Relationship Investment– Profitable or not?

 

 

 

 

 

Investing in relationships, has finally found its place among many a marketer. From personal branding to brand marketing, the post recessionary consumer mind-set has become one akin to those of the era after the Great Depression– cautious and savings oriented.

Companies, are looking at new techniques and tools to further brand loyalty. Employees are being recruited based on corporate cultural fit. And the proliferation of social media marketing is bringing about a significant change in the way brands are going about developing their consumers’ usage.

So do these relationships pay off? It would positively seem so.

In every sphere of life, be it getting a new job, striving in one’s job role, making the brand stand out and be accepted, relationships are what is now holding the key. The key to two old accepted truths– TRUST and TRANSACTIONS.

Pause a moment and review by yourself— your trust is with those who selflessly have been with you, assisting you, aiding you, and even guiding you. Similarly with brands– those brands who have helped you ride the recent recession by providing you the same quality but with price point support, brands who had re-packaged themselves to give more for less in order to retain you, brands who rewarded you through that time for your loyalty– are the brands (be it product brand, service brand or a corporate brand) that you have kept your trust in and who you have referred.

This trust has led you to transact i.e. in some form or the other you have done some transaction with the individual (personal brand) or with the (consumption) brands. Your trust led you to have this transaction time and again. And each time your trust was re-paid as you got the quality you expected or were pleasantly surprised with better quality.

A probable starting point for brands intent on entering the global Muslim community is through such relationship building. A short-term, numbers strategy would be disastrous! Instead, understanding why and how the Muslim consumer opts for his/her brand choice and using that understanding to start a fruitful relationship would enable a brand marketer to create/craft product and service requirements that would be wanted.

But as with all relationships, a long-term view is necessary, in order to build Trust. Once trust is there, the transaction would automatically follow.

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