Why Business Relationships Matter
There are many key elements that contribute to the immediate success of a business, whether that is management, customer service, a unique product, etc. However, there is one element that contributes to the lasting success of a company – maintaining strong customer relationships that surpass a transactional value.
A company should look at their customer relationships as an investment in which they need to take the time to truly understand the needs and goals of their customers. This will not only help the success of a company, but contribute to the core value and mission of who and what a company stands for. If a company looks at their client relationships from a transactional standpoint, they are missing the true impact and potential these relationships can and will have for the company.
According to a study done by SuperOffice on customer experience, 86% of customers said their overall experience with a company is “just as important” then the product or service they are selling. This is why companies must look past the selling point of their customers and focus on the overall experience and service they are providing.
When evaluating transactional versus relationship focused marketing, there is a clear difference in what company’s focus on and achieve from both. According to TechTarget, “transactional marketing is focused on short-term communications, relationship marketing focuses on the long-term benefits of building relationships and brand loyalty.”
When a company is truly focused on prioritizing their client relationships, customer retention and brand loyalty is achieved.
Overall, the benefits of nourishing and prioritizing customer relationships go past transactional – reliable customer service, long-standing client relationships, and a company culture that is cemented within the industry.