COMMUNICATION + RELATIONSHIPS = Ca$hflow

What turns cash into cash flow? Communication and relationships. Let's start by looking at some definitions.

COMMUNICATION:

- the imparting or exchanging of information or news - the successful conveying or sharing of ideas and feelings

RELATIONSHIP:

- how two or more concepts, objects, or people are connected, or the state of being connected - how two or more people or groups regard and behave toward each other

Communication requires paying full attention, active listening, and being empathetic in conversations. You must be comfortable not saying anything sometimes, providing genuine and honest responses, watching your tone, and body language. Be specific in your guidelines, instructions, policies, and procedures, and be willing to take a direct hit as an owner. Good communication will give you a better chance of obtaining, maintaining, and retaining a client. It also translates into referrals.

Elements of a good relationship (based on my survey) are trust, commitment, vulnerability, respect, openness, honesty, loyalty, and COMMUNICATION. There is that word, COMMUNICATION.

Excellent communication fosters relationships with your clients. Relationship marketing is a marketing strategy that emphasizes client retention, satisfaction, and the lifetime value of a client. It is designed to foster customer loyalty, interaction, and long-term customer engagement. How do you keep clients super happy and wanting to come back? And how do you get them to tell all their friends about you? Relationship marketing.

HAPPY CUSTOMERS ARE:

• Five times as likely to repurchase and create substantial customer lifetime value (CLV). • Five times as likely to forgive negative experiences. • Four times as likely to refer friends and family to a business. • Seven times as likely to try a new offering.

Here are some relationship marketing strategies:

• Listen to client requests and implement change (feedback creates innovative opportunities and wins back lost business by addressing concerns). • Utilize social media, and determine what platform(s) work best. • Be generous and resourceful to save relationships. • Implement smart client touchpoints. • Make tasks easy and convenient. • Use loyalty rewards and referral programs (affiliate or ambassador). • Automate your interactions to maximize income. • Build an incredible client service team. Gather and use detailed client data to fully leverage how to service them. Resolve the most common issues and requests quickly and efficiently. Find more ways to be proactive with your feedback. Invest in a customer retention management (CRM) system or similar tool. For coaches, create an exit interview process.

Think about some of the businesses that you love. Most focus not only on delivering stellar products and services but also on creating an experience, which is made possible by their communication and relationship strategies.

STACI "THE OPER8TOR" MOORE

is the founder of a A MarketersLounge. She is the literal plug, connecting speakers, trainers, and authors to the resources they need, giving their audiences an experience they’ll never forget.

By using her extensive background in the service industry, gathered from her various roles in customer service, public relations, customer retention, and sales, as well as her education in behavioral & social sciences, Staci uses meetup’s to help her clients generate meaningful online and offline relationships, increasing their revenue streams. www.theoper8tor.com

Subscribe to BWMB Magazine: https://blackwomenmeanbusiness.com/subscribe