It's a new edition on your favourite podcast foresight FM, my name is Ariscot. Today we are introducing you ways by which you can build strong customer relationships.

Imagine there are few businesses that grow over time, while others have huge swings and eventually descend. What is the difference? The polarity lies in how they focus on building customer relationships.

Strong customer relationships are much like any other relationship. You need to invest your time to build and nurture them over time. 79% of customers say that they want brands to show that they understand and care about them before they buy anything. Businesses that perceive the importance of building customer relationships develop an emotional connection with them and retain them for a long time.

What Is Customer Relationship?
A company’s or organization’s relationships with its clients or customers are referred to as its customer relationships. It is an essential component of any business strategy since it emphasizes creating and sustaining a strong, enduring relationship with customers. Enhancing customer satisfaction, loyalty, and retention is the ultimate goal of customer relationship management because these factors can result in higher profitability and long-term corporate success.

Let’s use the world’s largest sportswear company, “ADIDAS,” as an example to better explain what the term “customer relationship” means.

Adidas is a great example of solid customer relationship management because it knows its consumers, gives them outstanding service, communicates well, offers personalization, acts on customer input, implements reward programs, and keeps its brand consistent. Adidas is considered the world’s most counterfeited brand, meaning that numerous companies all over the world use their trademark. They are practitioners of modern marketing techniques. In 2020, they launched “Prime Green” & “Prime Green,” which were made of ocean plastic, with the aim of ending plastic waste. This sort of advertising not only helps companies maintain relationships with their target audience but also encourages other industries to implement sustainable solutions.

What Are The Principles Of Good Customer Relationships?

A good customer relationship is when the customers have a consistent customer experience every time they interact with the business, which leaves them with a good impression. There is mutual regard and understanding between the customers and business, which extends over a long period of time.

The actions for building strong customer relationships embody providing real time support and also proactively offering solutions that are geared towards customer success.
Customer relations aim to create a mutually beneficial relationship with the customer that extends beyond the initial purchase.

In order to build good customer relationship you need to:

1. Customize your approach with warm greetings depending on the scenario.
2. Make your customers feel that you understand what they want.
3. Know that some customers are more interested in the ways you build customer relationships than your products or services.
4. Keep your customers informed about the things about which they are interested in doing business with you.

Your business will need quality support tools at its disposal to deliver great experiences, which in turn can help form good customer relationships.

What Is The Importance Of Building Customer Relationships?

Building strong customer relationships offers numerous advantages, such as increased potential leads and improved customer retention rates. This podcast highlights the top three benefits of cultivating exceptional customer relations.

1. Increase Customer Lifetime Value (CLV)

The longer the customer stays with your business, the greater is the value provided during their lifetime relationship. High CLV means each customer will bring in more revenue for your company. When it comes to customer success, you should spare no efforts in building strong customer relationships .

2. Reduced Customer Churn
61% of customers stop buying from a company if they have a poor customer experience. When you adopt the right techniques or even tools and software to build customer relationships, you deliver great experiences, which bring your customers back to you and reduce the chances of customer churn. By delivering the expected service, you stop them from switching to other brands.

3. Improved Customer Loyalty
Maintaining strong customer relationships is crucial, as acquiring a new customer can cost five times more than retaining an existing one. The level of customer service you provide directly influences customer loyalty. You can effectively enhance customer satisfaction by meeting their demands for exceptional service. Happy customers are more likely to spread positive word-of-mouth recommendations about your brand.
In our next episode we will show you 10 ways to build a long term customer relationships.
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