Creating meaningful relationships in Business
“To build a long-term relationship with a new customer costs 16 times more. ”
Last week, I was hosting a webinar with the team of the Customer Service Symposium in South Africa. The Title, ‘Legacy Relationships’ thank you Bruce Wade ~ Strategic Story Engineer Robin Lary ACX Master® Arshaad Yousuph Grace Brown for the fabulous conversation.
Legacy relationships
The term “legacy relationships” really refers to longstanding or traditional relationships between a business and its customers. Whether it is in business or in life, relationships can only develop over time and are based on a history of interactions, transactions, and shared experiences. Legacy relationships are built on trust, familiarity, and a sense of loyalty that has developed over an extended period.
As a Customer Experience Keynote Speaker, when I talk about the context of customer service, legacy relationships become crucial because they represent a significant asset for a business. Customers who have been with a company for an extended period will continue using its products or services, they will recommend, return and they will also be more forgiving of occasional issues or challenges, because they know that you are going to do your best to turn a negative experience into a fabulous one. Maintaining and nurturing these relationships is vital for customer retention and long-term business growth and success.
Seeking long-term, meaningful, and impactful relationships should a core objective for businesses, here are my top 9 reasons:
1. Customer Loyalty:
Meaningful relationships foster customer loyalty. When customers feel a genuine connection with a brand and experience consistent positive interactions, they are more likely to remain loyal and continue doing business with that company.
2. Reduced Customer Acquisition Costs:
Acquiring new customers can be more expensive than retaining existing ones. Long-term relationships reduce the need for constant marketing efforts to attract new customers, leading to cost savings over time.
3. Word of Mouth and Referrals:
Meaningful and impactful relationships often translate into positive word-of-mouth marketing. Satisfied customers are more likely to recommend a business to others, contributing to organic growth through referrals.
4. Adaptability to your Customer Needs:
Long-term relationships provide businesses with insights into evolving customer needs. This understanding enables companies to adapt their products, services, and strategies to better meet the changing demands of their customers.
5. Brand Reputation:
Maintaining meaningful and impactful relationships contributes to a positive brand reputation. A good reputation is a valuable asset that can attract new customers, partners, and talent to the business.
6. Resilience in Challenging Times:
During challenging economic conditions or industry disruptions, businesses with strong long-term relationships are often more resilient. Loyal customers are more likely to stick with a company through tough times, providing a buffer against economic downturns.
7. Sustainable Growth:
Long-term, meaningful relationships support sustainable business growth. Rather than focusing solely on short-term gains, businesses with a commitment to lasting connections are better positioned for steady and scalable expansion.
8. Positive Impact on Society:
Businesses that prioritize impactful relationships can contribute positively to society. This can involve ethical business practices, community engagement, and environmental sustainability, aligning the company with broader societal values.
9. Employee Satisfaction:
Strong, long-term relationships aren’t limited to customers; they extend to employees as well. Companies that prioritize meaningful relationships with their staff often see higher levels of employee satisfaction, engagement, and retention.
Prioritizing long-term, meaningful, and impactful relationships is essential for the sustained success and growth of a business. It goes beyond immediate transactions, focusing on building enduring connections that benefit both the business and its stakeholders over time.
I am excited to say I will be joining the team @Customer Service Symposium again, but this time in-person, in Cape Town, presenting at their conference 7th & 8th March, with a special Feng Shui Workshop on the 9th March. So if you are in South Africa, early March, I would love to meet you there…
