How SMEs can build long-term client ties
DOMINIQUE SY
In today’s hyper-connected world, the value of creating long-term business partnerships has risen to an all-time high. Strong, sustainable client relationships lie at the core of every successful business, particularly for small B2B companies.
If you’re managing a B2B SME, not only will cultivating client relationships enable you to attract and keep loyal customers, it will also enable your business to go beyond status quo. This creates a point of differentiation for your company which makes it more attractive and competitive in the market.
Below is a list of some practices to help your company elevate itself from “vendor” status to “lifetime business partner.”
Know your client. Before anything else, it’s imperative to have thorough understanding of your client, their business needs, and how your company can add value to them. More than confining all interactions to purely transactional nature, try to start conversations with customers. By doing so, you can communicate with your client more effectively and provide offerings tailor-fit to their business.
Communicate regularly, promptly. As with any other relationship, prompt and regular communication is a cornerstone of a budding partnership. Regularly following up and responding quickly may seem trivial in the short run but these small actions are crucial to building trust in the long run. By being more responsive and proactive, the dynamics then shifts towards a more collaborative rather than transactional. Moreover, it’s prudent to use more personal methods of communication (i.e. phone calls) rather than impersonal one (i.e. email) when in high-pressure situations to help prevent miscommunication.
Most favored client. Treat every client as though they’re your most favored one. To put it simply, being generous and courteous to all clients will pay off through greater volume of referrals and positive reviews. It never hurts to deliver great customer service at every opportunity. After all, word-of-mouth is one of the most powerful tools at your disposal.
Openness, continuous improvement. A policy of openness goes both ways. While you should welcome honest feedback from your clients, you must also take the opportunity to share your professional opinion on issues related to a project. If your client is hesitant or ignorant about a certain aspect of your business, welcome the chance to educate your client, thereby engendering trust in the process. In the same way, be sure to use every point of feedback, whether positive or negative, as data points to address. Feedback is highly valuable in a small business. As the offering continually evolves, so will the company.
Deliver beyond the best. Doing excellent work is an integral part of cultivating your company’s reputation and future relationships with clients. No amount of communication and industry knowledge will salvage a mediocre product or service. However, in some instances, despite having the best product or service offerings, you may find yourself lacking the capital to accept a purchase order. First Circle can help you unlock the next level of your business so you can continue serving your clients. By accepting more and larger orders, you can further upgrade your relationship with your clients.
Gain their loyalty. After consistently delivering the best of the best, you have acquired numerous repeat customers. However, your clients sometimes don’t pay promptly which negatively affects your cash flow.
However, since they’re your loyal customers, you want to maintain your amicable relationship with them In such cases, fast, reliable, and affordable financing is the solution. With First Circle’s invoice financing solution, you can extend credit terms to your clients and capture their loyalty.
Dominique Sy is a digital marketing analyst with experience in the public sector, the academe, and the private sector. She is currently part of the team behind First Circle, a fintech startup that empowers SMEs through innovative business financing. To know more about how First Circle can accelerate your business, visit www.firstcircle.ph or send an email to dominique@firstcircle.com.
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