Using EI to Build Long-Term Relationships
“Western business people often don’t get the importance of establishing human relationships.” – Daniel Goleman
In business, we tend to spend a lot of energy winning new customers. Actually, a whopping 44% of companies focus more on customer acquisition vs. 16% that focus on retention, according to Econsultancy statistics.
That means we’re spending a lot of our Emotional Intelligence cold calling, holding initial meetings, and closing new sales – after all, those first moments in a client relationship are exciting.
And yet, we miss an opportunity that’s right under our noses. Existing customers are where real success lies.
Check this out. “80% of your company’s future revenue will come from just 20% of your existing customers”, according to Gartner Research. That’s no chopped chicken liver.
Okay, now get this. The probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new prospect is 5 – 20%. That’s according to stats from Marketing Metrics.
Not only that, but research by Bain & Company says, “Increasing customer retention rates by 5% increases profits by 25 – 95%.”
What Does This Mean?
It means that instead of focusing so much emotional intelligence on winning new clients – it makes more sense to use those EI skills to build long-term relationships with loyal clients.
Lucky for us, EI really can be instrumental in building long-term client relationships.
EI allows you to communicate clearly with your clients – so every customer feels heard. EI helps you gain true awareness of your client’s needs – so you can meet their expectations even before they know they have them. EI gives you the power to manage and facilitate your client relationships – so every outcome is positive.
Bump your loyal clients up to the top of your priority list, and watch the results unfold. By giving them your energy and commitment, you do them a service, and you get real results for your business.