Cultivate Customer relationships:
In my experience, some of the most effective and holistic digital marketing strategies I have been involved in, stem from a deep understanding of our customers and a genuine desire to build a long-term positive relationship with them. Today’s customers are more than just consumers; they’re brand advocates, influencers, and valuable sources of content, inspiration and feedback. This digital marketing strategy focuses on fostering relationships with your customers, treating them as key stakeholders in your brand’s success.
What is a stakeholder?
A stakeholder is an individual, group, or organization that has an interest in the success or failure of a company, project, or endeavour. Stakeholders can be impacted by the decisions or activities of the company or project, and or have the power to influence those decisions.
We all want our customers to care about our company’s success or failure. We need them to know our products or services can have a positive impact on them and trust that we take into account their opinions and the effect our decisions will have on them. Our customer’s actions directly impact our success, and their needs and aspirations greatly influence our decisions and activities.
Types of Customer Stakeholder
There are several types of Customer Stakeholders. Depending on the size and type of company, your product or service, if you are B2B or B2C or B2B2C and whether you have public shareholders, your combination of types will be different. Each customer stakeholder type should ideally have a different marketing and customer support strategy and receive the messaging, content and communication specific to their needs and interests.
- Individual consumers – This type refers to individuals who buy goods or services directly from a company.
- Corporate clients – This type refers to companies that buy products or services from another company.
- Retailers – This type refers to entities that act as intermediaries between buyers and the company it resells or distributes for.
- Subscribers – This type refers to a party that subscribes to a service, solution, or membership program.
- Investors – This type refers to investors or shareholders who need to be kept informed and feel confident about how the business is performing.
For simplicity, this digital marketing strategy is geared primarily at consumer stakeholders. I have taken this approach to illustrate multiple ways you can leverage aspects of digital marketing to build relationships. Many of these can be easily used or adapted and personalised for the other Customer Stakeholder types.
It’s not just about the next sale, it’s about creating a community of loyal brand advocates. Here’s how digital marketing can be used to cultivate a thriving, customer-centric, long-term relationship with customers by regarding them as stakeholders:
1. Building Trust and Transparency:
- Authentic Communication: Use genuine and transparent communication across all digital platforms. Be honest about products, services, and any potential issues.
- Data Privacy: Uphold strict data security practices and be transparent about how you collect and use customer data.
- Respond Promptly and Professionally: Address customer concerns promptly and professionally, demonstrating your commitment to their satisfaction.
2. Cultivating Two-Way Communication:
- Open Communication Channels: Provide accessible channels for customer feedback, such as social media comments, email addresses, and online surveys.
- Active Listening: Actively listen to customer feedback, both positive and negative. Analyze feedback to identify areas for improvement and areas where customers feel valued.
- Social Media Engagement: Respond to comments and messages on social media, fostering a sense of community and interaction.
3. Content Strategy that Informs and Empowers:
- Focus on Value: Create valuable content that educates, inspires, and solves customer problems. This can cultivate customer trust and position your brand as a thought leader.
- Personalised Content: Tailor content to your customers, addressing their specific needs and interests. Personalise marketing messages, emails and website content to individual user preferences. This can be achieved through website logins and personalization tools or segmented email campaigns. This fosters engagement and relevance.
- User-Generated Content (UGC) Encourage customer participation by creating contests or campaigns that leverage UGC. This builds engagement and authenticity. Quite apart from the bonus, of content you didn’t have to pay for, UGC is more free-form than surveys and quizzes as a form of honest feedback. It evolves as people participate, increasing the likelihood of out-of-the-box ideas, unusual partnerships or ideas for new or better products popping up. They have the potential to give you insights into important topics you never thought to ask about, illustrate trends, reveal new uses for your products and open new markets to you.
4. Building Customer Loyalty and Advocacy:
- Rewards and Recognition Programs: Implement loyalty programs or reward systems to incentivize repeat purchases and positive engagement.
- Exclusive Content and Offers: Provide exclusive content, discounts, or early access to loyal customers to show appreciation and encourage advocacy.
- Email Marketing: Build an email list and use it to nurture leads and connect with customers. Offer exclusive content, personalized recommendations, and loyalty programs.
- Empower Brand Ambassadors: Identify and cultivate relationships with loyal customers who become brand advocates. Encourage their positive online reviews and social media mentions.
5. Measuring Your Success:
- Track Customer Engagement: Monitor various metrics, such as social media engagement, website traffic, and conversion rates, to measure the success of your customer-centric strategy.
- Customer Satisfaction Surveys: Conduct regular customer satisfaction surveys to understand customer perception and identify areas for improvement.
- Net Promoter Score (NPS): Track your Net Promoter Score (NPS) to gauge customer loyalty and likelihood to recommend your brand.
Benefits of a Customer-Centric Approach:
- Increased Brand Loyalty:
By treating customers as stakeholders, you build trust and loyalty, leading to repeat business and positive word-of-mouth. - Valuable Customer Insights: Customer feedback provides valuable data for product development, marketing strategies, and overall business improvement.
- Enhanced Brand Reputation: Positive online reviews and customer advocacy strengthen your brand’s reputation and build trust with potential customers.
By implementing this customer-focused digital marketing strategy to cultivate customers as stakeholders, you can prioritise the relationship, transforming customers from passive consumers into active stakeholders. This fosters a mutually beneficial relationship that supports long-term growth and success for your brand.
