Do you have a transaction mindset or a relationship mindset?
We’re a curious bunch at Customer Frame + we love having conversations with clever business people.
A recent conversation with one of our clients – a respected player in the automotive retail industry – got us thinking about this precise topic…
TRANSACTION VS RELATIONSHIP
In good times – when a business is growing – it’s incredible how quickly you can move from building relationships to delivering transactions – often without even noticing you’re doing it.
In fact, you become so busy doing the deals or delivering the products, you forget about building or even maintaining the relationships.
MY INDUSTRY IS HOT RIGHT NOW SO WHY SHOULD I CARE?
Many industries are hot at the moment, experiencing unprecedented growth or demand that can be hard to keep up with.
Back to our friend in the automotive industry, one industry that’s going gangbusters right now – cars are being sold for their retail asking price without the historical need for discounting – a relatively unheard phenomenon in the field of automotive (+ many other industries, in fact).
So, sales are great. Excellent. Done. Sorted. We don’t have to try, right?
One of the issues with things looking so bright of course, is that when we have sales knocking on our door, we can start to get a little cocky + forget the ultimate reason we’re in business – the customer.
We start focusing on ourselves + our businesses.
It’s like the customer is pursuing us. They need us more than we need them. We’ve got plenty of business, so why do we need to care? If they walk away, there’ll be someone to replace them in a heartbeat, right…
What happens is we get busy + we end up with a very transactional approach to our customers – they come in, we process them – ‘get ‘em in, get ‘em out’, ‘next please’, ‘number 49…’ – a bit like Cash n Carry.
BUT WHAT ABOUT THE NEXT TIME?
But what happens when that same ‘processed’ customer needs another product or service like yours in the future?
Chances are, if you didn’t look after them in that first interaction + invest in building a relationship with them, next time they need a product or service like yours, they’re unlikely to think of you. Or if they do, perhaps it won’t be in a favourable way.
GIVING THEM A REASON TO CHOOSE – OR NOT CHOOSE – YOU
We call it giving them a reason – your first interaction with them will give them a reason to either choose you, or avoid you, next time around.
If you didn’t look after them in that first interaction + begin to build up their pool of love + forgiveness, well, chances are you’ll be overlooked next time. Or at least, you’ll have to work hard to get them through the door.
WHAT HAVE YOU DONE FOR THEM LATELY?
The key questions to ask yourselves are these:
What have you actually done for your customers lately? Have you checked in on them after their purchase or interaction with you? Have you been focused on moving to the next customer or transaction, or on keeping the relationships going with your existing customers who’ve just bought from you? What are you focusing on in your business?
Take a step back from the cash register + the ‘ka-ching, ka-ching’ sounds, + truly ask yourself – do you have a transaction or a relationship mindset?
If you want to:
- Keep the customers you have
- Get them spending more money with you more often, +
- Get them telling everyone they know about you
… then we suggest you change your mindset.
Your bottom line – + your customer – will thank you for it.