Once you get to a certain level and encourage a certain value of client, you’ll notice that the relationship becomes less about customer management and more about nurturing connections and even friendships. There’s a reason why a casino will often assign the penthouse suite to one of their most famous high rollers, and even offer it through complimentary means. They know that keeping this individual on side and pleased is an essential element of ensuring they spend more at the venue.
But of course, it’s not all about cynical value extraction. It can be nice to have clients you appreciate (this is one of the reasons you’re in the trade anyway), no matter what kind of business you run. If you’re a tailor, having a trusted client who knows what suit cut they prefer can be a joy to work with over the years. If you run a private dental practice, tending to several generations of the same family over the decades can be humbling.
But there’s also another stage of this process – wooing clients and entertaining them. We see that at corporate dinners, parties and even interpersonal meetings between representative and client.
So, what’s the value of entertaining such clients? Let’s consider this, below:
Softening The Relationship
Business is quite heady and competitive. Relationships aren’t always curated under those terms, not in their best sense anyway. As such, entertaining clients can help transform a strictly professional relationship into something more personal, which allows a comfortable space where you can get to know each other beyond the confines of business meetings. This doesn’t mean becoming best friends of course, but you may find that you learn more about their preferences as a person when you know them interpersonally. Some affluent clients look for that.
Providing Extra Value & Memories
Any talented business person knows that sometimes, a wonderful experience is an investment and has value in and of itself. This could be as simple as a well-planned dinner at a great restaurant, or as elaborate as tickets to a sold-out show that only you were able to procure. The secret is to choose experiences that connect with your clients’ interests and preferences and have them associate that with your brand.
This is not superfluous, there’s a reason companies pay millions to have their brand name proudly displayed on a football shirt, or before a television show. It associates the memory with you, and what you can provide.
Showcasing The Resources & Capability Of Your Brand
Yes, there’s something “show-off-like” about demonstrating your resources and reach, but for some clients, that counts for a good amount. If you’re able to gain reservations at exclusive restaurants or access to VIP events, perhaps even invest in and take trips on Moomba boats for fun, it shows that you have resources, sometimes even connections, perhaps to previous clients that have approved of you. Social proof is important in marketing, but once you get to a certain level of client, then online reviews and YouTube videos don’t quite cut it. This kind of expression can.
With this advice, you’ll be sure to entertain clients knowing full well the value and purpose of doing so. Perhaps you’ll have a little fun!
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)