Leads that are nurtured make 47% larger purchases than leads that are not. This statistic depicts the power of building and nurturing bonds in business.
Creating meaningful and authentic bonds is the foundation of excelling in any realm of life. Businesses are no different. Businesses thrive on the foundation of authentic interaction both on personal and organizational levels.
It not only helps you create a positive and progressive work culture but it also helps you boost your sales, profit, and growth. In this article, we take a detailed look at the importance of building bonds for organizational and personal advancement and leading your company toward a growth mindset. Keep reading to know more.
1. Widens your pool of opportunities
Building bonds in general is the foundation of human society. People interact with each other to establish connections with them and open the door for opportunities, be they professional or personal. The intention is not to derive opportunities out of them but to simply have a good relationship with the other party.
The opportunities come on their own when you create a well-spread-out network. It widens your pool of opportunities. You can find better and more profitable:
- Clients,
- Employees, and
- Associates.
Most businesses struggle with this as they dread the expense of corporate travel to build bonds. But that severely limits your pool of opportunities. Instead of curbing travel altogether, the better option would be to manage it to allow yourself opportunities.
TravelPerk’s all-in-one travel solution helps you manage corporate travel with effortless ease. It aids you in going truly global with your business and tapping into opportunities that you might not have considered otherwise.
Here are a few tips for managing travel to aid in building relationships and widening your pool of opportunities:
- Establish a travel policy to streamline all business travel.
- Use a travel management tool to track all trips.
- Encourage your employees to use the travel management solutions to familiarize themselves with them.
- Incorporate AI technology to anticipate traveler needs more accuratel
- Keep an eye on travel trends to tap into suitable opportunities.
2. ‘Relationship selling’ boosts sales through meaningful interactions
A relatively newer practice in marketing, relationship selling focuses on building meaningful and authentic relationships with customers over making sales. It prioritizes connecting with the customer and building bonds with them over other aspects of the sale.
It may seem counterintuitive as it puts making a sale behind. But it actually works to provide you with more profit and longevity. This is because it works on the foundation of providing value to customers and building trust with them.
65.2% of buyers of B2B services say that they find value in having discussions with salespeople about their situations. They’re able to find better solutions for their problems by interacting with salespeople about them.
They’re more likely to purchase from you because of the positive experience they have with you. They’re also more likely to return to you, helping you gain their trust and loyalty. This tremendously boosts your business’ sales, profits, and growth.
Given below are a few tips to help you make the most out of relationship selling and take your business forward:
- Never force a deal on a customer. Provide them with the necessary information and options and leave the final call on them, not forcing the hand in any way.
- Be a good listener and fully absorb the situation the customer is describing. Only then can you help them with the most suitable solutions.
- Indulge in small talk that is outside the conversation of the sale to help them ease into the conversation and be more open with you.
- Conduct thorough research to ensure that you provide customers with the most suitable solutions.
3. Expands the business
Building bonds and relationships with people help you expand your business. As you widen your pool of clients, employees, and associates, you automatically expand the scope and scale of your business operations.
You are now interacting with various people for every kind of task you indulge in for your company’s operations. This brings different perspectives and opens your eyes to how things operate outside your circle.
None of this understanding would come to you if you don’t establish and nurture bonds with people. Similarly, when it comes to scaling and expanding your business, it becomes so much easier if you already have a well-laid-out network of employees, associates, and clients.
Not only do they provide you with valuable insight about how to do it but they can also set up connections that ease the process. For example, if you plan on opening a new office in a new area, you can hit up clients that you already have in that new area:
- They can provide you with insights into the workings, rules, and regulations of this new area and how it may be different from your current location.
- They might lead you to people who can help set up the new office with ease, such as contractors, officials, or even new clients and employees.
- This client circle that you already have there will ensure that you don’t have to start from scratch as you already have a loyal client base in a new location.
4. Brings unexpected opportunities
One of the most interesting ways that building bonds and relationships benefits you is by bringing unexpected opportunities to your doorstep. This harkens back to the previous point where building strong relationships wherever you can aid in scaling and expanding your business.
In a similar fashion, fostering these relationships opens the doors for opportunities you might not even know you could tap or were eligible for. In other words, the opportunities come to you instead of you chasing them.
These can happen in a variety of ways, such as:
- Your clients can bring in bigger, more profitable clients as they value their relationship with you and would recommend you to other people.
- Employees can recommend candidates for job posts. These candidates are likely to be more suited for the role as your employee understands the work culture and would only recommend a candidate that would be sure to fit it.
- Your clients may recommend events in their area that can benefit your business. You might not have knowledge about these events as they fall outside your location but through the client, you can partake in it.
People that you form bonds with bring you opportunities that are outside your circle or knowledge, once again widening your pool of opportunities and helping you take your business forward.
5. Gives you exposure and experience
Interpersonal relationships at both personal and organizational levels provide invaluable exposure and experience that help you grow. The experience you gain in life is crucial in your development and how you navigate different situations.
And the bond you form with different people, be it professionally or personally, greatly helps shape your understanding and worldview. It’s the learnings from the experience you have with different people while forming, developing, and nurturing bonds with them that help you excel.
You can use these learnings and apply them to how you maneuver both personal relationships and business operations.
6. Strengthens relationships leading to increased loyalty
We talked about relationship selling in one of the previous points and how putting forth the relationship you form with them helps you earn their loyalty in the long run. When customers find value in their association with you, they’re more likely to return to you.
This is because they’re getting more than just a product with you. They get a positive shopping experience and solutions they can trust out of you. This increased loyalty can be seen in different ways:
- Repeat purchases.
- Increased purchases as depicted in the statistic at the beginning.
- Leaving meaningful reviews and testimonials that help establish your brand’s credibility.
- Bringing more customers by spreading good word of mouth.
7. Increases goodwill
Forming meaningful and authentic bonds with your clients, employees, and associates helps establish a great brand reputation for yourself. People you have positive relationships with will talk about you just as positively with other people.
This way more people will be interested in doing business with you or working with you. It helps increase your goodwill in the market, paving the way for you to attract quality clients, investors, stakeholders, employees, etc.
This directly impacts your business as you’ll be able to do more with your business by having a well-spread-out network of different associates who speak highly of you.
Build positive relations to flourish both personally and professionally
Forming and nurturing relationships is one of the most crucial elements in the personal and professional growth of an individual. Businesses flourish when they connect with different parties and cultivate relationships with them.
It not only widens the pool of opportunities for them but also brings in unexpected opportunities that they might not have even considered or known about. A newer marketing approach — relationship selling — makes the most of this psychological phenomenon to nurture long-term and valuable customers.
Let us know in the comments why it’s crucial to build bonds for organizational as well as personal advancement.
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