Tool Box
Issue No. 9 - February/March 2003
Long Haul Loyalty
How to achieve long-term business growth through relationship marketing
by Max Franchitto
Consider this: you're a small business person who recognises the importance of developing enduring and profitable relationships with your customers.
You work hard to produce quality products and/or services, offer outstanding service delivery, and cultivate a friendly, professional rapport with your clients.
So what's the problem? Why isn't your business moving forward the way you expect? Why are long term relationships proving so elusive?
To answer those questions, we'll take a look at the key factors in any successful business by considering the critical importance of Relationship Marketing.
Put yourself in their shoes
First, think of the values that you would seek before making a commitment to someone in a business relationship. It would probably be one where you felt the provider was listening—and understanding—your needs and requirements. It goes without saying that you'd be concerned about the provision of quality service that went beyond the norm.
In particular, financial services professionals, for example must deal with the normal concerns that people have about keeping money matters confidential. Here, the need to build the relationship over a comfortable period will determine the ability to market it successfully.
Therefore, it's important to realise that a service-focussed business is all about dealing with feelings and perceptions. People aren't buying the ‘hard’ product so much as the ‘soft’ service that goes with it. The basic needs of the other party in such a relationship are for reliability and longevity of support services.
Many business customers are presently choosing service providers who, no doubt, will be servicing their needs beyond the year 2003.
Top of mind will be those providers who have established strong relationships with the client company. Clearly, the successful provider is going to reap long-term benefits.
Understandi...
