Secrets of Building Stronger Relationships That Grow Your Business
The true value of a good business relationship has never been higher. Strong relationship management is an investment that is virtually guaranteed to pay dividends. You can’t say that about advertising, sales promotions, or real estate holdings. Only relationships have the power to truly drive business. Good relationships drive business to you. Bad relationships drive business away.
Obviously, you would want to maintain a good relationship with existing clients. Take, as proof, the finding of Internet market research firm DoubleClick. Their studies showed that repeat customers were exceptionally valuable. They are the ones that spend the most time looking at your website, are most likely convert to sales (20% more), look at nearly 17 pages each session, and spend the most money at about $180 on average.
And, if it works that way for fickle online customers, just imagine how it works offline.
But, even before we have the chance to know them as customers we must work to build strong relationships with them – even if that work may not come for two, three, or more years. We must be continually planting the seeds. In order to get new business, we must regularly be out there cultivating relationships with a strong network of personal and professional contacts.
The key to great relationships is to start off on the right foot from the first interaction you have with someone. Begin by getting to know what your new contact values and how you can help them get it. Share your skills, knowledge, and advice freely. And, focus on achieving mutually beneficial goals.
It’s clear that people prefer to do business with those they like and trust. Research has shown that certain traits are sought when looking for a business partner. See how you stack up with the following:
True to personal values – They do what they say and say what they believe.
Accept personal responsibility – If something went wrong with an order or project, they don’t waste time pointing fingers. They are quick to accept responsibility and to make it right.
Envision goals and aggressively pursue – They know what it takes to achieve their goals and they work smartly and diligently to achieve that goal.
Communicate effectively – Ideal business partners listen well to others ideas and can express their views clearly and convincingly.
Value others’ time and talents – These individuals realize it takes a team to make projects happen. They enjoy bringing different perspectives together and look for the unique skills of each team member.
Understand that relationships are interdependent – They seek mutually beneficial goals and can work with others to achieve those goals.
Action orientation – The best business partners are doers. They lead by example and encourage others to action.
So how did you stack up? If it’s not as well as you would like, now is the time to start taking steps to make yourself more beneficial to clients, potential clients, and networking contacts. Regularly reassess your progress at becoming a value-adding resource. The strong relationships you develop – and the future business that is sure to come – will be the reward.
And, once they do become customers, remember that goal of mutual benefit and stay true to your good service promises:
- Respond to email quickly – preferably under 24 hours.
- Follow up on all orders – make sure they’re happy with their purchase and suggest other services if appropriate
- Stand behind your product – give refunds promptly and unconditionally when requested.
- Ask their advice – get customer feedback on surveys or other mechanism.
- Share your knowledge – write a newsletter or share valuable tips and information to clients and friends.
- Make it easy for them to do business with you – streamline the process so it’s painless for them to use your service.
Ron Sukenick is the Chief Relationship Officer and founder of the Relationship Strategies Institute, a training and Relationship development company that provides innovative, effective and relevant programs and systems for corporations, organizations, and associations. To learn more about the value of Relationship Development, visit their Web site at www.RelationshipStrategiesInstitute.com or e-mail him at – RS@RelationshipStrategiesInstitute.com.
January 15th, 2007 at 3:57 pm
Right on! I agree with every word!
DD
January 17th, 2007 at 11:52 am
“Value others time and talents”
I think this is a critical point that many people forget in networking. If everyone took a moment and realized how powerful it is to know a true expert in every field, they could tap the potential of so many people around them.
Here is a list of some of my experts that have referred some great business opportunities to me
barista
car mechanic
cleaning lady
cable tv installer
carpenter
computer tech
lawn maintenance consultant
None of the above have anything to do with blogging, but they service the same business professionals that may use my service. For a long time, one of my best networking friends was a waitress at the Space Needle.
January 17th, 2007 at 5:58 pm
Ron,
Most of what you say has resonated with my philosophy. I’m wondering about your take on this statement as it applies to services:
“Stand behind your product – give refunds promptly and unconditionally when requested.”
I’m in the business of providing Graphic Design services. While I haven’t ever had a client request a refund, your statement has me wondering what I would do in that situation. Generally, each project I work on generates at least a week’s worth of income. What do you feel is the correct course of action after weeks of working on a project, if the client decides to cancel the services? I do stand behind the quality of my work, but I’m not sure I could financially survive a week or two worth of losses. As it stands, it is written into my contract that the client must pay me for all services provided up to the point of cancellation. What is your take on that policy?