Relationship Marketing - what do you do to build relationships...?

Retailers report sales declines in February 2009

Analysts reported that February's figures were not likely to show the beginning of any sign of recovery, but the data did offer a faint glimmer of hope that the industry's sales might be possibly stabilizing.

With overwhelming job cuts, extremely tight credit and continually dropping stock portfolios, along with worries that the economy will continue to deteriorate further, the consumer has held back on new purchases. There are the few who have been able to use some of their tax refunds which in turn relieves the business, but not enough to take much of the pressure off.

In periods of market volatility it's important for businesses to be visible and proactive with clients or customers. During a tough economy client or customer relationships should be carefully handled. There is a vital need for businesses to have the courage to actively contact their clients or customers during these difficult times.

Things to do:
1. Communicate
2. State real facts
3. Let clients or customers have the opportunity to voice their feelings
4. Make yourself available with clients or customers to discuss concerns and or questions that may arise.
5. Remind them that you're here for them (longhaul)

Things not to do:
1. Email - emails don't cut it
2. Don't try to make predictions
3. Don't overwhelm them with statistics

Clients or customers need to feel that they have been listened to before they will be prepared to hear what a business has to say. This is a critical step in managing the client customer relationships during a tough economy.
Even very simple strategies can provide enormous comfort and peace of mind for the client/customer relationship.
Read the follow excerpt taken from Financial Planning Magazine-

As Business Health managing director Terry Bell notes: "Over the past five to 10 years, for obvious reasons, the focus has been on compliance and licensing.
"The price to pay has been in the area of soft skills. Relationship skills have taken a back row seat and their development has been hampered by compliance issues."
Ipac Financial Planning manager of planning strategy John Dani agrees.
"With the advent of FSR and the increased scrutiny of the profession, a greater proportion of adviser training time has been taken up with compliance and technical material," he says.

How can we Create Value

Remember that we not only create value through our business tools to clients but we also generate real value being that someone they trust and open up to. Taking the time to better understand your clients and customers during tough times, will position you to be available to serve new and emerging needs they will discover they have. Additionally we add value, alot of value by just being there and being a sounding board letting them vent. Most of the time this will not translate into business transactions, yet it can enhance trust. As clients look to you, deepening your trust will likely lead to additional business opportunities as the economy cycles back.