7 Steps to Build Business Relationships That Last

Building strong business relationships is essential for any entrepreneur who wants to succeed in today’s competitive market. Whether you are looking for new customers, partners, suppliers, investors, or employees, you need to establish trust, credibility, and rapport with the people you interact with. But how do you do that? Here are seven steps to help you build business relationships that last.

Key Takeaways

Identify your goals and objectives

Do your research

Reach out and initiate contact

Follow up and stay in touch

Provide value and support

Ask for feedback and referrals

Appreciate and acknowledge

1. Identify your goals and objectives.

Before you start reaching out to potential contacts, you need to have a clear idea of what you want to achieve from your business relationships. Are you looking for referrals, leads, feedback, advice, collaboration, or something else? Having a specific goal and objective will help you target the right people and tailor your communication accordingly.

2. Do your research.

Once you have identified your target audience, you need to do some background research on them. Find out as much as you can about their interests, needs, challenges, goals, values, and preferences. This will help you understand how you can add value to them and what kind of approach they will respond to best.

3. Reach out and initiate contact.

The next step is to initiate contact with your prospects. You can use various channels such as email, phone, social media, or events to reach out to them. The key is to be respectful, professional, and personalized. Don’t send generic messages or spam them with sales pitches. Instead, focus on building rapport and showing genuine interest in them and their business.

4. Follow up and stay in touch.

After you have made the first contact, you need to follow up and stay in touch with your prospects. Don’t let them forget about you or lose interest in what you have to offer. Send them relevant and valuable information, such as articles, newsletters, case studies, testimonials, or invitations to events. You can also use social media to comment on their posts, share their content, or join their groups.

5. Provide value and support.

One of the most important aspects of building business relationships is providing value and support to your contacts. You need to show them that you are not just interested in selling them something, but that you genuinely care about their success and well-being. You can do this by offering your expertise, advice, feedback, referrals, introductions, or resources that can help them solve their problems or achieve their goals.

6. Ask for feedback and referrals.

Another way to strengthen your business relationships is to ask for feedback and referrals from your contacts. Feedback can help you improve your products, services, or processes and show that you are open to learning and growing. Referrals can help you expand your network and reach new customers or partners who trust the recommendations of your existing contacts.

7. Appreciate and acknowledge.

Finally, don’t forget to appreciate and acknowledge your contacts for their time, attention, support, feedback, referrals, or business. A simple thank you note, a gift card, a testimonial, or a public recognition can go a long way in making them feel valued and appreciated. This will also encourage them to continue the relationship and reciprocate your kindness.

Tips

Be proactive and take initiative

Be curious and ask questions

Be attentive and listen actively

Be flexible and adaptable

Be respectful and courteous

How to Build Business Relationships: A Statistical Report

Business relationships are essential for any organization that wants to succeed in the competitive and dynamic market. They can help businesses reach new customers, collaborate with other companies, and improve their reputation and credibility. But how can businesses build effective and authentic relationships with different stakeholders? In this report, we will present some statistics and tips on how to build business relationships based on three sources: HubSpot, Forbes, and Harvard DCE.

Customer Relationships

According to HubSpot, customer relationships are the foundation of any viable, productive business, as they influence how the business functions and grows. Without satisfied customers, a business cannot generate sustainable revenue or benefit from referrals. HubSpot suggests seven key tips to build customer relationships:

Lead with an exceptional product or service
Supplement your product or service with an exceptional customer experience
Keep up with key contacts
Look for ways to add value
Ask for and incorporate feedback
Be a consultative, educational resource
Deliver on promises to build trust

The statistics support these tips. For instance, a study by PwC found that 73% of consumers say that a good experience is key in influencing their brand loyalties. Another study by Zendesk found that 74% of customers feel loyal to a brand if they are members of a loyalty or rewards program.

Business to Business Relationships

Another type of business relationship is the one between different companies. According to Forbes, these relationships can be a major plus for any business, as they can enable cross-promotion, co-marketing, co-sponsoring conferences, or other collaborative efforts. These activities can help both businesses reach new prospects, project credibility, and bolster authority in their space.

Forbes suggests 10 techniques for building authentic business to business relationships:

Create a valuable product or service
Identify how you can provide additional value
Have excellent customer service
Be transparent and honest
Be responsive and proactive
Show appreciation and recognition
Be consistent and reliable
Be respectful and courteous
Be flexible and adaptable
Be open-minded and curious

The statistics also back up these techniques. For example, a survey by Accenture found that 61% of B2B executives consider trust as the most important factor in their partnerships. Another survey by LinkedIn found that 51% of B2B decision-makers rely on their existing network for information on potential vendors.

Employee Relationships

A third type of business relationship is the one between an organization and its employees. According to Harvard DCE, employee relationships are crucial for creating a positive work environment, enhancing productivity, and retaining talent. Employees who feel valued, respected, and supported by their employers are more likely to perform well, stay loyal, and recommend the company to others.

Harvard DCE suggests four skills to build employee relationships:

Communication: being clear, concise, and respectful in verbal and written messages
Listening: being attentive, empathetic, and open-minded to others’ perspectives
Feedback: giving and receiving constructive criticism, praise, and suggestions
Conflict resolution: being able to identify, address, and resolve issues in a collaborative and respectful way

The statistics also confirm these skills. For instance, a study by Gallup found that employees who receive regular feedback are three times more likely to be engaged than those who do not. Another study by SHRM found that 76% of employees say that respectful treatment is the most important factor in their job satisfaction.

In conclusion, this report has shown some statistics and tips on how to build business relationships with different stakeholders: customers, other businesses, and employees. The main takeaway is that building business relationships requires delivering value, trust, respect, and communication. By following these principles, businesses can improve their performance, reputation, and growth.

Frequently Asked Questions:

Q: How long does it take to build a business relationship?
A: There is no definitive answer to this question as it depends on various factors such as the frequency and quality of communication, the level of mutual interest and benefit, the degree of compatibility and alignment of values and goals, and the nature of the industry and market. However, some experts suggest that it takes at least six months to a year of consistent contact and interaction to build a solid business relationship.

Q: How can I measure the effectiveness of my business relationships?
A: There are different ways to measure the effectiveness of your business relationships depending on your goals and objectives. Some common metrics include the number of leads generated, the conversion rate of prospects into customers or partners, the retention rate of existing customers or partners, the revenue generated from referrals or repeat business, the satisfaction level of your contacts, and the feedback received from them.

Q: How can I avoid common pitfalls when building business relationships?
A: Some common pitfalls when building business relationships are:

Being too pushy or aggressive
Being too passive or timid
Being too self-centered or salesy
Being too vague or inconsistent
Being too impersonal or formal
Being too dishonest or unethical

To avoid these pitfalls, you should:

Be respectful and courteous
Be confident and assertive
Be helpful and generous
Be clear and concise
Be friendly and personable
Be honest and trustworthy

References:

https://www.pure.ed.ac.uk/ws/files/8652784/inter_firm_relations.pdf

http://www.mckinsey.com/insights/high_tech_telecoms_internet/the_social_economy

http://iveybusinessjournal.com/publication/the-art-of-business-relationships-through-social-media/

https://www.forbes.com/sites/theyec/2018/03/15/seven-ways-to-build-strong-business-relationships-that-last/
https://www.thebalancesmb.com/how-to-build-effective-business-relationships-2948149