With the stiff competition between businesses in our markets today, few would agree with the notion that strong business relationships contribute significantly to the success of a business. However, creating a strong relationship with other firms facilitates marketing efforts that promote effective pricing strategies and healthy competition.
Research in the book on customer preferences – ‘Inside the buyer’s brain’ gives specific factors on what attracts consumers to a firm. Knowledge of the industry (20.6%) is the third-highest factor that attracts customers to a firm. It follows past performance and company expertise.
Just like personal relationships, businesses have to be in constant contact to maintain the mutual benefits it brings. The following factors should be fulfilled to build and maintain a long-lasting business-to-business relationship.
Offer assistance before you ask
Businesses build relationships to have a network of people who can offer help when they need it. Showing people what you can offer them guarantees a return in favor, especially when you assist them first.
Additionally, people want to know you have an interest in them. Talking about your business all the time weakens business bonds. By listening to others, you gain knowledge out of their successes and failures.
Be in constant communication
‘Out of sight, out of mind.’ Compared to any other relationship, businesses have to keep in touch with the progress of the other party. You should plan meetings not only online but also in person. Personal appeal will make people feel like they know you.
It is also important to keep records of who you have been in contact with to keep the conversations going. Task management systems assist in reminding you to make or return emails and calls. Many people may not know how to write a follow up email when someone doesn’t respond. Business requires patience. Experts advise on sending a new mail but not too quickly.
Uphold integrity
Taking others for granted – or worse, taking advantage of them is the biggest mistake a business can make. This is the quickest way to destroy any relationship. Moreover, it destroys the reputation of your business, brand, and may also affect other networks.
Businesses should make sure both the internal and external environments believe in their dependability. Doing the right thing and sacrificing your wants for someone else opens more opportunities for your business and makes your relationships grow stronger.
Grow your network
Networking, as a socioeconomic activity, has helped many businesses over the years to share and gain knowledge. Through these meetings, entrepreneurs get to capitalize on the available opportunities and also create more.
However, networking does not have to be formal. Entrepreneurs can start friendly conversations during their free time during the weekends. A business with a growing network maintains and strengthens its relationships.
Work hard for your business
With hard work comes success, and success speaks for itself. You will, in turn, be on the upper hand when striking conversations. Businesses always want to be associated with other successful companies. When you put in maximum effort in the work you do, you will not have to prove yourself to anyone.
Everyone would be ready to couch for businesses that perform they expected. A company that shows and fully exploits its potential facilitates word of mouth marketing. When people hear of your achievements, especially from third parties, your relationships and connections grow stronger.
Be flexible and open-minded
An entrepreneur needs to be adaptable to new environments and willing to learn new things. Being open-minded sharpens your negotiation and problem-solving skills. Showing acceptance of different cultures, genders, races, etc., gives people you associate with the confidence to speak and interact with you freely. This personality in business allows you to see through people’s appearances and appreciate them for who they are. It also allows you to build your business around the right people.
Every business needs a support system in the industry. One of the best ways to achieve a productive relationship is by scouting potential connections. However, these relationships are not built overnight. It takes time and patience.
