Customer lifetime value: How to Calculate and Boost Customer Lifetime Value with Relationship Marketing

1. What is Customer Lifetime Value and Why is it Important?

Customer Lifetime Value (CLV) is a crucial metric in the field of marketing that measures the total value a customer brings to a business over their entire relationship with the company. It is an essential concept for businesses to understand as it helps them evaluate the long-term profitability of their customer base and make informed decisions regarding customer acquisition, retention, and relationship marketing strategies.

From a business perspective, CLV provides valuable insights into the financial impact of acquiring and retaining customers. By calculating the CLV, companies can determine the maximum amount they should invest in acquiring new customers and allocate resources effectively to retain existing ones. This metric allows businesses to prioritize their marketing efforts and tailor their strategies to focus on high-value customers who contribute significantly to their bottom line.

From a customer perspective, CLV represents the value they receive from their relationship with a company. It takes into account not only the monetary transactions but also the overall customer experience, satisfaction, and loyalty. By understanding their CLV, customers can make informed decisions about their purchasing behavior and choose to engage with businesses that provide them with the most value and meet their needs effectively.

1. CLV Calculation Methods: There are various approaches to calculating CLV, including the historic CLV, predictive CLV, and traditional CLV models. Each method has its own advantages and limitations, and businesses should choose the most suitable approach based on their specific goals and available data.

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2. The Basic Formula and Some Examples

Customer lifetime value (CLV) is a metric that measures how much a customer is worth to a business over their entire relationship. It is calculated by multiplying the average revenue per customer by the average retention rate and subtracting the average customer acquisition cost. CLV helps businesses understand how profitable their customers are, how to optimize their marketing strategies, and how to increase customer loyalty and retention. In this section, we will explain how to calculate CLV using the basic formula and some examples.

To calculate CLV using the basic formula, you need to know three things:

1. Average revenue per customer (ARPC): This is the amount of money that a customer spends on your products or services in a given period, such as a month or a year. You can calculate ARPC by dividing the total revenue by the number of customers in that period. For example, if your business generated $100,000 in revenue from 1,000 customers in a year, your ARPC would be $100.

2. Average retention rate (ARR): This is the percentage of customers that stay with your business over a given period, such as a month or a year. You can calculate ARR by dividing the number of customers at the end of the period by the number of customers at the beginning of the period. For example, if you had 1,000 customers at the start of the year and 800 customers at the end of the year, your ARR would be 80%.

3. Average customer acquisition cost (CAC): This is the amount of money that you spend on attracting and converting new customers in a given period, such as a month or a year. You can calculate CAC by dividing the total marketing and sales expenses by the number of new customers acquired in that period. For example, if you spent $20,000 on marketing and sales and acquired 200 new customers in a year, your CAC would be $100.

Once you have these three values, you can plug them into the basic CLV formula:

$$CLV = ARPC \times ARR - CAC$$

Let's see how this formula works with some examples.

- Example 1: Suppose you run a subscription-based service that charges $10 per month. Your ARPC is $120 per year. Your ARR is 90%, meaning that 90% of your customers renew their subscription every year. Your CAC is $50, meaning that you spend $50 on average to acquire a new customer. Your CLV would be:

$$CLV = 120 \times 0.9 - 50 = 58$$

This means that each customer is worth $58 to your business over their lifetime.

- Example 2: Suppose you run an e-commerce store that sells various products. Your ARPC is $200 per year. Your ARR is 50%, meaning that 50% of your customers make a repeat purchase every year. Your CAC is $150, meaning that you spend $150 on average to acquire a new customer. Your CLV would be:

$$CLV = 200 \times 0.5 - 150 = -50$$

This means that each customer is worth -$50 to your business over their lifetime. This is a negative CLV, which indicates that you are losing money on every customer. You need to either increase your ARPC, increase your ARR, or decrease your CAC to improve your CLV.

As you can see, calculating CLV using the basic formula is simple and straightforward. However, it also has some limitations. For instance, it assumes that the ARPC, ARR, and CAC are constant over time, which may not be realistic. It also does not account for the time value of money, which means that the future cash flows are not discounted to reflect their present value. To overcome these limitations, you can use more advanced methods to calculate CLV, such as the discounted cash flow method, the cohort analysis method, or the probabilistic method. We will cover these methods in the next sections. Stay tuned!

3. How to Segment Your Customers Based on Their Lifetime Value?

segmenting your customers based on their lifetime value (LTV) is a powerful way to optimize your marketing strategy and increase your profitability. LTV is the estimated net profit that a customer will generate for your business over the course of their relationship with you. By dividing your customers into different segments based on their LTV, you can tailor your marketing efforts to each group and maximize your return on investment (ROI). In this section, we will discuss how to segment your customers based on their LTV, and what benefits it can bring to your business. We will also provide some examples of how different businesses have successfully implemented LTV segmentation.

There are different methods and criteria that you can use to segment your customers based on their LTV, but here are some common ones that you can start with:

1. Recency, frequency, and monetary value (RFM): This is a simple and widely used method that assigns a score to each customer based on how recently they purchased from you, how often they purchase from you, and how much they spend on each purchase. You can then use these scores to create different segments, such as high-value, loyal, at-risk, or lost customers. For example, Amazon uses RFM segmentation to send personalized recommendations and offers to its customers based on their purchase history and behavior.

2. Customer loyalty: This is another method that focuses on how loyal your customers are to your brand, and how likely they are to repeat purchases, refer others, or leave positive reviews. You can measure customer loyalty using metrics such as customer retention rate, churn rate, net promoter score (NPS), or customer satisfaction score (CSAT). You can then use these metrics to create different segments, such as promoters, passives, or detractors. For example, Starbucks uses customer loyalty segmentation to reward its most loyal customers with free drinks, discounts, and other perks through its loyalty program.

3. Customer persona: This is a more advanced and qualitative method that involves creating detailed profiles of your ideal customers based on their demographics, psychographics, needs, preferences, and pain points. You can use data from surveys, interviews, social media, or analytics to create these personas. You can then use these personas to create different segments, such as millennials, parents, professionals, or travelers. For example, Netflix uses customer persona segmentation to create personalized recommendations and content for its users based on their viewing habits and preferences.

4. The Key Principles of Relationship Marketing

Relationship marketing is a strategy that focuses on building long-term and loyal relationships with customers, rather than just selling them products or services. Relationship marketing aims to increase customer lifetime value (CLV), which is the total profit that a customer generates for a business over the course of their relationship. By creating strong bonds with customers, relationship marketing can reduce customer churn, increase customer retention, enhance customer satisfaction, and generate positive word-of-mouth.

To implement relationship marketing effectively, there are some key principles that businesses should follow. These principles are:

1. Know your customers. The first step to building a lasting relationship with your customers is to understand who they are, what they need, what they want, and how they behave. You can use various tools and methods to collect and analyze customer data, such as surveys, feedback forms, CRM systems, social media, and web analytics. By knowing your customers, you can segment them into different groups based on their characteristics, preferences, and behaviors, and tailor your marketing strategies accordingly.

2. Communicate with your customers. Communication is essential for maintaining and strengthening customer relationships. You should communicate with your customers regularly, through various channels and platforms, such as email, phone, chat, social media, and blogs. You should also communicate with your customers in a personalized and relevant way, based on their needs, interests, and preferences. You should use communication to inform, educate, entertain, and engage your customers, and to provide them with value and benefits. You should also use communication to solicit feedback, address complaints, and resolve issues.

3. Reward your customers. Customers appreciate being recognized and rewarded for their loyalty and engagement. You should design and implement a loyalty program that offers your customers incentives and benefits for staying with your business, such as discounts, freebies, coupons, points, or rewards. You should also reward your customers for referring new customers, providing testimonials, or participating in surveys or contests. You should make your rewards program easy to understand, access, and redeem, and communicate its value and benefits clearly to your customers.

4. Delight your customers. Customers expect to receive high-quality products and services that meet or exceed their expectations. However, to create a lasting impression and a memorable experience, you should go beyond their expectations and delight them with unexpected and extra value. You can delight your customers by surprising them with gifts, upgrades, samples, or personalized offers, by exceeding their delivery or service standards, by providing exceptional customer service, or by creating wow moments that make them feel special and appreciated.

5. build trust with your customers. trust is the foundation of any successful relationship, and customer relationships are no exception. You should build trust with your customers by being honest, transparent, consistent, and reliable. You should also demonstrate your expertise, authority, and credibility in your field, and provide social proof, such as reviews, ratings, testimonials, or endorsements, to validate your claims and promises. You should also respect your customers' privacy and security, and protect their personal and financial information. You should also admit your mistakes, apologize sincerely, and take corrective actions when necessary.

5. Metrics and Tools

Relationship marketing is a strategy that focuses on building long-term and loyal relationships with customers, rather than just selling them a product or service. By creating a strong bond with your customers, you can increase their satisfaction, retention, loyalty, and ultimately, their lifetime value. But how do you know if your relationship marketing efforts are paying off? How do you measure the impact of your campaigns, programs, and initiatives on your customer base? In this section, we will discuss some of the key metrics and tools that you can use to evaluate the effectiveness of your relationship marketing efforts and optimize them for better results. Here are some of the steps that you can follow:

1. Define your relationship marketing goals and objectives. Before you can measure anything, you need to have a clear idea of what you want to achieve with your relationship marketing strategy. What are the specific outcomes that you want to see from your efforts? For example, do you want to increase customer retention, reduce churn, boost referrals, or improve customer satisfaction? Having SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals and objectives will help you focus your efforts and track your progress.

2. Identify the key performance indicators (KPIs) that align with your goals and objectives. KPIs are the measurable values that indicate how well you are performing against your goals and objectives. They help you quantify the success of your relationship marketing efforts and identify areas of improvement. Depending on your goals and objectives, you may choose different KPIs to measure your relationship marketing effectiveness. For example, some of the common KPIs for relationship marketing are:

- customer retention rate: The percentage of customers who continue to do business with you over a given period of time.

- customer churn rate: The percentage of customers who stop doing business with you over a given period of time.

- Customer lifetime value (CLV): The total revenue that you can expect to generate from a customer over the course of their relationship with you.

- Net promoter score (NPS): The degree to which customers are willing to recommend your brand, product, or service to others.

- Customer satisfaction score (CSAT): The degree to which customers are satisfied with your brand, product, or service.

- customer loyalty index (CLI): The degree to which customers are loyal to your brand, product, or service.

3. Choose the tools and methods that will help you collect, analyze, and visualize your data. Once you have defined your KPIs, you need to have the tools and methods that will enable you to collect, analyze, and visualize your data. There are various tools and methods that you can use for this purpose, such as:

- Surveys: Surveys are one of the most common and effective ways to gather feedback from your customers and measure their satisfaction, loyalty, and advocacy. You can use online platforms such as SurveyMonkey, Typeform, or Google Forms to create and distribute surveys to your customers and collect their responses. You can also use tools such as Qualtrics, Delighted, or Promoter.io to measure your NPS, CSAT, or CLI using surveys.

- crm software: CRM software is a tool that helps you manage your customer relationships and interactions. It allows you to store and organize customer data, track customer behavior, segment customers, communicate with customers, and automate tasks. You can use CRM software such as Salesforce, HubSpot, or Zoho to monitor and measure your customer retention, churn, and CLV.

- Analytics software: Analytics software is a tool that helps you measure and understand your website and app performance, traffic, conversions, and user behavior. It allows you to track and analyze various metrics and dimensions, such as page views, sessions, bounce rate, time on site, sources, channels, devices, and more. You can use analytics software such as Google analytics, Mixpanel, or Amplitude to measure and optimize your relationship marketing campaigns, programs, and initiatives.

- data visualization software: Data visualization software is a tool that helps you present and communicate your data in a visual and interactive way. It allows you to create and customize charts, graphs, dashboards, and reports that showcase your data and insights. You can use data visualization software such as Tableau, Power BI, or google Data Studio to visualize and share your relationship marketing metrics and KPIs.

4. monitor and evaluate your results and take action. The final step is to monitor and evaluate your results and take action based on your findings. You need to regularly check your data and compare it with your goals and objectives, and see if you are meeting, exceeding, or falling short of your expectations. You also need to identify the factors that are influencing your results, such as your relationship marketing activities, customer segments, market trends, or external events. Based on your analysis, you need to take action to improve your relationship marketing effectiveness, such as:

- Celebrate your successes and reward your customers and employees for their contributions.

- Identify and replicate your best practices and learn from your mistakes.

- Test and experiment with new ideas and approaches to enhance your relationship marketing strategy.

- Adjust and optimize your relationship marketing goals, objectives, KPIs, and activities as needed.

For example, let's say that you are a SaaS company that offers a cloud-based project management tool. Your relationship marketing goal is to increase your customer retention rate by 10% in the next quarter. Your KPI is the customer retention rate, which you measure using your CRM software. You also use surveys to measure your NPS, CSAT, and CLI, and analytics software to measure your website and app performance. You use data visualization software to create a dashboard that shows your relationship marketing metrics and kpis. You monitor and evaluate your results and find out that your customer retention rate has increased by 8%, which is close to your goal, but not quite there. You also find out that your NPS, CSAT, and CLI have improved, and that your website and app performance have improved as well. You analyze the factors that have influenced your results and find out that your relationship marketing activities, such as sending personalized emails, offering discounts and incentives, providing customer support and education, and creating a community and loyalty program, have had a positive impact on your customer retention and satisfaction. You also find out that your customer segments, such as your enterprise and premium customers, have had a higher retention rate than your small and medium-sized customers. You also find out that the market trends, such as the increased demand for remote work and collaboration tools, have boosted your customer acquisition and retention. You also find out that there were no external events that have negatively affected your results. Based on your findings, you take action to improve your relationship marketing effectiveness, such as:

- Celebrate your successes and reward your customers and employees for their contributions. You send thank-you emails and cards to your customers and employees, and offer them free upgrades, extensions, or referrals. You also share your success stories and testimonials on your website, social media, and blog.

- Identify and replicate your best practices and learn from your mistakes. You analyze your relationship marketing activities and identify the ones that have had the most impact on your customer retention and satisfaction, such as offering discounts and incentives, providing customer support and education, and creating a community and loyalty program. You also identify the ones that have had the least impact or have caused issues, such as sending too many or irrelevant emails, or having technical glitches or bugs. You replicate and scale your best practices and fix or eliminate your mistakes.

- Test and experiment with new ideas and approaches to enhance your relationship marketing strategy. You brainstorm and research new ideas and approaches that could help you increase your customer retention and satisfaction, such as creating a referral program, launching a gamification feature, or hosting a webinar or event. You test and experiment with these ideas and approaches and measure their results and feedback.

- Adjust and optimize your relationship marketing goals, objectives, KPIs, and activities as needed. You review and revise your relationship marketing goals, objectives, KPIs, and activities based on your results and feedback, and see if you need to make any changes or improvements. You also set new goals and objectives for the next quarter and plan your relationship marketing activities accordingly.

By following these steps, you can measure the effectiveness of your relationship marketing efforts and optimize them for better results. You can also demonstrate the value of your relationship marketing strategy to your customers, employees, and stakeholders, and build long-term and loyal relationships with your customers.

6. Dos and Donts

Relationship marketing strategy that focuses on building long-term and loyal relationships with customers, rather than just selling them products or services. Relationship marketing aims to increase customer satisfaction, retention, loyalty, and lifetime value, by providing personalized and relevant experiences, engaging with customers across multiple channels, and rewarding them for their loyalty. Relationship marketing can also help businesses gain referrals, feedback, and advocacy from their customers, which can boost their reputation and growth. However, relationship marketing is not a one-size-fits-all approach. Different customers may have different needs, preferences, and expectations, and businesses need to tailor their relationship marketing strategies accordingly. In this section, we will discuss some of the dos and don'ts of relationship marketing, and provide some examples of how to implement them effectively.

Some of the dos of relationship marketing are:

1. Do segment your customers based on their behavior, needs, and value. Not all customers are the same, and they may require different types of communication, offers, and incentives. By segmenting your customers, you can create more personalized and relevant messages and experiences for them, and increase their engagement and loyalty. For example, you can segment your customers based on their purchase history, browsing behavior, feedback, loyalty status, or lifetime value, and send them targeted emails, coupons, recommendations, or rewards.

2. Do use multiple channels to interact with your customers. Customers today use various platforms and devices to access information, make purchases, and communicate with brands. By using multiple channels, such as email, social media, mobile, web, chat, or phone, you can reach your customers where they are, and provide them with consistent and seamless experiences. For example, you can use email to send newsletters, updates, and offers, social media to share content, stories, and reviews, mobile to send push notifications, reminders, and alerts, web to provide live chat, FAQs, and blogs, and phone to offer customer service, support, and feedback.

3. Do listen to your customers and act on their feedback. Customers appreciate when brands listen to their opinions, suggestions, and complaints, and respond to them promptly and effectively. By listening to your customers, you can understand their needs, preferences, and pain points, and improve your products, services, and processes accordingly. You can also use feedback to identify and reward your loyal and satisfied customers, and to resolve and retain your unhappy and at-risk customers. For example, you can use surveys, reviews, ratings, testimonials, or social media to collect feedback from your customers, and use tools like NPS, CSAT, or CES to measure their satisfaction, loyalty, and effort.

4. Do surprise and delight your customers with unexpected rewards and gestures. Customers love when brands go above and beyond their expectations, and provide them with extra value, benefits, or recognition. By surprising and delighting your customers, you can increase their satisfaction, loyalty, and advocacy, and create memorable and emotional connections with them. For example, you can surprise your customers with free samples, upgrades, discounts, or gifts, or send them personalized thank-you notes, birthday wishes, or anniversary cards.

Some of the don'ts of relationship marketing are:

1. Don't spam your customers with irrelevant or excessive messages. Customers can get annoyed or overwhelmed when brands send them too many or too frequent messages, or messages that are not relevant or useful to them. This can lead to customers ignoring, deleting, or unsubscribing from your messages, or even switching to your competitors. To avoid spamming your customers, you should respect their preferences, permissions, and privacy, and only send them messages that are valuable, timely, and appropriate. For example, you should ask your customers for their consent and preferences before sending them any messages, and allow them to opt-out or change their settings at any time. You should also use analytics and segmentation to determine the optimal frequency, timing, and content of your messages, and test and measure their effectiveness and response.

2. Don't neglect your existing customers in favor of acquiring new ones. While acquiring new customers is important for business growth, retaining and nurturing your existing customers is equally or more important for business profitability and sustainability. Existing customers are more likely to buy from you again, spend more, and refer others, than new customers. Therefore, you should not neglect your existing customers, and instead, focus on building long-term and loyal relationships with them. For example, you should provide your existing customers with excellent customer service, support, and education, and reward them for their loyalty, retention, and referrals.

3. Don't take your customers for granted or make false promises. Customers expect brands to be honest, transparent, and reliable, and to deliver on their promises and expectations. If you take your customers for granted, or make false or unrealistic promises, you can lose their trust, respect, and loyalty, and damage your reputation and credibility. To avoid this, you should always be truthful, authentic, and consistent with your customers, and communicate with them clearly and openly. For example, you should admit your mistakes and apologize when things go wrong, and offer solutions and compensation when appropriate. You should also set realistic and achievable goals and expectations, and follow through on your commitments and guarantees.

4. Don't treat your customers as transactions or numbers. Customers are not just sources of revenue or data, but human beings with emotions, needs, and desires. If you treat your customers as transactions or numbers, you can miss out on the opportunity to build meaningful and lasting relationships with them, and to create loyal and passionate advocates for your brand. To avoid this, you should treat your customers as individuals and partners, and show them that you care about them and value them. For example, you should use their names and personal details when communicating with them, and customize your messages and offers based on their interests and behavior. You should also express your gratitude and appreciation for their business, and celebrate their achievements and milestones.

7. How Some Brands Have Boosted Their Customer Lifetime Value?

In this section, we will explore various case studies that demonstrate how brands have successfully boosted their customer lifetime value through relationship marketing strategies. By fostering strong connections with their customers, these brands have been able to increase customer loyalty, drive repeat purchases, and ultimately enhance their overall profitability.

1. Case Study: Starbucks

Starbucks is a prime example of a brand that has excelled in relationship marketing. Through their loyalty program, Starbucks Rewards, they have created a sense of exclusivity and personalized experiences for their customers. By offering rewards, personalized offers, and special promotions, Starbucks has incentivized customers to continue engaging with their brand, leading to increased customer lifetime value.

2. Case Study: Amazon

Amazon has revolutionized relationship marketing through their Prime membership program. By providing benefits such as free shipping, exclusive deals, and access to streaming services, Amazon has created a loyal customer base that continues to make frequent purchases. This has significantly increased their customer lifetime value and solidified their position as a leader in the e-commerce industry.

3. Case Study: Nike

Nike has successfully leveraged relationship marketing by focusing on building emotional connections with their customers. Through their NikePlus membership program, they offer personalized recommendations, exclusive events, and early access to new product releases. By tapping into their customers' passion for fitness and sports, Nike has fostered a strong sense of loyalty and increased customer lifetime value.

4. Case Study: Sephora

Sephora has embraced relationship marketing through their Beauty Insider program. By offering personalized beauty recommendations, free samples, and exclusive access to events, Sephora has created a community of loyal customers who actively engage with their brand. This has resulted in higher customer retention rates and increased customer lifetime value.

5. Case Study: Coca-Cola

Coca-Cola has utilized relationship marketing to create a strong emotional connection with their customers. Through their "Share a Coke" campaign, they personalized their product packaging with individual names, encouraging customers to share their Coca-Cola experience with others. This campaign not only increased customer engagement but also led to a boost in customer lifetime value.

These case studies highlight the effectiveness of relationship marketing in boosting customer lifetime value. By implementing personalized experiences, loyalty programs, and emotional connections, brands can cultivate long-term relationships with their customers, leading to increased loyalty, repeat purchases, and ultimately, higher profitability.

8. How to Get Started with Relationship Marketing and Improve Your Customer Lifetime Value?

You have learned what customer lifetime value (CLV) is, why it is important, and how to calculate it. You have also learned how relationship marketing can help you boost your CLV by building long-term and loyal relationships with your customers. But how do you get started with relationship marketing and what are the best practices to follow? In this section, we will answer these questions and provide you with some practical tips and examples to help you implement relationship marketing in your business. Here are some steps you can take to get started with relationship marketing and improve your CLV:

1. Segment your customers based on their value, behavior, and preferences. This will help you tailor your marketing messages, offers, and interactions to each customer segment and deliver more personalized and relevant experiences. For example, you can use a tool like RFM analysis to segment your customers based on their recency, frequency, and monetary value of purchases. You can also use surveys, feedback forms, or social media to gather more information about your customers' needs, interests, and preferences.

2. Create a customer journey map and identify the touchpoints where you can engage with your customers. A customer journey map is a visual representation of the steps your customers take from the first contact with your brand to the post-purchase stage. It helps you understand your customers' pain points, emotions, and expectations at each stage of the journey. By identifying the touchpoints where you can interact with your customers, you can plan and execute your relationship marketing strategies more effectively. For example, you can use email, SMS, or push notifications to send welcome messages, order confirmations, delivery updates, or thank you notes to your customers. You can also use social media, blogs, or podcasts to share valuable content, tips, or stories with your customers.

3. Provide value and delight your customers at every touchpoint. One of the key principles of relationship marketing is to provide value and exceed your customers' expectations at every interaction. This will help you build trust, satisfaction, and loyalty with your customers and encourage them to repeat purchases and referrals. For example, you can provide value by offering free trials, discounts, rewards, or loyalty programs to your customers. You can also delight your customers by sending them personalized recommendations, birthday wishes, surprise gifts, or handwritten notes.

4. Encourage feedback and reviews from your customers and act on them. Feedback and reviews are essential for relationship marketing as they help you measure your customers' satisfaction, identify areas of improvement, and show your customers that you care about their opinions. You can encourage feedback and reviews by asking your customers to rate their experience, write a testimonial, or share their story on social media. You can also act on the feedback and reviews by thanking your customers, addressing their issues, or implementing their suggestions. For example, you can use a tool like Net Promoter Score (NPS) to measure your customers' likelihood to recommend your brand to others. You can also use a tool like Trustpilot to collect and display customer reviews on your website or social media.

5. nurture and maintain your relationships with your customers over time. Relationship marketing is not a one-time event, but a continuous process that requires constant attention and effort. You need to nurture and maintain your relationships with your customers over time by staying in touch, providing value, and showing appreciation. For example, you can use email, SMS, or social media to send your customers regular newsletters, updates, or reminders. You can also use these channels to invite your customers to events, webinars, or contests. You can also use phone calls, video calls, or face-to-face meetings to connect with your customers on a more personal level.

By following these steps, you can get started with relationship marketing and improve your customer lifetime value. Relationship marketing is not only beneficial for your business, but also for your customers, as it creates a win-win situation where both parties enjoy mutual value and satisfaction. Remember, relationship marketing is not about selling, but about building and nurturing long-term and loyal relationships with your customers.

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