In today’s business landscape, consumers are increasingly looking to do business with companies that share their values and offer a sense of community. The rise of the “relationship economy” has made it more important than ever for businesses to focus on building strong relationships with their customers. But what does this mean, and how can businesses create meaningful connections with their customers?
Below, 17 Forbes Business Council members share key concepts of the relationship economy and the importance of maintaining these important connections.
1. Support Diverse Entrepreneurship And Communities
Customers are smart. They see through ESG (environment, social and governance) initiatives that are not truly reflective of and embedded in a company’s culture. For us, caring for communities is integral to who we are. Supporting diverse entrepreneurship and equal opportunities in education align directly with our core business of serving small businesses and local schools. – Kevin Moffitt, Office Depot
2. Prioritize The Customer Experience
Strong relationships are built on trust, authenticity and empathy. Many businesses focus on customer transactions, but now there is a growing emphasis on long-term, meaningful relationships. Prioritize the customer experience and actively seek out ways to engage with customers beyond just the point of sale by providing personalized experiences, prompt response feedback and genuine empathy for customer needs. – Ron Dougherty, Aspire
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3. Research Your Customer
In these fluid, dynamic times, it’s smart to take a step back to understand how people view your brand and those of your competitors as well as the future. Do some research to learn more deeply about what people like about your brand and which new products and services are beginning to catch their eye. Then work with influencers who have trusted relationships with their audiences to build bridges back to consumers. – Cheryl Contee, The Impact Seat Foundation
4. Prioritize Transparency
I think understanding the importance of building relationships with customers is critical in today’s market. Younger generations want to do business with companies that share similar values and cultivate strong relationships, so businesses need to prioritize transparency, accountability and consistency. This involves listening to customer feedback and truly demonstrating a commitment to their needs. – Christoph Straube, W&L AG
5. Complete A Self-Audit
It’s commonly understood that people feel most at ease with other people whom they perceive as looking or thinking like them. How do your customers perceive you and your company? Are you approachable? Do you speak the kind of language they can understand? Starting from this self-audit can help you identify what’s missing to grow stronger, more culturally relevant relationships with your audience. – Jeremy Bradley-Silverio Donato, Zama
6. Know Your Values
Consumers today want to buy good products from companies they can feel good about. An organization needs to know its own values and what it stands for while also being authentic in sharing that. It shouldn’t be performative; it should be real and from the heart. That’s what’s going to stand out. – Tara May, Aspiritech
7. Listen And Learn From Clients
Relationships are an important part of a successful business. Long-lasting relationships take time and require authenticity and a genuine desire to listen to and learn from your clients. Your company strategy should be to help your clients achieve their goals and find products that will benefit them and that they didn’t know they needed. But in order to get there, you need a true relationship economy. – Dov Stark, Prestige Homes Development
8. Create A Sense Of Connection
Building and maintaining strong relationships with customers requires a genuine approach. In the “relationship economy,” customers want to feel valued and understood and they want to be part of a community that aligns with their values. Ultimately, this economy is about creating a sense of connection and belonging with customers, and businesses that prioritize this win in the long term. – Cris Cawley, Game Changer Publishing
9. Put Customer Satisfaction First
Staff, employees and customers come together to share in the joys of a company’s products. While technology automates and productivity increases, remember that it’s about delivering better products to our family of fans at more reasonable prices. Improving the process that leads to customer satisfaction is key. – Homeiku Hkunio, Homeiku co
10. Host Special Events
Developing meaningful relations within your community as a business can pay major dividends. Sponsorships and donations are commonplace, so try distinguishing your brand by providing unique experiences or hosting special events where you can engage with the people in your community. – Andrew Swierkos, The Mountain Shoppe
11. Craft A Narrative
Everyone has a narrative in their head of who they are and what a person like them tends to do. If you can relate to that narrative, you help them realize that people like them tend to do or buy things like you are selling. – Sacha Obaid, North Texas Plastic Surgery
12. Turn Customers Into Brand Ambassadors
Authenticity and trust play the most significant role in growing strong relationships. Stay true and prioritize the needs of the smallest set of people who love your offering. They will become your brand ambassadors and spread the love! This way, your business is built to scale and last with solid foundations. – Venkat Chitturi, Technoidentity
13. Focus On Your Established Principles
To grow strong relationships in the “relationship economy,” businesses should focus on authenticity, shared values, personalization and engagement. By following these principles, businesses can build strong and lasting relationships with customers and employees. This can lead to increased customer loyalty, positive word-of-mouth and, ultimately, business growth. – Rachel-Yvonne Talton, Synergy International Limited Inc.
14. Make A Cohesive Mission
Go down on the chain of command in your organization and ask at every level what the perceived purpose is of the everyday work of the company’s people. The more varied the answers are, the higher the likelihood that the company has issues not just with how values are perceived and lived, but also with clarity in the organization. Companies with strong purposes tend to inspire people. – Magor Csibi, Trendconsult
15. Create Positive Impact
Increasingly, the trend has been that consumers are interested in questions beyond an organization’s product or service. Broader consideration is given to its purpose, its philanthropy, its diversity and equity practices and how it supports local communities and the environment. Importantly, this is often shown through shallow lip service and values statements. Consumers are savvy and won’t be fooled. Organizations need a well-thought-out strategy for how it communicates and lives up to its promises. Impact (not mission statements) is what matters. – Mathew Jacobson, Ducere Global Business School
16. Align Products With Pain Points
People no longer buy with money in mind. People want the feeling that your product aligns with their pain points. They want to know that they can pick up the phone and call you, and know they will be taken care of. That type of relationship sells, even if your competitor is half the price. – Edward Eadeh, E & E Tech
17. Stand By Your Business’s Principles
Businesses must put in the work to understand their audience as consumer behaviors evolve. Today, we’re in a purpose-driven economy where customers want more than products—they want to know that the brands they’re buying from have core values. Preserving relationships and trust among consumers means talking the talk and walking the walk when it comes to a company’s key principles. – Chris Bryson, New School Foods
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