The ROI of Relationship Building

the roi of relationship building
the roi of relationship building

Customer relations are the efforts a business takes to create and nurture positive relationships with its customers. This differs from customer service, which is an inbound function that a customer expects when they do business with a company. Customer relationship building involves both inbound and outbound measures to enhance customer experiences in the long term.

Consumers have a lot of options to choose from, and 79% of them say that they want to do business with brands that demonstrate they care about them and understand their needs before they even consider buying. Building trustworthy customer relationships are critical to a successful business. When a business can connect with its audience on a deeper level, there are many benefits.

How Customer Relationships Can Make Your Business More Successful

When customers are happy with the experiences you provide for them, it can benefit your business in many ways. They can buy from anyone they want and have a lot of options, but when they find a company they like doing business with, they keep coming back.

And the inverse is also true; when they feel they could be treated better, they look for another place to spend their money. 70% of customers will stop doing business with a company after one unpleasant experience, even if they prefer the company’s products.

Better Business Reputation

Customers want to be treated well and when they find a business that provides them with a great experience, they will tell others about it. Word-of-mouth marketing is something a business won’t get by throwing more money into advertising.

When a business builds a great relationship with one customer, it is building its reputation with all the people that the customer talks to. People trust the feedback they get from their friends and family. When a customer has a bad experience, they will spread the news even further. Customers tell an average of 9 people about a good customer service experience and 16 people when they have a bad one.

More Repeat Business

A happy customer will be a loyal customer. When a business focuses on providing the best customer experience, it is only natural that the business will see customers coming back and new customers as word spreads. When you get to know your customers’ needs and really care about them, it also makes upselling and cross-selling simple.

Fewer Price Fluctuations

If the only thing a business provides to customers is its products, then there is not much that sets the business apart from its competitors. The only way they have to compete is by lowering prices. But sales, discounts, and price cuts can’t make up for a better customer experience. Does a business ever really win a race to the bottom?

More Competitive Advantage

Businesses that provide superior customer service will always beat their competition and see their loyal customer base grow. In an increasingly competitive business environment where competitors quickly match what each other offers, the only way to succeed is to provide something your competitors can’t imitate. Building better relationships with customers works with businesses in any industry.

Better Employee Morale

It is hard to work for a company that customers complain about. If you want agents to get excited about the products they sell and feel like they work with a team they can stand behind, then your business must provide quality customer service. When a business prioritizes customer experience, it naturally creates a better working environment.

More Customer Feedback

Customers are a business’s lifeblood in more than one way. Of course, they can make a business profitable by purchasing products and services, but they can also provide valuable insights on how a business can grow and adapt to better fit the needs of its audience. You only get these types of insights from customers who trust that you are really there to help.

Start Building Better Relationships with Your Customers

According to Jeff Bezos, one of the main reasons Amazon has been so successful and is valued at $438 billion is it made it its goal to be the world’s most customer-centric company. Whether your business is large or small, focusing on customer relationships can pay off. Here are some ways to begin:

  • Treat employees well so they treat customers well
  • Beat customer service expectations
  • Learn customer service etiquette
  • Create value for and invest in customers
  • Personalize customer experiences
  • Leverage technology to streamline processes can help. Getting a custom vanity phone number will help your customers remember your number when they need to get in touch. Each vanity number also comes with a virtual phone system that includes call forwarding, so customers can always reach one of your team members, and call analytics and call tracking, so you can gather insights to improve customer interactions.