The Importance of Business Relationships
Healthy business relationships are the foundation of any successful business, large or small, especially in service based businesses. As a business owner, you want to think of every client as a potential lifelong customer, who will not only continue to do business with you but invite other people they know to do business with you. This comes from our experience from being in the Cypriot market for many years.
No matter what type of business you are into, you need to establish and maintain business relationships. And here are some reasons why this is more than necessary:
Business relationships improve your communication skills
By establishing business relationships, you will communicate and interact frequently with your customers, employees, suppliers, and business associates. This frequent communication will sharpen your communication skills and boost your confidence when interacting with others. When you are confident during communication, you will be able to establish even more relationships without balking.
Business relationships foster friendship
Business relationships can turn into long-term or even lifetime friendships. And it goes without saying that being friends with someone is more than being just an employee, customer, or a business associate. With friendship comes trust, cooperation, and a lot more. By building business relationships, you will have more friends, and you will get more value from them, just as they will from you.
Business relationships bring repeat business
Attracting one-time customers who come once and never return won’t help your business grow in the long term. In reality, growing a business to the point of commercial success requires building a large pool of loyal, repeat customers. Now, the business world is tilting towards the customer focused model with the ultimate goal being to establish and maintain business relationships with clients for the long term.
Business relationships help branding
The long-term success of your business depends largely on its reputation. If you are kind, courteous, and attentive to your customers, employees, and business associates, you will establish a good reputation for your business. And people will deem you and your business as trustworthy and experienced. When this happens, the result is more business from existing customers.
Business relationships help promote your business
Word of mouth marketing is one of the most effective marketing methods especially in Cyprus. When you build good relationships with your customers, employees, and other people you deal with, they will become your marketing agents. They will introduce your business to their friends and relatives.
A customer reached via word of mouth is a sold customer. Such customers have no doubts about your business because they have come to know your business through people who know and are satisfied with your business.
Business relationships it’s all about customer satisfaction
In business, you can’t get everything right all the time. There will be times when you will disappoint your customer or when they will misunderstand you. In such instances, it’s important to fix whatever problems that might have arose.
Most customers can easily move past issues and get back to good terms with you if you treat them with respect and listen to them. Even when customers are upset with your business, you need keep building a positive relationship with them. You and your employees need to understand this.
Bad business relationships are causing serious damage
If it is clear that a business relationship is not working, the individuals and companies involved should try to dissolve the relationship without creating further damage. For the company’s reputation, don’t rush out of a bad client relationship without coming up with a viable compromise. Knowing how to resolve these issues properly can be the difference between one unsatisfied customer and a PR nightmare.
Being in the sign making market since 1960, we know that customer relationships play a huge role, especially in a B2B context. It is not about selling once to a customer, but seeking to build a long-lasting relationship for repetitive sales. And the most important part for us, is not to sell features but to sell benefits that a customer will appreciate. This appreciation, it is the foundation for a good business relationship, that in the future they might bring you new customers seeking the same treatment.