Leverage the Power of Trust and Loyalty For Long Term Gains

Have you ever strategically considered your approach to building strong business relationships with your clients? Don't be too quick to say 'Yes'!

This article will focus on three key questions.

1. Why is client relationship so important in today's marketplace?
2. What you should be aiming for?
3. How do you lead your team and get started?

These same questions came up in a session I had this morning with a group of highly experienced and growth-minded executives. It created a wide range of discussions and considerations that brought us all to the conclusion that we all could - and indeed must - try to do better in this area.

Here is how it went...

Why is client relationship so important in today's marketplace?

In our highly interconnected and competitive business environment, cultivating and nurturing business relationships in today's environment is a major if not the most important driver for growth, success, and resilience.

WARNING - This may sound obvious! but not many leaders consider these facts carefully enough.

1. Businesses experience greater customer retention, increased customer lifetime value, and greater revenue growth if they master the art of building strong relationships with their clients.
2. Satisfied and loyal clients drive repeat business but will also serve as advocates, referring new clients and contributing to positive word-of-mouth.
3. By investing in building and maintaining strong client relationships, any business - large or small - can enjoy long-term success and sustainable growth even in periods of economic downturns or industry fluctuations. Clients who have a strong relationship with you are more likely to stay loyal and continue doing business with you, providing a buffer against market uncertainties.

The group took some time to reflect. They came to the conclusion that not enough was done in this critical area [evaluation was 4.5/10]. They recognised that building and maintaining strong client relationships was fundamental to their teams' success, and it was essential that they continuously evaluate and improve their approach to it.

What should you aim for?

How do you know where you are going if you do not know your final destination?

My next question involved asking the group to come up with their own definition.

The question was: 'How would you define 'having a great relationship with a client?'

The business leaders I speak with look for competitive advantages and seek to differentiate themselves from the competition through various means. We cover a lot of ground in these discussions but seldom do they appreciate the benefits of relationship building and what it truly means to nurture strong business relationships - consistently.

What do you think? How would you define it if I was to ask you the same question?

Would you come up with a 'coffee and cake' answer?

The group I worked with yesterday came up with this definition:

"A great business relationship is established on trust, open communication, shared values and goals, collaboration, value creation, long-term orientation, adaptability, continuous improvement, and a win-win mindset. It is a partnership that brings benefits to all parties involved and lays the groundwork for mutual growth, success, and resilience"

PHEW!! Did you think of that? Can you spot the keywords?

What resonates with you the most?

For me it is TRUST...

T - Transparency: Being transparent and open in communication and actions.

R - Reliability: Consistently delivering on promises and being dependable.

U - Understanding: Seeking to understand others' perspectives, needs, and concerns.

S - Support: Providing support and assistance when needed.

T - Time: Building trust takes time and cannot be rushed. It requires patience and consistency.

I then asked the question: 'Given your definition, how would you go about creating a new charter to help your teams in their quest to build outstanding relationships with their clients?'

Here are some really interesting points the group came up with.

1. Open and Trusting Communication: We want our clients to feel comfortable expressing their needs, concerns, and feedback. We want them to feel that their interests always come before our own.
2. Collaborative and Inclusive Approach: We invite them to work together as partners leveraging each other's expertise, insights, skills, and resources to achieve our shared goals.
3. Personalised Attention: We seek to understand their unique needs, and preferences and go the extra mile to tailor our products, services, and solutions to meet those specific requirements.
4. Proactive Anticipation of Needs: We build a deep understanding of the client's industry, challenges, and market trends, allowing us to anticipate future needs and provide proactive recommendations and solutions.
5. Exceptional Customer Service: We consistently deliver a high level of service, responding promptly to inquiries, providing thorough support, and resolving issues efficiently. We go above and beyond to exceed our clients' expectations and ensure a positive experience at every touchpoint.
6. Long-Term Commitment: We go beyond individual transactions or short-term gains. We promote a mutual understanding to invest in building and maintaining the relationship for mutual benefit and shared growth.
7. Trust and Reliability: Our clients trust us to deliver, meet deadlines, maintain confidentiality, and consistently deliver high-quality products, services, and results.
8. Continued Engagement and Repeat Business: Our clients choose to work with us repeatedly because of the value we provide and the positive experiences they associate with ourselves and our business.

Once we completed the exercise, we then moved on to establishing the actions we needed to take to reinforce their teams' commitment and abilities to execute the charter.

How do you lead your team and get started?

The next step of our session was in the form of a workshop to establish the skills, mindset, and competencies their teams would require to accelerate trust and collaboration with their existing portfolio.

The question I asked: 'What do your teams need to truly excel in this area?'

If you manage a team, I invite you to stop reading and make your own list. Simply think of your own team and answer the question.

These are some specific training and development areas the group came up with.

• Help our team develop stronger communication skills including active listening, clear and concise questioning, and the ability to adapt their communication styles to match their clients' preferences.
• Seek to elevate the impact of emotional intelligence and teach them the ability to understand and manage one's own emotions and empathise more with others in order to better influence and control client interactions.
• Create a new framework to navigate sensitive situations, handle conflicts constructively, and build rapport.
• Develop a growth-minded culture where everyone is focused on problem-solving and a solution-oriented approach.
• Adopt a consultative methodology and a client-centric mindset to better understand our client's goals, priorities, and challenges for us to better align our efforts to support their success and increase their profits.
• Work on the teams' mindset and behaviours to move away from being vendors to becoming strategic partners.
• Become more adaptable and flexible. Our clients' needs and circumstances always change and we must learn to adjust our approach, solutions, or strategies accordingly.
• lead our team to strategically plan activities that are the foundation for great relationships such as attending industry events, engaging in networking activities, and fostering a sense of community within our client base etc.
• Learn to appreciate the broader context in which their clients operate. They must stay informed about industry trends, market dynamics, and competitive landscapes. This needs to become a focus. This knowledge will enable them to provide valuable insights, anticipate challenges, and offer strategic guidance to our clients.
• Support by committing ourselves to professional development and coaching. Our sales directors are our greatest assets and we must equip them with the latest industry knowledge, trends, and best practices for them to strive for excellence.

Summary

Nurturing client relationships is not a one-time effort but an ongoing commitment that requires dedication, continuous improvement, and a client-centric mindset.

You will need to give this genuine care, dedication, and consistent effort.

By developing the right skills, competencies, and mindset, you can truly help your teams cultivate long-lasting and mutually beneficial client relationships which in turn will truly make a difference to you, your team, and your business.

Get in touch if you have a personal interest in this topic and would like to have a conversation.