Business relationships are fragile because they are based on Give and Take.
More so in the beginning when there is a lack of trust, limited understanding of what a business sells and the value that the buyer gets.
It is tough to keep a customer for long. That is there are terms like Customer Lifetime Value.
But this is not a hopeless situation.
A business can keep its customers for longer than usual if they do one thing right. That one thing is – managing expectations.
Businesses make a big mistake when they try to manage expectations once the customer comes onboard.
To do it right, you need to do it before starting a business relationship. Set ground rules of engagement. Document and share it with a customer before they come onboard. If only they are in agreement, go ahead with the relationships.
It is also true of co-founder relationships. Putting everything from stake to who does what, in black and white and you’ll save yourself from heartbreak later.
Businesses don’t do it because they think they’ll lose a prospective customer this way. But, a customer who comes on board with the right expectations will stay longer with less effort and allow you to offer the best solutions and services.
All it takes is some courage and willing to wait until the right customer comes along.
Do you think is it worth trying?