Do you want to run a successful business?

Flaticon Icon

Understanding the two basic types of marketing: relationship marketing and transactional marketing provides a strong foundation for building a successful marketing strategy.

Transactional Marketing vs Relationship Marketing

Relationship marketing puts off immediate sales and instead seeks to build long-term , sustainable connections with customers.

It focuses on the "we are here for you" approach to marketing rather than the "we have something you want" approach.

Photo by Cytonn Photography on Unsplash

Relationship marketing works to keep customers coming back . This is important because acquiring new customers is much more costly than retaining them.

Transactional Marketing

Transactional marketing simply means marketing with the objective of achieving a transaction or sale. 

Byte Author Uploaded Image

Transactional marketing has the purpose of maximizing a business' sales efficiency by boosting the volume of individual sales , instead of developing an ongoing relationship with the consumer.

It is useful for meeting short-term targets.

Case Study: Tour Company

Photo by Janis Oppliger on Unsplash

Consider the case of a Bus Tour Company that targets tourists.

Most customers are only in town for a few days and will purchase a single ticket.

Quiz

Which would be more appropriate: a transactional or relationship marketing approach?

Transactional

Relationship

Case Study: Apple

Photo by Drew Coffman on Unsplash

Apple is a technology company that sells laptops, phones, and other high end tech accessories.

Quiz

Based on what you learned, which marketing approach would be more appropriate for Apple?

Relationship

Transactional

Summary

Making use of a combination of both strategies is ideal for achieving best results.

Can you think of one example of relationship marketing in your life?

License:

Your feedback matters to us.

This Byte helped me better understand the topic.

I feel confident that I can apply what I learned.

I would recommend this Byte.

Join Our Community

Connect with other motivated learners that are switching their social media time to Rumie.

This Byte has been authored by

NC

Natalie Campbell

Mind, Body, Soul

DC

Dhruv Chaudhary

Tech-agnostic!