Building long-term relationships with clients is essential for business success. Global statistics indicate that 65% of companies’ profits originate from regular clients.
To achieve this, significant effort is required, beginning even before the first deal and continuing for years. This article will outline the benefits of long-term relationships and strategies for achieving them.
What are the benefits of building long-term relationships with clients?
Both companies and their clients are interested in developing long-term relationships. Market research indicates that 81% of consumers select brands they trust, and 58% make this choice even when there are more economical options available.
Loyal clients contribute the most to a company’s profitability. A study conducted by Retention Science, an American company, indicates that a 5% increase in the number of regular clients can result in a 25% to 95% increase in company profits. It is therefore beneficial for both parties to cultivate long-term relationships.
Vchasno is confident that the win-win strategy, which benefits both the company and its clients, is an effective approach. Consequently, our business philosophy is based on the principle of fostering long-term relationships.
Many companies aim to become market leaders or develop innovative products. And clients select them. However, it is challenging to establish trust when the focus is solely on self-promotion. When consumers are faced with a choice, they do not make decisions based on rational reasoning. Instead, they prefer the product that aligns with their preferences. In the digital services market, clients expect services to be straightforward and effective in solving their problems.
It is our goal for Vchasno to become the preferred service among Ukrainians for document work. This is the vision of our company. We aim to establish our services as the default choice for customers, comparable to their preference for a particular hotel chain when traveling. Because it fully meets their exact requirements.
Our philosophy of long-term relationships with clients encompasses not only the product, but also the service and maintenance that accompany it. Our objective is to assist our clients in achieving their desired outcomes in collaboration with us.
Create a community to share your values with your clients
It is not simply a matter of making a purchase; rather, people are looking to establish a connection with you. They are looking for more than just a product or service; they are seeking an experience. Moreover, they are seeking not only the experience, but also a sense of belonging to a community and alignment with its values.
Vchasno is digitizing Ukrainian business processes. Our primary objective is to convey to our clients the advantages of electronic documents in terms of convenience and efficiency. Our partner network currently comprises over 900,000 companies that adopt and uphold our core values.
Electronic document workflow services serve as a bridge between companies. This has a social effect, as we assist companies in identifying potential partners and facilitating the establishment of their business. A network is being formed around our product.
However, the product is just one component of our broader community. We facilitate communication and knowledge sharing among our partners through the creation of dedicated platforms. Annually, we host the Business Without Paper forum to recognize the most exemplary companies that have digitally transformed their business operations with the “Vchasno. The Best Invicibles” award. We also hold joint events with our partners. These events provide an opportunity for clients to align themselves with our values and meet like-minded people.
When engaging partners in such projects, it is essential to understand what value they will receive from it. The value will vary depending on the position of the employee. While finding business partners may be a key objective for top managers, it may also be viewed as a bonus or promotion for ordinary employees. When engaging clients in events, it is essential to ascertain their current company status and needs.
If the community is interesting and you wish to be involved, it will attract other people. By sharing your values with this community, addressing the needs of companies, you will be able to gain their trust on a long-term basis.
How to build long-term relationships?
The relationship with the client is established during the initial meetings and negotiations. To foster trust and loyalty, we recommend that sales managers adhere to the following principles.
Find out the client’s needs
Many sales managers lack an understanding of how they can benefit the client and instead focus on the benefits of the product. However, the most unfavorable outcome is that, upon conclusion of the agreement, the client may realize that the service will not yield the desired results. It is therefore essential to identify the client’s needs before the sale.
Vchasno adheres to the principle that we will not sell our product if we are unable to fulfill the client’s expectations. We conduct a thorough analysis of the company’s business processes and technical capabilities before offering our services.
Engage in a discussion with the client to identify their business needs and ask direct questions. Draw upon the experience of other professionals in your field. There is a wealth of information available online regarding the types of questions that can be used to discover a client’s needs. Through dialogue, it is possible to identify the optimal solution that will meet the needs of all parties involved.
Go beyond expectations
Your clients’ trust depends on more than just the services you provide. Include additional, unexpected elements in your commercial offer to exceed your clients’ expectations. It is important to prepare thoroughly for presentations, arrive at meetings in advance, and maintain consistent communication with clients. Demonstrate to the client that they are valued, and you will receive their appreciation in return.
The sale is just the first step in a long-term relationship
In many companies, the sales department structure is such that, once a sale is made, the manager ceases communication. Another individual begins working with the client, who is unaware of the details of the negotiations and the terms agreed upon by the companies. This approach makes it challenging to gain the client’s trust.
To ensure the client remains a customer for an extended period, schedule a follow-up meeting one week after the sale. Develop a plan for the next steps. Provide a monthly report on the work completed, clearly demonstrating how you are progressing towards your objective. This will establish the foundation for a long-term relationship.
You’ve got a loyal client: what’s next?
Even after a client regularly purchases your product, it is important to maintain communication with them. Consider what else you can provide them—new products, special service conditions, or anything else that may be of interest.
A significant number of companies are engaged in a cooperative relationship with Vchasno for a period exceeding five years. We monitor market trends and consistently introduce new products, ensuring that we can always provide our clients with up-to-date solutions. In particular, we have recently developed a service for electronic HR document workflow, cloud-based electronic signatures, and a number of other products designed to meet the needs of businesses.
In working with clients, it is important to remember that a long-term relationship represents a long-term investment. Trust and partnership are established over time. However, if the team is committed to it, success will be achieved.
Join Vchasno sales team!
We are actively growing, so we are looking for specialists.
You will have to do the most amazing things, help customers and sometimes hear them say Wow!
See details and send resume.
