There are many considerations that organisations must put into perspective when strategising for growth. Relationship management is at the forefront of these considerations.
Customers often close their accounts with one bank, citing lack of understanding of and support for their businesses as the reason for moving to another bank. Mothers are also known to buy from a shop farther from home than the one by the corner of the street, citing better pricing and product knowledge as their reason.
Students studying a skill have sometimes stopped attending classes in the middle of training to start all over again with a competing skill acquisition centre, citing personal touch, attention to details and a deep rooted interest in their success shown by the new centre as their reason for making the move.
This shows that today's customers do not pay much attention to what a brand promises; rather, their focus is on how it can help their businesses to grow.
Organisations need to start paying attention to what their customers are saying and how they are behaving. These are critical signs that show how far and how well a company will grow in the future. Businesses do not have any hope of growth if they do not maintain old relationships while cultivating new ones.
Maintaining and establishing business relationships are important aspects of growing a business. This is because stakeholders want a good return on their investment.
Of what use is stocking premium goods in the store if no one is buying? Regardless of the type of business or the product a business is promoting, it must necessarily have a strong client base. This will ensure that the money invested in the production of its goods and services yield returns. These clients must also be treated well if the primary goal of an organisation is to gain their loyalty and ensure its competitors do not benefit from their lack of foresight.
Relationships are built on the foundation of mutual trust, respect, understanding, integrity, product knowledge, credibility and consistency.
Organisations must exhibit these attributes in all aspects of their business processes.
This responsibility resides within the divisions whose primary duty, as the chief custodians of the organisation's image, is to ensure that there is a corresponding relationship between what the organisation is saying and what it is actually doing. Divisions such as marketing, communications, media, sales, public relations and customer service that relate directly with customers must ensure that the attributes listed above are reflected in the quality of their service and in their communication processes.
In a statement made in 2012, KPMG Banking Industry Customer Satisfaction Survey report, Partner and Head, Management Consulting, KPMG said, "Our survey also demonstrates that customers are increasingly sensitive to service quality; and as customer confidence in the industry increases, the likelihood of switching is expected to increase. Hence, the time is now for banks to go beyond customer service to building customer loyalty and advocacy."
This statement highlights the overriding need for every organisation to build lasting business relationships.
The report also cited quality of service as a major reason for switching banks and not financial stability.
It, therefore, goes without saying that to compete in the market place and retain a chunk of the market share, organisations need to instill the virtues of courtesy, respect, attention to detail, a deep awareness of their clients' needs and a clear understanding of how an organisation's brand can fulfil these needs. These are the building blocks for providing unparalleled customer service and for building lasting business relationships.
