In business, how you manage your relationships is going to be one of the biggest determinants of your overall success. Customer relationship management (CRM) has fizzled into a technical term and is imperative for ambitious companies. In fact, research by the Gartner Group has suggested that 80% of future revenue will come from 20% of current clients.
Evidently, establishing and maintaining relationships with your clients is nothing to turn your nose up at. However, knowing how to build relationships better usually generates that exact reaction.
Here, we take a look at the different ways that you can build better relationships with your clients so your luxury brand can both safe-proof its future and deliver better outcomes.
Look after them
As humans, it’s in our nature to want to feel special and wanted. There is no reason a commercial or business relationship with your clients should be any different. It’s a good idea to offer them bonuses and incentives that tell top clients they are seen, valued, and necessary to your overall operations.
When it comes to top clients, you will want to add a touch of luxury to what you provide, and there is nothing more luxury than a private cruise. Other options also include dinner vouchers and complimentary bottles of high-end vintage wines.
‘Good communication is the bridge between confusion and clarity,’ claimed the architect of the 1831 slave rebellion, Nat Turner. In effect, confusing your clients is a good way to make them and your brand look and feel stupid.
When maintaining this occasionally delicate balance between your luxury brand and clients, remember that they will be expecting a superior service from you. One way to keep those embers of commercial chemistry smoldering is through consistent and personalized communication.
The art to this is twofold: don’t bombard your clients with media, and personalize what they receive as much as possible. If they are doing well, congratulate them on their efforts. If things are in decline, bring solutions to the table.
Ensure that, when you are communicating, you’re doing so with the intention of bringing clarity and tangible information to the table. Make sure that your emails are welcomed, not disregarded as unwanted circulars.
Lead by example
Attitudes are contagious. If your business becomes hostile in any such way, then this will generally be met in kind. Alternatively, if you radiate positivity, then in most cases, your clients are going to reciprocate accordingly.
In business, if you treat your clients how you would like to be treated, then this is going to work wonders for the management of your client relationships. Exuding confidence, energy, and enthusiasm to your clients will bode well. This is due to the fact that these qualities are conducive to business and that they are attractive personality traits more generally.
Be forthcoming with your knowledge and information
No one likes being lied to. On the less drastic, yet no less infuriating, end of the scale, clients generally have little patience for persistent grey areas and half-truths either. It’s likely your top clients have this standing due to their own aptitudes across fronts, so they will be better equipped to recognize when something’s not right.
This also applies to areas of the business that your clients are not entirely familiar with. Don’t let them feel ignorant about the areas and processes under which you operate. It’s in your best interests to be transparent and help them understand what it is you do in order to maintain the need for your services.
Always aim to exceed expectations
Even since youth, expectation can feel like a loaded word. It’s used by teachers and parents to point to a level of achievement that seems both scary and unattainable. However, this need not be the case as this meaning becomes inverted from the impossibility to the gold standard.
To build and maintain your top client relationships, you will need to know what it is your client is striving for. With this knowledge in tow, you can then aim for, and surpass, their outcomes. This can be through far exceeding minimum promises, maximizing sales targets, and offering special prices for top clients that are not available to standard-tiered clients.
There is also a fine line between exceeding expectations and over-promising. Be careful not to fall into a trap whereby your brand guarantees something you can’t deliver because this will have the opposite effect than what you desired.
There are numerous ways that a brand can build relationships with its top clients. These will contribute to stronger business outcomes and commercial integrity. By following the tips above, should take you one step closer to stronger client relationships for your brand.