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Customer service and good public relations have a competitive advantage in the service sector, in addition to financial and technical competencies. Managers' entrepreneurial and relationship management skills affect customers' perceptions of service efficiency and, as a result, their level of satisfaction with the overall service. I will study or analyze how a corporate organization develops, nurtures, and preserves business partnerships for this article. This is part of a larger initiative to demonstrate how the firm will profit from cultivating customer partnerships.
So, what intelligence sources do you use to proactively search and develop new business partnerships, such as new suppliers/customers? industry networks? First, the business needs to identify its stakeholders. Stakeholders are the people who have interest in the performance of the business. These are the government, customers, employees, suppliers, creditors, shareholders, and other partners. Once a business has understood its stakeholders, it can use sources such as the internet, industry network, business journals, and referral to seek and build business relationships.
As the Relations Manager of the business, am well aware that business relations should be established with stakeholders or strategic partners of the business. Suppliers and creditors provide better credit terms when there exists good business relations between them and the business. Good relations with the government and the community that forms the immediate environment of the business are very important. Good relations with these two entities reduces the political risk of the company. Such relations can be fostered through corporate social responsibility efforts of the organization. It is also important to have good working relations with employees because they are the human face of the organization. Furthermore, motivated employee are invaluable resource to the company.
What are the benefits of the above business relationships? The relationship of the company with the customers influences the perception of value and hence the satisfaction level with services rendered. Good customer service gives the customer a perception of high quality increasing their level of satisfaction. Enjoying a good relationship with your supplies and creditors is very important because it enables the business to benefit from favourable credit terms and deferred payment. This is enhances the cash flow or working capital of the business. A business also needs a good relationship with its shareholders. This reduces the bureaucracy that is associated with the agency relationship between the management and the shareholders of the company. Faster decision making increases the agility of the company or its ability to adapt to market changes.
A business should take every opportunity to maintain regular contact with customers and suppliers. There are several ways to nurture and maintain these relationships. The most effective way of nurturing customer relationships is to give them a voice. The feedback from customers on their likes or dislike is very important in improving customer responsiveness. The company should actively interact with its customers through social media and through marketing events. Supplier development is also a good method of nurturing a business’ relationships with it suppliers. Moreover, supplier development improves the overall business process as well benefiting both the business and supplier.
In conclusion, the business should seek to establish further business relations with institutions of higher learning in the area. Partnering with institutions will not only allow students to get practical experience in the industry but will also enable the company to discover and develop talent to add to its workforce and improve its overall performance.
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