When it comes to doing business there is no one definite formula to success. What worked for someone might not work for you. Often too much we indulge our imagination with success stories of famous business persons and try to imitate their formula in to our lives. That might not have worked for the majority of you and that is for a good reason.
Business is an art, you don’t copy someone else’s drawing but you follow the principles the person used to make the drawing. The color palettes, brushes, type of canvas and the drawing techniques. That is what counts.
Here is one of the few key principles that I follow in my business dealings.
Relationships are more important than deals.
You can always make a good deal out of someone if you have a good enough product. But if you build a relationship with that someone they’ll continue to be in your circle giving you advantages in ways that you may not always predict.
This is a trait many start-ups and large companies at the beginning try to put much effort in to, but as they grow this aspect for many grows weaker. Resulting in loss of custoner loyalty even though that is not visible from the books, until something stirs the pond and the whole reputation collapses.
The reason why too big to fail organization goes under fire for relatively small mistakes is due to the fact that their most loyal customer base is no longer with them even though they are paying customers.
Locally we have seen a telecom giant going under fire due to one bad tweet by it’s lead resulting in a start of a week’s long boycott of the brand in great proportions. One might think the reason why the campaign against this particular company is entirely politically motivated, but that is not 100% right. Infact, any company at such scale could easily control and recover from such a diaster even against a politically motivated crowed if they had truly loyal customers in significant numbers. Loyal customers uplift brands. They are like a family that protects one another no matter what.
Organizations when they grow go a certain level often fail to cater to the need of their loyal family members and lose thier confidence in long-term.
Due to this reason and more, I always try to build relationships with my clients. Especially with early customers who have certainty contributed to the growth of my business Picad in ways that I might not have guessed when I met them for the first business transaction.
This approach is known as being “Customer Centric”. To facilitate a better customer experience, focusing in increasing value for customers and most importantly making sure the customer feels and knows they are part of the decision making process.
Amazon is a great example of a customer centric business. I feel like there is nothing new I could say about Amazon cause they’re that big.
However, customers needs are unlimited. You must know where and when do draw the line.