One of the key things in any relationship is trust - and business relationships aren’t much different.
So how can a company build trust in their client relationships?
First, consider why building trust with clients matters. For one, it enables you to build a better understanding of your customers. In fact, 88% of U.S. consumers say that how much they trust a company determines how much they’re willing to work with you, . That can be anything from sharing honest feedback to email addresses, which are paramount to drumming up repeat business and referrals in the future. Establishing an assurance of care with your customers could mean the difference between a one-off purchase and a customer you can continually reach out to and convert into a loyal brand advocate.
Trust also impacts your bottom line.
Attracting a new client is 6-7 times more expensive than retaining a current customer, and 52% of customers say they have made an additional purchase from a company after a positive customer service experience. Plus, without that client trust, you could be limiting your referral business.
But understanding the importance of building trust with clients is only half the battle. From there, it’s up to you to take the initiative to take action to create a relationship built on positive interactions and reliable service.
What to do to build client trust.
Start by fully understanding the needs of your customers. What makes them tick—and what are the solutions you can provide? Show them that you are aware not only in what they are interested in, but also in their feedback around your service. Automated feedback requests and strategized engagement campaigns are simple ways to see what makes your client tick—and figure out how you can become their go-to trusted resource. This chain of feedback can also be a major driver in your company’s own improvement and
Surprise and delight them.
Next, find a way to surprise and delight your best customers with unexpected bonuses. When asked what most impacts their trust level with a company, consumers ranked customer service as #1, and 48% of consumers expect special treatment for being a good customer. Client gifts can be an excellent way to accomplish both goals. Loop & Tie’s gifting technology lets your customer experience teams reward your best customers for their loyalty, as well as make it right for customers who have had not-so-good experiences.
Because every interaction matters.
Think we’re exaggerating? One-third of consumers say they would consider switching companies after just one bad customer service experience. It’s a virtual guarantee that mistakes will happen at some point, but by preparing now (and having a built-in strategy for making it right) you can avoid costly customer loss. A personalized apology gift from Loop & Tie is a simple, data-backed way to make up for not-so-great customer experience and ensure them that even when you don’t get it right, you’ll do your best to correct the matter.
Plus, Loop & Tie’s service lets you personalize the gifting experience at scale. And because 33% of customers have left a business relationship due to perceived lack of personalization, it could make all the difference in building trust and establishing loyalty.
No, trust is not so easily gained in today’s market. But by establishing a foundation of reliability, reward, and responsiveness, a company will reap the rewards with happy customers—and a referral every time the experience is repeated to others.