B2B partnerships are just like every other relationship – communication and transparency are important if you want there to be trust and for the relationship to flourish (aka loyalty). Just like with any significant other, this relationship is a two way street. You have to understand your customers’ businesses, needs and goals, and they need to understand your company’s position and how you function via transparency. When you provide your customers/clients with this kind of transparency, a chain of events occurs that benefits you:
- Transparency begets trust
- Trust begets customer retention
- Customer retention begets profits
But exactly how beneficial is this process? Well, acquiring new customers can cost your business up to five times as much as keeping an existing one. That means that increasing your retention rate can increase your profits anywhere between 25-125%.
So how do you go about being a transparent business partner with your clients? Let your clients know all there is to know about your business. Send them newsletters and updates whenever you do something new, exciting, or when you have a product or service in the pipeline that’s beneficial to their business. Send them industry-related info and how you are benefitting them. When they understand your business and what you stand for, and when you act like a true partner would and they know they can count on you, they’ll trust you with their business in the future.
One of the core tenets of this trust is that your client needs to know that you’re working for them and not just for yourself. They understand that you’re in business to make money, but they need to know that you’re on their team. They also don’t to be presented with unwanted surprises – like fees and failures. Again, this plays into the whole “I need to know I can trust you and you’re on my side” mentality. This kind of transparency provides the following benefits:
- Builds trust
- Limits surprises
- Generates accountability
- Makes you likeable
If you can’t tell, the main point we’re trying to drive home here is that for your clients to truly partner with you, you’ve got to be a transparent business partner that’s involved in the success of their business, and not just another service provider that they fill out invoices for once a month.
Here at Incentive Solutions, we’ve been helping our partners build success and increase customer loyalty and retention for over 35 years. It’s what we do best. If you’d like to find out more about how we can be a partner to your success, call us today at 1—866-567-7432 and we’ll show you exactly why our clients gave us a 95% excellent rating and would and do refer us on to their friends.
