In the pursuit of the bottom line, businesses forget that their consumers are real people; they aren’t just a demographic, brand affiliation, customer profile, or any other category. A business should keep in mind that their products or services aren’t just a way of increasing the bottom line, it is about solving real problems that consumers have.
It is important that you keep in mind the reason that your business keeps running is because your consumers choose your offerings. The reason that they choose your product and not your competitors’ can be really small, which is why building loyalty through a good relationship is so important. Always keep in mind that you’re doing business with people.
How do businesses relate to people?
It is important for you to understand that more than your clever business tactics, your customers drive your business’ success. For this reason, you should understand how you should be doing business with people. Below are a few ways that your business can relate to the people it’s doing business with.
Focusing on building strong business relationships
Just like how the trust you place in someone in your personal life depends on the relationship you have with them, the same can be said of your business and its offerings. A study by the Hinge Research Institute has found that customer loyalty, satisfaction, and referrals are in a downward spiral.
In today’s world where there are many businesses offering similar products and services, it is that much more important that you foster and maintain your relationships with your key consumers.
This is especially important when you consider the fact that the cost of acquiring customers has increased by 50% over the last 6 years. Not only that, your customers have a 50% chance of being interested in your new product, as opposed to a 31% chance of a new customer.
Focusing on building rapport with your customers, and keeping in mind that you’re doing business with people ensures that you increase your customers’ lifetime value and turn them into your brand’s advocate, which ensures the long-term success of your business.
How can businesses build relationships with customers?
As you’re doing business with people, focusing on building strong relationships with your customers is important to your business. Below are a few steps you can take to build trust and loyalty.
Remember that people do business with people
People ultimately choose to do business with businesses that they think appreciate them, have a personality they like, and give back the value that was created for them. You’re doing business with people who have individual personalities, so when they feel that you appreciate them, you’ll be able to build stronger relationships, your consumer base will grow wider, and your business will be able to continue in the long run.
Doing simple things such as showing your appreciation to the people that contributed to your success, taking initiative and asking your consumers what they think about your offerings and asking if they need help with anything, trying to solve their problems with the offerings, can go a long way to set up your business for the long-run.