Establishing Long-Lasting Client Relationships
How Favors & Reciprocity Help Businesses Maintain Lifelong Partnerships
Building and maintaining strong business relationships has never been more important than today. Low barriers to entry has flooded the market with competition, driving pressure to remain relevant to consumers and prospects. In this week’s blog we’re going to look at how favors help a company establish trust and loyalty with their clients through the law of reciprocity. The law of reciprocity is most easily defined as the social norm of responding to a positive action with another positive action. This principle is usually applied to most human interactions, but today we’re focusing on how it can be leveraged in business and, in turn, will create strong, long-lasting client connections.
Companies inherently know that corporate relationships need to be built on trust. This is usually done by the customer repeatedly realizing and utilizing the product or service’s value proposition. By augmenting your value prop by personally nurturing repeat customers and driving excitement with new prospects, you will not only show your consideration for the needs of your key counterparties, but allow for the value of your product and/or service to take center stage in a positive light.
Take social media, for example. Too often companies make the mistake of treating social like a one-way marketing communication, which consumers, recognizing it as a two-way street, will take note and criticize your lack of authenticity. Leveraging the law of reciprocity on social requires companies to deliver reliable, transparent, and positive content that keeps the conversation moving and allows the brand to stay top of mind. Nike has had a strong social media presence for many years now. Their latest campaign “You Can’t Stop Us”, shows their ability to provide consistent content that is relevant to their consumers and encourages them to engage with each other through issues that unite them.
Nothing can stop what we can do together. You can’t stop sport. Because #YouCantStopUs.
— Nike (@Nike) July 30, 2020
Be consistent, and show your audience that you care, while keeping in mind that the goal is to make them feel important. By discovering their wants and needs, you will be able to engage in new ways, while also being able to find new ways to reward them.
To maintain a long-lasting bond with your client, you need to show them that you appreciate their engagement with your company. Rosenhaus Sports is a good example of a company showing how much their clients mean to them, by sending each athlete they represent in the NFL, MLB, & NBA a giftbag showing their appreciation.
Here’s the Rosenhaus Sports client appreciation bags being sent to over 140 athletes in the NFL, MLB & NBA.
Stated retail value of more than $1200, including apparel, hand sanitizers, energy drinks, hydration products, protein snacks, etc. pic.twitter.com/k7BbxPSjle
— Darren Heitner (@DarrenHeitner) July 25, 2020
Whoever you choose to reward, whether it’s a loyal or new customer, you are strengthening an important relationship for your business while at the same time helping your company maintain a positive brand image. And for those of you that have budget constraints, remember the appreciation comes in many forms. Remember when your parents posted your report card on the fridge? Felt good, didn’t it! Simple texts, phone calls, and emails show appreciation through recognition. It goes a long way.
When you’re able to show the customer that you are always caring for their needs and interests, from prospect to customer to repeat business, they will relate your commitment to their happiness and will keep your connection strong.
Take an Interest
Taking an interest in your client’s personal life, reminds them you’re not just a vendor or supplier. Becoming friends beyond the contract terms reminds the customer that you are on their side – that your company’s mission aligns with theirs. Rewarding and recognizing them for their accomplishments is the easiest way to break down the relationship wall, and then make a point to familiarize yourself with their interests.
The law of reciprocity is simple in it’s basic form; introduce positivity to your relationships and expect to be responded in kind. When your company keeps the law of reciprocity high on their list of priorities, expect new friends, customer loyalty, and the opportunity for your products and services to really shine.
At Best.Day.Ever. we love making it personal. We’ve created new virtual activations that bring engagement right into your key counterparty’s homes, while giving them the chance to participate and be rewarded by competing for prizes and experiences. For more information on how to keep your clients happy through virtual or in-person experiences, click the button below to see how Best.Day.Ever. can help you.