Client relationships can either make or break a business. Business owners who fail to create strong, lasting relationships will suffer from a lack of client loyalty and returning sales. This is is an all-too-common mistake that can lead to a business’s downfall. Thankfully, client awards can strengthen businesses by setting them on the right track for success.
The Importance of Strong Business-Client Relationships
Business-client relationships play an important role in the overall success of a business. When clients are unhappy, they are more likely to take their money elsewhere. When clients are happy and content, though, they will remain loyal with the business, purchasing its products and services for months or even years to come. The bottom line is that business owners should constantly work to improve their client relations.
Regardless of your business’s niche/industry, you should focus on keeping your current clients rather than generating new ones. A study conducted by Brain & Company suggests that it costs 6-7 times more to acquire a new client than to retain an existing one. Existing clients are easier to market, more predictable, and typically spend more money than new clients, making them more cost-effective from a business owner’s perspective.
The Missing Element In Business-Client Relationships
According to a recent study conducted by the Santa Monica-based indie ad shop RPA, trust is the missing component of business-client relationships. Far too many business owners pass “little white lies” to their clients, assuming it does no real harm. But when clients discover the truth, they may feel a sense of betrayal that permanently damages the business-client relationship.
What’s The Scoop on Client Awards?
Client awards consist of personalized trophies, wall plaques and awards that are engraved with either the client and/or business’s name. They can range from something as simple as a basic framed plaque to more luxurious and opulent awards like the 3D Bronze Bull Crystal Globe Award.
So, how can client awards strengthen a business? Client awards should be given to loyal clients in an effort to keep them happy and engaged. By giving personalized awards and other gifts to your clients, they are more likely to stay with your business as opposed to going to one of your competitors. Promotional gifts have been used by companies and organizations for hundreds of years, and they remain a staple tool for successful businesses today.
Check out our previous blog post titled Top Promotional Gifts To Retain Clients for more promotional gift ideas.