Relationships are key to success in Business

Relationships are key to success in Business

As the business world increasingly competes against competitors, faces the challenges of advances in technological developments, innovation and access to a communication platform 24/7 with no international boundaries, the importance of effective relationships has never been so critical.

Proactive customer service is a necessity if you want to survive as a modern day business, and that means effective communication online and offline at all times. According to a survey conducted by Harris/ClickSoftware, brands in the UK are currently losing nearly £15 billion annually due to poor customer service. A shocking statistic that could easily be addressed if companies reviewed their approach to delivering quality customer service.

We can all appreciate that there will always be incidents where product quality may fail, service delivery falls short or something goes wrong without reason. But it’s how you deal with the aftermath that really matters and that’s where having built a strong relationship with your customers helps to protect future sales. So much so that according to the Customer 2020 Report, by 2020 customer experience could overtake price and product as the key brand differentiator.

Delivering a professional and can do attitude will ultimately lead to better quality relationships being formed with customers and suppliers to ensure that they remain loyal. Research shows that reducing your customer defection rate by 5% can lead to increase in your productivity by 25-125% (Leading on the Edge of Chaos, Emmet Murphy & Mark Murphy).

Fenestration systems house, Kestrel Aluminium Systems are a great example of where creating effective relationships have led to business growth, believing that it is equally as important to develop strong and long-standing relationships with customers as with suppliers. Making an effort to understand the customer’s needs, the type of work they undertake and what they want from their chosen supplier it establishes mutually beneficial relationships.  This in turn provides an opportunity to approach customers to discuss product development ideas ensuring that any new products are developed are wanted and needed, as well as keeping up with industry trends and changes.

Working closely with suppliers is just as important as they provide specialist knowledge that enables products to be developed using the latest technology. Creating strong and effective relationships means that an honest and open flow of communication can be developed enabling problems to be dealt with immediately without resulting in any long term harm. The end result is a company that has acquired an enviable reputation for being a trusted, reliable and quality supplier and partner.