Question
Topic: Strategy
Measure Relationship Marketing Efforts
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I am in a business development development role for a construction firm. As some of you may know, they key to winnings jobs in our industry are relationships. As such, I try to organise numerous client events per year, generally book a table of 10 at relevant functions, or have a guest at a lunch function etc.
One of the questions I keep getting asked by directors is "what do we get out of this", "how do we know this works"? My response is that I am trying to nurture solid long-term relationships, rather than having transaction-only type of relationships, that is one tender opportunity and good bye. Whilst the directors agree and see my point, they still ask, how do we know we are not wasting our money?
Are there any analytical tools that I can use to somewhat quantify this...or are you able with coming up with a response or reason that will keep my bosses happy? I really don't want their way of thinking to negatively impact on the relationships I have built.