cathrynicious

ROR Vs ROI

Return on Relationship (ROR) comprises the function of building an engaged customer relationship, a concept which believe is the cornerstone for building a more rigid relationship with the customer. If marketer intends to stretch out extensive range of customer, building relationships would be the hub; expand beyond Return on Investment (ROI) as ROI refers to simple dollars and cents. But a return on relationship is the value — both perceived and real — that will accrue over time through connection, loyalty, recommendations, and sharing. That’s what any marketer actually wants to sustain the relationship with the customer.

How to do it ?

Be real to create trust

Do not filter out the negative feedbacks yet make all feedback public. Address the negative feedbacks; tell the truth about the product or services offered to obtain trust. Only transparency fosters greater trust, and when customer trusts, they will make a purchase.

Power of Advocates

Friends trust friends who are advocates. They will purchase a recommended product and, if that experience is everything they hoped for, a new advocate is born and the cycle continues. Advocates are an incredible asset now more than ever.

Interactive experience

Interactive experience is significance in determining the relationship with customer. For instance, Apple discovered that by creating an ownership experience, customers would be more loyal to the brand.

Learn-Learn

Forget the Win-Win and make a commitment to Learn-Learn. Win-Win is good, but implies an end. Once you win, then what? However, Learn-Learn creates a paradigm of ongoing value where marketer and customer learn from each other.

Sourced — Mashable

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This entry was published on June 19, 2012 at 23:10. It’s filed under Business and tagged , . Bookmark the permalink. Follow any comments here with the RSS feed for this post.

One thought on “ROR Vs ROI

  1. Great tips, & yes the ROR vs ROI debate is still alive & well!

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