Consumer relationships drive modern business. Spending the extra effort to develop relationships with your clients can lead to long-term success. Your customer relationship makes consumers feel secure with their buying decision.
You build trust and enable two-way communication. This leads to referrals and repeat purchases, further strengthening your business model. Building relationships with customers is an investment in your sustainability.
Customers Want to Know You’re Listening
When it comes to building customer relationships, it’s essential to make your customers feel heard. Consumers know what they want, and they need to know that you’re hearing their feedback through online reviews and communication with customer service.
Some companies have created an impressive customer service model that reflects what consumers are looking for. When you consider Amazon vs eBay customer service, for example, consumers flock to Amazon for the reviews, the return policy, and the fast delivery – all important elements of that company’s business model. And all elements that customers want and respect.
Consumers Pay More for Great Customer Service
According to a study by PWC, companies that give customers a great experience can charge up to 16% more and consumers will happily pay it. This is called the price premium and it is a direct reflection of the value customers attribute to customer relationships.
How do you give the customer a great experience worthy of paying more? By treating them well. Companies that make a client feel heard, understood, and valued can charge more and expect an increase in customer retention.
Additionally, customers who are willing to pay a bit more to be treated with respect and value are also willing to share personal information, giving you an opening to make an even stronger connection through email, text, and other forms of communication.
Relationships Help Customers Stick Around
When it comes to brand loyalty, customers stick with the companies they like and respect. They want a company they can trust to be there to support them if something goes wrong. A quick check on a reviews website like PissedConsumer shows how quickly customers will give up on a company if they have a bad experience.
Consumer reviews tell the tale: a customer has a bad experience and shares that with others, causing a ripple effect in your potential customer base. Reaching out to the client publicly to make a connection and to rectify the solution can be powerful.
A full 97% of consumers who read the initial bad review will also read your company’s efforts to rectify the situation. They will see the value you place on building that customer relationship. It’s easy to spot the positive influence this might have on current and would-be future customers.
But to put a number on it, a study in Forbes noted that 86% of customers would continue to do business with a company if there was an emotional connection made. However, of those same survey respondents, only 30% felt like companies they have worked with tried at making a personal connection.
There is a tremendous opportunity for business owners willing to make the effort to get to know their clients and build that value-added relationship. Customers want to feel seen. They want to be heard. They want to like the companies they are working with and trust that their money is well spent. Consumers want to build a relationship with your company. Why not let them?