Consider the scenario where you provide a service to a customer only once in their lifetime. Should you still maintain an ongoing relationship with them? This is a common question for businesses like funeral planners, wedding planners, and first-home builders. They tend to have new customers every time.
Regardless of the business model, developing ongoing customer relationships is crucial. There are several reasons to support this thinking.
Firstly, customers reciprocate ongoing relationships in different ways. For example referrals, investment in our company, and serving in board positions.
Secondly, we need to remember that we are managing a customer portfolio, not just one key contact. So, anyone from the given customer portfolio can bring in more business. It simply highlights the importance of maintaining these relationships.
Lastly, when we genuinely care about our customers and maintain ongoing relationships we develop our brand image and identity. A good word about our business can spread, attracting more customers and establishing our reputation in the market.
In conclusion, building and nurturing customer relationships is crucial, even if it’s a one-time service. It’s not just about securing repeat business, but also about cultivating a positive reputation, expanding the customer base, and creating a loyal customer network. Hence, relationship building is essential, irrespective of our business model.
