Relationship Marketing vs. Transactional Marketing | Your Business
The transactional approach views the client solely as a vehicle for sales, while relationship Relationship marketing views the person behind the sale. A transactional focus can make it easy to forget what's truly right for the customer. Relationships, and relationship selling, are what really matter. Transactional selling is a common method of sales in which a sales representative seeks out prospects, develops a relationship and then tries to close a sale.
The product manufacturers do not take the time to build relationships.
Rather, they use incentives, discounts and buzz words to make as many sales as they can during a short period. Relationship Marketing Relationship marketing has broader, longer-term goals than transactional marketing.
Relationship vs. Transactional Selling
Relationship marketing focuses on developing long-lasting relationships with clients to secure sales well into the future. Some relationship marketing strategies including branding, customer service training, community and media relations, social media, newsletters, blogs, referral programs and frequent buyer incentives. These marketing efforts are investments in the promise of long-term sales. Face-to-face interaction is less frequent, and many more services and product transactions are occurring behind a computer screen.
With a few clicks on their keyboards, clients can access a world of information that influences their purchase decisions, making the client relationship more important than ever. While the Internet has reduced face time with clients, it has provided more and different avenues to develop relationships with current and prospective clients.
Transactional Vs. Strategic Sales | Your Business
Some product companies never had direct relationships with their customers before the proliferation of the Internet and social media. Transactional is a great fit for Millennials and their much sought after dollars. According to Forbes, There are 80 million millennials in America alone, representing nearly a quarter of the entire US population.
There are some things to consider when targeting this group, and they happen to favor the transactional sale. First, Millennials are not as influenced by advertising. However, they are influenced by the online research, blogs and reviews they read before buying. And perhaps most importantly — they like their services quick and easy the fewer clicks the betterplaying into the sweet spot of the transactional sales driven business model.
The transactional customer favors a quicker and faster decision-making process. They expect an instant response from vendors, and they demand quick delivery. Thanks to our proprietary software, customers can quickly and easily create and pay for a label order — literally within minutes.
Relationship Selling vs. Transaction Selling | Springboard
And they can have their labels printed, converted and shipped the very same day. Transactional business, however, has its limitations and drawbacks.
Business can be sporadic and harder to predict, and customers will go elsewhere on a whim. Some will go with a competitor simply to save a few dollars.
At the other end of the sales spectrum is the relationship-driven sales model. The relationship sale is slow to start.Transactional Selling vs Relationship Selling
It could take several phone calls and emails just to set up a face-to-face meeting. Think multiple meetings, dinners, golf, phone calls, and salespeople getting to know customers on a personal level. Here, nobody is sitting behind a website, online chat, or email address.
Transactional Selling Vs. Transitional Selling
The salesperson has taken the time to get know the customer and his or her specific needs. They feel valued, and not just a number.
Companies focused on building relationships enjoy more stable, predictable sales.