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Do you want to run a successful business?
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.
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.
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.
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Case Study: Tour Company
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?
Because customers are only available for a short time, a transactional marketing approach would be more appropriate for this Bus Tour company.
Case Study: Apple
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?
Because Apple wants people to become lifelong customers, a relationship marketing approach is most appropriate.
Take Action
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?
This Byte has been authored by
Natalie Campbell
Mind, Body, Soul
Dhruv Chaudhary
Tech-agnostic!