The profound words of Harold Geneen, former president of ITT Corporation, have always resonated with me. He said, “In the business world, everyone is paid in two coins; cash and experience. Take the experience first; the cash will come later.” It aligns remarkably well with my personal ethos: “Focus on Relationships; the Money will Follow.”
When we apply these words to cultivate authentic business relationships, the ‘experience' Mr. Geneen mentions is often reflected in the customer journey. This journey goes beyond the immediate service or product; extending from the moment the potential customer first encounters your brand until their final interaction. Each touchpoint offers a unique opportunity to cultivate relationships and shape exceptional customer experiences.
Each customer interaction becomes a learning experience. By reflecting on our successes and identifying areas for improvement, we continuously refine our approach to customer service. When we repeatedly go through this process, we get better at providing an outstanding customer experience.
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Components of Authentic Business Relationships
While we know that as business owners we want to make money, Geneen's words caution us against being overly focused on immediate profits. The true reward lies in providing extraordinary customer experiences. When we focus on those experiences, financial success will invariably follow. Satisfied customers not only return for more business but also serve as ambassadors, recommending your business within their networks.
Following are five ways to apply these principles to enrich customer experiences and bolster relationships:
👉🏽 Embrace Active Listening
Truly listen to your customers. Encourage feedback and open up channels for dialogue. They will often provide the insights you need to improve your offerings and tailor your services. Studies indicate that companies implementing customer feedback have a higher customer retention rate.
The Hubspot blog helps us to appreciate why customer feedback is so vital: “Customer feedback is important because it tells you how they feel about your business. You’ll learn what they like about what you offer and areas where you can stand to improve. Without this feedback, you won’t know if you satisfy the people you exist for — your customers. You won’t know if they use your product as intended and even if they want to continue doing business with you.”
👉🏽 Be Quick to Respond
Prompt response to a customer's query or complaint shows your respect for their time and can significantly impact customer satisfaction. A survey by Arise indicates that 82% of consumers expect immediate responses to sales or marketing questions.
👉🏽 Do More Than What's Expected
Sometimes, it's the little things that count. Small, kind gestures can win your customers' hearts and keep them loyal. Just recently one of my colleagues shared that a business gave her a $5 Starbucks card, along with a hand-written note, as a token of appreciation for her understanding about a delay. She said that the extra touch made her feel valued. She appreciated the small gesture.
👉🏽 Make It Personal
Treat your customers as individuals, not just numbers. Get to know your customers - their preferences, needs, and wants. "Customers would rather invest in a brand that focuses on their needs and constantly provides value beyond the initial purchase."
👉🏽 Be Open and Honest
In the era of digital commerce, transparency is the currency of trust. Be honest with your customers, even when things go wrong. Let honesty be your policy, even when things go wrong. Being transparent builds trust and respect from your customers. One of my favorite customer quotes is, “Customers don’t expect you to be perfect. They do expect you to fix things when they go wrong.” ~ Donald Porter. Customers appreciate honesty, and it can often turn a negative experience into a positive one.
Don't be fooled by how simple these steps seem. They can make a huge difference in your business. While implementing these principles, remember that cash flow is a result of a strong, relationship-oriented business approach rather than its primary aim.
Adopt a customer-centric attitude that values relationships and experiences over immediate monetary gains. Financial success will naturally follow.
