I can count on my hands how many times I’ve been to a professional basketball game. So…less than ten if you were wondering how many fingers I have. And out of those, most of the seats were not great…in fact, some of the seats caused my nose to bleed. I have always wondered what it took to get a court-side ticket, so I can actually see the expression on Steph Curry’s face when he swishes a three-pointer and runs back for zone defense. According to my research, it costs about $1500-$2000 per ticket. Also, it varies depending on seasonality, which teams are playing, and the city you are in. So for me, I stopped dreaming about it. It’s never going to happen.

Until…

My friend called and asked, “Hey, do you want a court-side ticket for a basketball game coming up?” I didn’t care when, what time, or who was playing; my answer was a resounding YES! To make a long story short, I sat right behind the Kardashians and had a once-in-a-lifetime opportunity to watch the game like every celebrity would. It was epic!

So, this scenario begs the question, why did my friend call ME out of anyone else he could call? Because of our “Relationship ROI” – Relationship Return on Investment. It’s a metaphorical term and concept that if you pour time, effort, and care into a relationship, it will gain some benefits. In fact, our friendship goes beyond the norm…and it’s not just us; both of our entire families have created so many unforgettable memories together over the last 20 years of casual and celebratory meals together, graduations, kids performances, sunsets, engaging in deep and meaningful conversation about life, belly laughs, tears…lots and lots of tears, and we even got to vacation together. They are one of our closest friends.

So then, would you say relationships are important? I am glad you said yes to that because that’s precisely what we are talking about in our series called “The Relationship Factor.” Here’s a quick review of what we’ve talked about so far:

• How important is fostering good relationships in business? Read More
• How important is fostering good relationships in life? Read More
• Successful Business Partnerships Read More Read More

How does this translate to business? It’s a well-studied, researched, and analyzed knowledge that a typical customer spends 67% more after their third year of business with you. Did you get that? 67% more! Did you also know it takes five times more effort and resources to gain a new customer than to keep your current customer?

Kristina Spillane is a regional executive for global key accounts at Fidelity National Information Services, Inc. She manages key strategic accounts representing over 100 Billion dollars of assets. Her priority and goal for her and her team is cultivating long-term relationships without missing long-term benefits. It’s called loyalty, and she defines it as such:

(Authenticity + Consistency + Value) / Time = Loyalty

TIME is the critical data element because, with time, we can perfect our authenticity. With time, we become more consistent. And with time, we create better value for our customers.

Well-managed relationships are still the best currency, and relationships are like compounded interest: the greater the relationship, the longer the time, and the longer the time can equal higher value. How much more value? How about 67% more?

Do you have a relationship investment strategy? We all should, and this is a great place to start. Let’s break down some key points about what our focus should be from here on out.

• Listen: Actively listening to your customers is crucial for understanding their needs, concerns, and preferences. It involves paying attention to their feedback, whether it’s through direct communication, surveys, or social media interactions. By listening attentively, businesses can gain valuable insights that inform product development, service improvements, and overall customer satisfaction.
• Respond Quickly: In today’s fast-paced world, customers expect prompt responses to inquiries, concerns, or feedback. Responding promptly demonstrates that you value their time and are committed to addressing their needs efficiently. It helps build trust and fosters a positive impression of your brand.
• Show them appreciation: Expressing gratitude to your customers goes a long way in building solid relationships. Simple gestures like thank-you notes, exclusive discounts, or personalized messages can make customers feel valued and appreciated. Showing appreciation reinforces their loyalty and encourages repeat business.
• Provide consistent value: Consistency is critical to maintaining customer satisfaction and loyalty. Delivering high-quality products, services, and experiences consistently reinforces trust and reliability. Businesses should strive to meet or exceed customer expectations consistently to ensure long-term success.
• Admit your mistakes and correct them: Nobody is perfect, and mistakes are inevitable in business. When errors occur, taking ownership, apologizing sincerely, and taking appropriate steps to rectify the situation are essential. Addressing mistakes promptly and making things right demonstrates integrity and a commitment to customer satisfaction.
• Focus on responsive support: Offering responsive customer support is essential for resolving issues and addressing customer concerns effectively. Whether through phone support, live chat, email, or social media, businesses should provide timely assistance and solutions to ensure a positive customer experience.
• Include them in your success: Celebrating successes with your customers fosters a sense of camaraderie and strengthens the bond between the business and its clientele. Whether acknowledging milestones, sharing success stories, or offering exclusive perks, involving customers in your successes makes them feel like valued partners in your journey.
• Create community: Building a sense of community around your brand can deepen customer engagement and loyalty. Encourage interaction among customers, facilitate discussions, and create opportunities for them to connect with each other. A strong community fosters a sense of belonging and strengthens customer and brand relationships.
• Resist the urge for instant results: Building meaningful relationships takes time and effort. Businesses should prioritize long-term relationship-building strategies over quick fixes or short-term gains. Patience and consistency are essential for cultivating customer trust and loyalty over time.
• Believe in the value of relationships over time: Recognize that investing in customer relationships is not just about immediate returns but also long-term benefits. Building strong, enduring connections with customers can lead to increased loyalty, positive word-of-mouth referrals, and sustained business growth.
• Reinvest energy into making customers happy: Continuously investing in customer satisfaction and happiness is essential for maintaining strong relationships. Whether through ongoing improvements, personalized experiences, or innovative solutions, businesses should consistently strive to exceed customer expectations and create positive interactions at every touchpoint.

By incorporating these key points into their relationship investment strategy, businesses can cultivate meaningful connections with their customers, foster loyalty, and drive long-term success. Most importantly, who knows, maybe they’ll call you one day with available court-side tickets. I am rooting for you.

Related posts:

The Relationship Factor You Have 3 Wishes I Need a Dancing Partner Can We Change Who We Are?