Relationship Marketing 101: Understanding the Relationships You Build Within Your Business

Forging strong relationships in your business will give you the opportunity to take your business to the next level. Discover how to build such lasting connections here.

 

If you don’t have good relationships with your customers, partners, and other people in your community, you don’t have a business. There was no way to hide that. 

This is a general rule for brick-and-mortar businesses. And this rule is now becoming increasingly true for online establishments as well. 

It’s also something that Laura Meyer used to leverage her children’s portrait studio, which flourished for 15 good years. Building and taking care of her relationships was also the key that allowed her to pivot so fast into the consulting industry after she was done with photography. 

Case in point, one of Laura’s consulting clients was given the opportunity to be responsible for about half a million dollars’ worth of business. And because Laura maintained a good relationship with this particular client, she was also given the chance to work on this project. 

That’s how beneficial a strong relationship can be for a business. 

What Laura was taking advantage of was none other than relationship marketing. And every business owner, no matter how big or small of a business they have, can do the same. 

In this article, we’ll take a closer look at the five types of relationships in a business… and how you can benefit from forging stronger connections with each one of them.

 

5 Types of Relationships in Your Business (And How You Benefit From Each One)

Relationship Type #1 – With Team Members

 

Team members are the backbone of any business. And as a business owner, it is crucial for you to create a strong bond with your entire team. 

Why? 

Because each and every one of you represents your business. Each team member has a role to play in your business. And they can perform their best if they know that they have a leader who has got their backs at all times.

If you have a good relationship with your team members, it will also ensure that they stay in your business for as long as possible. This is also a good way to create a good company culture that attracts more good people. 

 

Relationship Type #2 – With Prospects 

 

When you have established a relationship with a contact, this person starts to become a prospect. Prospects are the people who have a high likelihood of doing business with you. 

The reality is that not all prospects become clients. However, that does not mean you should not continue to build a relationship with prospects who do not become clients from the get-go.

You see, not all prospects become immediate buyers. You must, therefore, learn how to nurture such prospects into becoming – or referring – future buyers who will definitely benefit your business. 

 

Relationship Type #3 – With Clients

 

Of course, another relationship you must continue to build is with clients. Just like team members, you want clients to stick around until the end. You want them to continue availing your products or services for as long as possible, right? 

If you can build a good relationship with your clients… they can also become advocates of your business. 

Now, when we say building good relationships with clients, these also include previous ones. But why should you still maintain a good relationship with past clients? 

Simple. 

Because for as long as you stay on top of their minds, they can still advocate for your business long after they’ve stopped using your product or service. They may no longer be your clients… but they can still refer ideal clients to you at any time.

 

Relationship Type #4 – With Collaborators

 

These are business owners who belong to an industry that is closely related to yours. Let’s use Laura’s previous company as an example. 

If you are a photography studio owner, then it would be good if you can collaborate with an events planner who could provide you with leads as they do their business. You can also collaborate with venue owners who can get you as an exclusive partner for their events.

Other possible collaborations you could benefit from are podcasters and book authors who might need your expertise in various matters. This not just promotes your business to other people but also you as a thought leader in your industry.

 

Relationship Type #5 – With Referral Partners

 

Think of these partners as people who strictly work with you to provide client referrals. And because this is your main mode of interaction with them, it’s crucial to build good relationships with them so they’ll give you quality referrals. 

Staying on top of their minds allows you to benefit from priority referrals and other exciting opportunities.

 

Customers vs Prospects vs Audience

 

I have to point out one very important thing that a lot of business owners miss when it comes to building relationships: 

There is a difference between your customers, your prospects, and your audience. 

Think about it. 

Only a minority of your audience will buy from you. But that doesn’t mean you won’t benefit from building a strong relationship with your audience. You might not do business with all of them, but you still benefit from them in a different way. 

How so? 

Your audience consists of the people who buy your book, listen to your podcasts, leave reviews, and recommend you in Facebook groups. Hence, these relationships are just as important as customers and prospects – they allow other people to get to know you. 

Simply put, your audience helps you and your business build credibility and authority in your industry. 

So, whenever you encounter an audience member whom you know won’t buy from you, don’t take them for granted. That’s not right. The right way to go about it is to create value… 

Regardless of whether or not it puts money in your pocket.

 

Build Mutually-Beneficial Relationships

 

The key to building a strong relationship with the people in your business is making sure that both of you benefit from your connection. And now that you know how others can benefit you and your business… It's time for you to figure out what value you can provide. 

Relationship marketing won’t work if you only come to them seeking a favor. 

So, identify what you can bring to the relationship without expecting anything in return. Then and only then can you start a lasting relationship with the people in your business

If you want to learn how you can bring value to those you interact with in your business, schedule a free strategy session with us and we’ll help you out.

 

Book a call here: www.stacytuschl.com/call.