Business is about making decisions based on rational thinking and having the best product backed up by the most efficient service will always win over the competition - right? Wrong!
Business decisions are often driven by emotional needs. The real fact is that people buy from people they know and like.
Now, that said, customers will not purchase poor quality goods even from someone they get along well with.
However, if you need an edge over the competition in today’s increasingly challenging market place, then time spent building excellent relationships with customers, suppliers, your franchisor and fellow franchisees will be time well spent.
Creating trust through a good relationship will allow you to learn more about your customers and ultimately to understand their needs more precisely. This, in turn, can provide the opportunity to improve the service you offer or introduce new products which may be of interest.
Customers with whom you build a good relationship are also more likely to recommend you to people they know. In this way, clients can be a source of new business. Through referrals for example.
Creating good relationships and working more closely with other ‘stakeholders’ such as suppliers, your franchisor and franchisee colleagues, can also be helpful to your business.
At Card Connection our franchisees are encouraged to put customer relationships first. This means going the extra mile to provide the highest quality of service and yet at the same time getting to know customers personally a little better.
One of our franchisees recently arranged a golf day for his key retail clients – which was literally a big hit! Another Card Connection franchisee has nurtured relationships with customers so much over the years they see him as a friend and once he was even invited to a customer’s wedding!
Creating good relationships and working more closely with other ‘stakeholders’ such as suppliers, your franchisor and franchisee colleagues, can also be helpful to your business.
When it comes to suppliers, don’t forget they have a customer base of their own – can working together create a win-win situation where you make mutual introductions? A supplier is also much more likely to prioritise your needs - perhaps over a competitor - if you get on well.
Similarly, you could be offered the more convenient delivery times or be the first to know about special offers on products for example.
Developing trust and cooperation between franchise colleagues is also very helpful. Good ideas about working practices, inside information on competitors and market knowledge can all be shared to increase efficiency and improve productivity.
Some franchisors arrange an annual franchisee conference with this specific networking and ‘getting to know you’ objective in mind, so take advantage of this time to make connections.
Working with others and developing strong relationships has some clear benefits. Developing a strong bond with your franchisor will also be helpful.
It will make it easier to ask for extra help or further training. You also have a resource of experienced staff to draw on so working closely will allow you to take maximum advantage of this valuable pool of talent.
For example, your franchisor has access to resources, market data, trainers and a vast knowledge of the industry in which you are working. Access to this knowledge, which is likely to go beyond the normal training provided, could have a direct impact on the success of your franchise business.
So when trying to create competitive advantage with your franchise business, just remember relationships rule!