Going Beyond Transactional Marketing
Rand goes through the shortcomings of having a restricted mindset of Transactional Marketing. He explains that by going beyond it you will get better returns.
To the Limits
Transactional Marketing is centered on maximizing every possible situation into making that dollar for you and by doing so it only creates a Transactional Relationship that limits interactions into a means of a return on investment. People become conduits for drawing in customers and a means for these people to become customers themselves.
This model does allow for short term returns but the operative word here is short term, once a better transactional relationship is seen these people will jump ship. Loyalty and love for your business in non-existent and they couldn’t care less if your business succeeds or not. They are only in it as long as they see a singular angle and that is “what’s in it for them.” This blocks long term magnification and creates friction in all of your hard work because there is no real bond built between your business and the customer.
A Step Further
To get better returns you need to go a step further.
- Create customer bonds by identifying with a common ground shared – for every relationship this will be different but as long as you tie your business with that customer in a genuine way – it’s gold.
- Going a step further to help, surprise and delight a customer by proactively attending to their needs will get you far. Don’t wait to be asked and go for it.
- Fight the urge to draw out every last penny – this is the opposite of what marketers are trained to do and by keeping the urge at bay you prevent customers from leaving even if you are not the best transactional relationship option.
Be genuine with your customers and build true relationships that transcend the transactional relationship model for long-term success.