I responded to a connection request on LinkedIn the other day with some advice on how to build rapport with someone before making an offer. Basically, to understand what they actually do, their role, and whether her product or service actually would be beneficial. This reminded me of what brought success for me over the years and motivated me to write this article.
In today’s world of business, success can often seem elusive, and the path to prosperity can be filled with numerous challenges and obstacles. However, those who have achieved success in business know that there are certain fundamental principles that are essential.
These principles, referred here as “The three pillars of business,” are relationship, trust, and service.
In this article, we will explore each of these pillars in-depth, examining their importance and how they can be applied to achieve success in business.
Table of Contents
- Importance of Relationship
- Building Relationship
- Importance of Trust
- Building Trust
- Importance of Service
- Providing Excellent Service
As a businessperson with over 30 years of experience and having started and run two profitable businesses, I have seen firsthand the importance of the three pillars of business.
Relationship, trust, and service are the foundation upon which any successful business is built. Each of these pillars is interconnected and relies on the others to achieve long term success.
Importance of Relationship
The relationship between a business and its customers is critical to the success of any business.
Not properly training every person within an organization that the client is the most important aspect to the Company, is setting themselves up for failure. It is the customer that pays the bills and keeps the doors open.
Consider that purchasers are more likely to do business with companies that value them and build a sincere relationship with them.
Building a relationship with customers takes time and effort. It requires businesses to listen to their customers, respond to their needs, and provide excellent customer service at the time of the sale and especially afterward.
When you remove the concept of ‘what’s best for the Company’ and replace it with ‘what’s best for the client’ regardless of whether you make revenue or not, makes the customer feel respected and appreciated.
When a customer feels that a business genuinely cares about them, they are more likely to move forward with a purchase.
Businesses that take the time to build a relationship with their customers are rewarded with increased customer loyalty, positive word-of-mouth advertising, and repeat business.
Importance of Trust
Trust is the foundation of any relationship, including the relationship between a business and its customers. Customers want to know that they can trust a business to deliver on its promises and provide excellent service. When a business establishes trust with its customers, it creates a sense of security and reliability that encourages customers to do business with them.
Building trust with customers requires businesses to be open, honest, and reliable. Businesses that are transparent about their products, services, and pricing, and that deliver on their promises, are more likely to establish trust with their customers. Trust is also built through positive interactions with customers, such as providing excellent customer service and addressing customer concerns in a timely and effective manner.
Remember that trust should be earned.
Fundamentals of Service
Providing excellent service is crucial to the success of any business. Customers expect businesses to provide high-quality products and services, and to go above and beyond to meet their needs. Businesses that provide excellent service are rewarded with increased customer loyalty, positive word-of-mouth advertising, and repeat business.
Here’s a great example…when I started my Pre-fab housing Company, I made a goal to answer any and all emails that we received withing 24 hours if possible.
One day I received a call from a current client, raving about the quality of the materials he received for his new home in the Chicago area. After a few minutes on the phone, he stated that he received a call that same day from one of my competitors that he contacted three months earlier and they were checking to see if he was still interested in building a home.
Providing Excellent Service
Providing excellent service requires, not only that businesses to be responsive to their customers’ needs, but to provide high-quality products and services, and to go above and beyond to meet their customers’ expectations.
Businesses that prioritize personal service are more likely to succeed, as they are able to establish strong relationships with their customers based on trust and mutual respect. Not to mention a steady stream of ‘warm’ referrals and positive recommendations.
- How important is customer relationship to the success of a business?
- Building a relationship with customers is essential to the success of any business. Customers are the lifeblood of a business, and businesses that take the time to build relationships with their customers are more likely to succeed.
- How can businesses establish trust with their customers?
- Businesses can establish trust with their customers by being transparent, honest, and reliable. By delivering on their promises, providing excellent customer service, and addressing customer concerns in a timely and effective manner, businesses can establish trust with their customers.
- Why is providing excellent service important for businesses?
- Providing excellent service is important for businesses because it helps to establish strong relationships with customers, which leads to increased customer loyalty, positive word-of-mouth advertising, and repeat business.
- What are some strategies that businesses can use to provide excellent service?
- Businesses can provide excellent service by being responsive to their customers’ needs, providing high-quality products and services, and going above and beyond to meet their customers’ expectations.
- Can businesses be successful without focusing on relationship, trust, and service?
- While it is possible for businesses to be successful without focusing on relationship, trust, and service, it is much more difficult and will delay business growth. Businesses that prioritize these pillars are more likely to be successful in today’s competitive business environment.
In conclusion, the three pillars of business – relationship, trust, and service – are essential to the success of any business. These pillars are interconnected and rely on each other to achieve success. Businesses that take the time to build relationships with their customers, establish trust, and provide excellent service are more likely to succeed in today’s competitive business environment.