactional marketing is something where once you sold your product or service business ends their but when it comes to association marketing once you sold your product or service business starts from that point to infinity. Transactional marketing tries to earn the next sale through advertisements. Association marketing is a tactic to form long-term relationships with prospects and customers. Association marketing focuses on overall experience with the brand rather than sales alone. A brand experience helps attract new customers and retain them for a long time, earning repeat sales. It goes with name association marketing means getting associated with your customer.

   I do agree with some of you who will think it’s a slow strategy of doing business but this strategy will give you a lifetime customer, not a one-time customer. They will stay with you for the long term and returning customers purchase more than first-time customers.

Word-of-mouth on Autopilot

   Word of mouth is a double-edged sword. If your customer likes your product or service or the way you treat them congratulations he becomes a free-of-cost promoter of your business. Customers who have a positive experience with a brand because of the relationship or the value the product provides are likely to tell others.

Levels of Association Marketing

1. Primary Stage – The first step in association marketing is to build a good friendship with customers and acquire a customer by guiding them through products and services.
2. Responsive Stage – In this stage, you will ask your customer to provide you feedback once he did purchase. Get a response from them and more about how they feel about the shop, products, or services.
3. Answerable Stage – This stage can be a game-changer for you, call your customer after a few days and ensure the product or service they are using meets their needs. That’s the reason I said a great opportunity to get feedback for future improvements.
4. Take Charge Stage – In this 4th stage, you may ask him to refer your product or service to their circle of influence so he will also get some cash benefits of discounts when it comes to the next purchase.
5. Collaboration Stage – This stage can be used by a business that is using an “Asset light model” structure. Offer him your business opportunity where he can work with you while building a long-lasting relationship.

If you want to learn more about Association marketing feel free to contact us.

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