Objectives and goalsClick to read
At the end of this module you will be able to:
Link with customers in developing service / product offerings
Buyer-seller collaborationClick to read
Developing closer relationships with customers in terms of trust and communication is becoming a key longer-term success. This is becoming even more critical as customers become LESS likely to enter a physical business location.
When relationships are built, customers:
• Feel more secure
The movement is away from transactional relationships to collaborative ones. This is even more important is situations related to:
• Developing responsive supply chains
Two 2019 research studies by McKinsey & Company found that 1) 61% of buyers and seller in the fashion industry expected to co-invest or co-create by 2025 and 2) buyer-seller relations in supply chains are seen to create value in the future.
Meet customers where they interact with our services / products
Customer onboardingClick to read
Customer onboarding involves any activity that is adapted to introducing a new customer to a product or service. This can take place either virtually or in a F2F format
Examples of some best practices in customer onboarding in a digital world:
• Use video and/or self-support content to list product / service features aid customer understanding.
Customer re-boarding (current customers)Click to read
Current customers should not be taken for granted and need to be met with (virtually or in-person) as required. Much ‘cheaper’ to keep a customer than attract new ones. Gives the opportunity to:
• Know your customer (KYC) better
Build relationships in a digital world
Types of digital relationshipsClick to read
The pandemic has forced organizations to build digital relationships with existing and new customers. It can be challenging to build relationships in a totally digital context with new customers. The common means for doing this include:
• Social media – the current ‘go to’ area of digital relationship building
Social media relationship buildingClick to read
Social media relationship building has become ubiquitous in business today. Some of the most effective ways to leverage this include:
• Creating a social media customer service channel
Summing upClick to read
Key takeawaysClick to read
Buyer-seller relationship is most effective when it is collaborative
There is nothing more important in business that the relationship a company builds with its customers; companies cannot simply be an ‘island’ but must rather focus on the interconnectedness of their business with their clients. In this session the focus will be on customer relationship building which goes beyond the aspect of traditional business networking. The focus will be on co-development of product and/or services and deepening business relationships in a digital world while maintaining trust.
Relationship building; networking; co-development
Thukral, E., & Ratten, V. (2021). Building and maintaining customer relationship via digital marketing and new technologies for small businesses during the COVID-19 pandemic. In COVID-19 and Entrepreneurship (pp. 100-108). Routledge.
Oncioiu, I., Căpușneanu, S., Topor, D. I., Tamaș, A. S., Solomon, A. G., & Dănescu, T. (2021). Fundamental Power of Social Media Interactions for Building a Brand and Customer Relations. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1702-1717.
Hussain, K., Jing, F., Junaid, M., Shi, H., & Baig, U. (2020). The buyer–seller relationship: a literature synthesis on dynamic perspectives. Journal of Business & Industrial Marketing.
Yenen, S. Ü., & Şahin, G. (2021, November). Digital Customer Acquisition and Onboarding During the Pandemic. In 2021 15th Turkish National Software Engineering Symposium (UYMS) (pp. 1-4). IEEE.