Business To Business Relationship Management
Business to Business Relationship Management and CRM’s are critical to the survival of any business. This is true in building relationships with customers and business to business relations as well.
What is Relationship Management…
Relationship management is a tactic that maintains constant engagement of customers and/or vendors. This tactic keeps track and builds on sales of products and services in your business.
Relationship management is between a business and its customers (CRM’s) or Business to Business Relationships such as vendors, referral partners etc…
These 2 types of Relationships go hand in hand:
- Transactional: Focus should be on creating loyalty. With this, the consumer will continue trust in you and your products creating loyalty.
- Partnered: When someone feels appreciated for giving you business, this leads to continued purchases and strong referrals as well.
Business to Business Relationship Management
Quite often Businesses will engage with other Businesses that compliment one another. Selling products and/or services, all the while building on a Partnered Relationship!
Just to name a few examples…
- Realtors & Mortgage Lenders
- Mortgage Lenders & Insurance Offices
- Vehicle Insurance Companies & Vehicle Repair
Remember, cultivating positive relationships with other businesses will increase referrals!
Consequently, building relationships by choosing vendors, distributors, and other merchants who compliment your business is super important. Most of all, just as beneficial as cultivating relationships with your customers.
Hence, obtaining and maintaining a business to business relationship for the long term should be your goal.
As a result, the more valuable the partnered relationship, the greater the reward in your transactional relationship 🙂
Let’s face it, referrals are the life blood of pretty much every business!
P.S. I love to hear from you so leave me a comment below on how you build your business and customer relationships. Also, share this value with everyone you know could use some help in their business!