Introduction
The efficacy of business operations in modern society depends on the business relationships established between suppliers and consumers. If the business relationships between the supplier and consumers are poor, the efficacy of the business operations is negatively affected. However, if the business relationships between the suppliers and consumers are good, the business operations’ effectiveness is positively impacted. In order to succeed in the modern-day business world, business organizations and people must ensure outstanding business relationships with their customers. Good business relationships lead to high customer satisfaction and high returns for business operations executed. Several ways of establishing and maintaining good business relationships between suppliers and consumers have been explored and identified. The various ways of establishing and maintaining good business relationships between suppliers and consumers help entrepreneurs to remain competitive and profitable in the market. This paper explores multiple ways of establishing and maintaining good business relationships and the advantages that result from good business relationships.
Strategies for Establishing and Maintaining Good Business Relationships
Networking
Networking in business has proven to be an excellent way of establishing good business relationships. Networking entails interacting with people from all market sectors and sharing ideas concerning business activities. Entrepreneurs ready to develop good business relationships will always start conversations with people they meet and discuss business issues. As an entrepreneur occasionally meets different people and shares business ideas, the chances of getting people interested in their business increase. There is a high possibility of a person becoming interested in another person’s business activities and opting to share the ideas with others (Alinaghian & Razmdoost, 2021). As more people know of a particular business within their locality, the customer base increases, and the profits realized from the business also escalate. Networking opens avenues for a business to spread and get known by many people in the market. Therefore, the technique of networking can be effectively used to establish and maintain good business relationships in the market.
Ethical Communication
Ethical communication entails a concise and truthful way of talking to customers and ensuring their needs are fully met. In the business world, ethical communication is overly used by entrepreneurs to attract customers and retain them for a long. Communication in the business world determines an entrepreneur’s efficacy in addressing their customers’ needs and expectations. Communication should be prioritized in all business operations because it determines the level of customer satisfaction and retention in the market. Therefore, entrepreneurs should adopt ethical communication based on customer needs and communication (Alinaghian & Razmdoost, 2021). Entrepreneurs and business organizations should learn to be polite and trustworthy to their customers. Using provoking language to customers drives them away, which translates into a threat to survival in the market. Ethical communication compels customers to speak out about their satisfaction level, which helps the seller know the strategies they should implement to increase customer satisfaction. Entrepreneurs and business organizations that use ethical communication establish and maintain good business relationships with their customers.
Trust
Good business relationships depend on the level of trust that the buyer has in the seller. Consumers always go for suppliers who can be trusted to offer the right quality of products and who can deliver orders within the stipulated time. Trust in the business world entails being open to customers and going the extra mile to ensure the demands of customers are met. For instance, customers will always go for a business organization that offers high-quality products and maintains a steady supply (Alinaghian & Razmdoost, 2021). One way of building trust in the business world is by providing high-quality products and ensuring the timely delivery of customer orders. An entrepreneur who can win the trust of their customers establishes good business relationships with the customers and can retain the customers for a long. Therefore, honesty is the key to building customer trust, which establishes good business relationships. Business relationships built on trust impact business operations and the profitability of a business organization positively.
Rewarding/Congratulating Customers
The system of rewarding and congratulating customers is among the most effective ways of establishing good business relationships with customers. The reward and the congratulatory system are usually done on the most outstanding customers. In order to make it widespread, the reward and congratulatory system should be done publicly in order to attract more customers. As customers witness other customers being rewarded for being regular and outstanding, the desire to continue buying from the same supplier increases. The reward system impacts customers positively because it is a sign of being valued by the supplier. Entrepreneurs should familiarize themselves with the tendency always to congratulate their customers whenever they purchase commodities (Alinaghian & Razmdoost, 2021). A simple congratulatory gesture or message goes a long way to positively impacting the customer’s attitude towards the business entity. As a result, a customer might decide to become a regular customer because of being congratulated or rewarded for purchasing commodities from a particular business entity. Therefore, entrepreneurs and business organizations should learn the technique of rewarding and congratulating their customers in order to establish good relationships with them.
Hardworking
Building good relationships between the seller and buyer depends on the seller’s ability to meet the buyer’s needs and expectations. Therefore, the seller must identify business operations that lead to meeting the buyer’s needs and expectations in the market. Thus, hard work is necessary as it drives the seller to try identifying the operations that might attract more customers. Hardworking is the foundation of the success of all business operations in the modern business world (Alinaghian & Razmdoost, 2021). Without the spirit of hardworking, business operations cannot succeed. Customers are easily attracted to entrepreneurs and business organizations that go the extra mile to offer excellent quality goods and maintain a steady supply whenever needed. Hardworking also helps entrepreneurs and business organizations plan well for the future, which allows them to overcome any hindrances that might hinder the way to success. Through hardworking and commitment, entrepreneurs and business organizations build and maintain good business relationships with their customers.
Keeping up with Customers
As an entrepreneur, it is important to keep in touch with customers. Keeping in touch with customers entails following up on them to know their experience with the products and services sold and the improvements that might be needed. Customers feel valued and privileged when entrepreneurs and business organizations follow up on them to establish their views and opinions towards their products and services (Alteren & Tudoran, 2018). As a result, a positive relationship between the buyer and the seller is established, which helps to increase the profitability and efficacy of the business organization in the market.
Advantages of Building Good Business Relationships in the Market
One advantage of building and maintaining good business relationships with customers is increased sales. When good business relationships are established between the buyer and seller, the number of sales increases, which translates into more profits and returns for the business organization. The primary aim of any business organization is to attain high sales and profits in the market. In order to achieve increased sales and profits, business organizations must ensure good relationships between them and their customers (Papadas et al., 2019). Another advantage of building and establishing good relationships between customers and suppliers is the reduced marketing cost. After showing good relationships with customers, a business organization might not need to continue spending on marketing because the customers market the organization and bring in more customers. The other advantage is increased customer satisfaction because of the timely delivery of products and the offering of high-quality products.
Conclusion
Building and maintaining good relationships with customers help business organizations prevail in the market. Several ways of building and maintaining good customer relationships have been explored and identified. The most exemplary methods include networking, ethical communication, building customer trust, and rewarding them. Building good customer relationships leads to increased sales and high customer satisfaction, which act as competitive advantages for many business organizations. Entrepreneurs and business organizations should develop and maintain good customer relationships to remain profitable and relevant in the market. The success of any business organization in the modern business world depends on the type of business relationships between suppliers and consumers. Therefore, good business relationships should always be maintained in the market by the entrepreneurs and business entities. If good business relationships are established and maintained in the market, huge profits and high customer relationships will also be realized by the business organizations and companies.
References
Alinaghian, L., & Razmdoost, K. (2021). How do social enterprises manage business relationships? A review of the literature and directions for future research. Journal of Business Research, 136, 488-498.
Alteren, G., & Tudoran, A. A. (2018). Open-mindedness and adaptive business style: competences that contribute to building relationships in dissimilar export markets. International Marketing Review.
Papadas, K. K., Avlonitis, G. J., Carrigan, M., & Piha, L. (2019). The interplay of strategic and internal green marketing orientation on competitive advantage. Journal of Business Research, 104, 632-643.