Why Business Relationships are The Key to Success?
Today we will discuss the foundation of how relationships in doing the businesses with clients determine success in the longer run. To me, a good customer relationship is a key to success. My friends often ask me about strategies to develop any new startup. I can spend hours talking about choosing the perfect networking events, finding the right salespeople, training on products and services, etc. But everything boils down to one sentence “Business is built on relationships.”
What does that mean actually? Relationships are like two sides of the coin and if you want to a successful one then it needs work. And I look at my business relationships as personal relationships and I do care about each and every person as much as I value the business. I can point out some.
Relate your Client
Here relating to the client doesn’t mean how the product or service is relevant to theirs. Let me explain, it is important to discuss these areas but also it is necessary to know your client on a personal level as well. What I am trying to say is to get into some common topic and discuss it.
Many times we get too caught up trying to negotiate business and we almost forget to get to know the person we are trying to do business with. We have many people having great business minds and plans, a good product/service but they don’t always have someone they like that offers these solutions.
Respond your Client
Always respond genuinely after responding to your client. Get them aware that you understood their concerns and convince them to offers the best solutions for their problems. I can’t elaborate many sales employees, I’ve watched have failed to respond in the way that they are listening to the client’s needs. When we respond in a way that shows we have the best interest in mind fills the distance in our relationship.
Align your Solutions with the Needs of Clients
Elaborate how exactly your products and service offer the best applicable solutions, how they fit needs, and give them the reason why it works better than other alternate solutions. To know this your should be well-versed with your competitors’ products/services. And to reveal your solution as the best one, you need to understand their needs better than they do.
Make yourself available to answer questions smoothly, add value to what they are trying to do. When we are reliable for our clients we can enable them to lean on us with trust. They will question our solution less as they will understand that we will maintain a relationship, do not compromise with the value of working with them.
Recover After Setbacks
Each relation has a setback. We are never going to be able to deliver completely on expectations since they will be many unpredicted reasons. Make sure the client knows how important their need it to you. Suggest solutions, work to resolve, and find smooth over the problem.
Taking responsibility is not always someone’s need, many times they simply want you not to point a finger and jump in aggressively to find a solution to the problem. When we work to recover from a problem we bring back the trust into our business relationships as we see that we can accept ownership of problems and handle them without any hassles.
Know Why Your Clients Opted for Your Solutions
It’s important to know what your customers bought rather than what you sold them. And more importantly, it is important to know why they bought it. We think they bought our services because we turned out to be reliable to them or cheaper to them or they had no other offers for them. But the real reason can only be explained by understanding your customer’s requirements and the real reason why they want that particular solution.
Obviously, business is built on relationships and if we can build our relationships stronger, our success will grow exponentially.
Cautions You Need to Consider in Handling Relationships
Bigger is NOT always better
Why? Because more relationships are not good as they may seem at first. Super successful business leaders avoid having a larger network. They are utterly selective about the collaborations and associations they form. They are brilliant listeners and decision-makers about situations where they can add value as well as derive while avoiding the rest of unwanted situations.
Don’t overdo it
Over-investment in relationships can take precious time away from focusing on the technical elements of your business. Invest your time wisely in balancing the demands of market awareness, new technologies, and future organizational strategy.
Don’t get too stubborn
Sometimes strong relationship networks can isolate you from other people from the out. It can shut out new people and as a result, new thinking which is very important from the business perspective. Staying in a limited network will insulate you from fresh inputs from the “outside.” You have got to be more attentive and welcoming towards innovative ideas on the out and introduce new elements into your network. This will help in generating new perspectives, experiences, and bring a much-needed positive change.
Share your Thoughts Too
A business community or a business network is not just an island. No one can run it alone. And no business owner is doing a business just for survival in the market. Every business owner wants to grow big.
Sometimes the networks are more critical to your business success than your ability to define and build the perfect solution. Having excellent business relationships empowers you to confidently and aggressively take risks, continually innovate, and recover from losses and setbacks along the way.
Whether it is a software development company, a supermarket chain, an enterprise, or a startup; business relationships of today are at the core for the success of tomorrow.
Tell us what you make of it! We’d love to hear from you too.