While businesses tend to want as many clients as they can get, what good would getting the client be without the ability to retain them? If a business is busy taking on too many projects to produce quality products and services for their client, it’s likely that they will lose them. On the other hand, if a business paces itself and spends quality time making new connections and building relationships, they are more likely to retain the relationships and be able to move forward with the next ones.
Even though large quantities can appear as an alluring and successful sign of business, it’s easy to imagine how many clients of a quantity-focused company are not satisfied with the product or service and will not return to or stay with the company. Taking the time to build rapport with clients will increase your company’s substantial business, in turn building your company’s brand and clients’ trust. In a competitive business world, quality leads to quantity.
Michael Simmons’ Forbes article titled “The Most Important Decision You Need to Make When Building a Network”, I feel tackles the questions we are all wondering when it comes to establishing relationships. Creating an extensive network, both personally and professionally, is tempting, but it brings up the age-old dilemma: “Quality or quantity?”
Initially, growth is both essential and inevitable. But at what point does expansion begin to hinder progress?
Research shows, after immense growth, it is essential to re-evaluate your network. Once you have reached capacity, a large-scale network becomes inefficient and difficult to maintain. In order to combat this, it is important to understand that as networks increase in size, quality becomes much more important than quantity.
Instead of forcing expansion, it becomes more beneficial to establish close, valuable relationships. At that point, we must then decide which relationships are most important so that we are best able to foster and encourage their growth.
Focusing on quality should be foundational for any business and extend from the design of the website to the latest product hitting the shelves. The quality vs. quantity debate can be relevant to every aspect of your business. Do you want to optimize your sales processes, marketing efforts, employee happiness and every other attribute of your business? Of course you do. Here are 5 tips to increase business whilst maintaining quality relationships
1. Increase sales with higher quality leads.
The quality of your customer data affects every subsequent step in your buyer pipeline. It’s about more than just accuracy. Low quality leads waste your team’s time on research, data entry and chasing dead ends. High quality leads facilitate better reporting, automation and segmentation.
2. Ensure all products/services are flawless.
One quality product or service is often worth at least 100 mediocre alternatives. Have you ever noticed that luxury boutiques have many fewer shelves than the big box stores? Not only do boutiques usually have higher quality, but they also have more loyal customers, higher sales points and are generally a much more reasonable venture for a startup or the small business owner.
3. Don’t take SEO shortcuts.
If you know about search engine optimisation (SEO), you have probably heard about black hat tricks. These are illegal moves to falsely bolster the apparent popularity of a website, and they are almost always a short-term hack until search engine algorithms catch them and penalise them. A common trick is duplicate content and/or duplicate sites. You might suppose having multiple sites with the same content can boost your SEO rankings, but it can ultimately be your undoing. Focus on one very high quality site instead of several lower quality ones.
4. Nurture relationships with premium employees.
Both high skilled employees and mediocre ones may leave your company, but the loss of top employees could hurt much more. You know who your most talented workers are, so do what it takes to keep them long term. Offer workplace programs and benefits that show employees you respect their personal growth and long-term professional goals. This will help to ensure they don’t move on before you expect.
5. Go with targeted marketing campaigns.
Be a sharpshooter with your marketing. It’s more effective to take the time to research, pinpoint and create a marketing campaign for an appropriate demographic rather than pay for thousands of inserts in the biggest newspaper in town. It’s the difference between hunting your prey in the wild and setting up for that perfect shot, or wildly shooting a machine gun into the woods.
In conclusion, quantity versus quality applies to almost everything in your business. When you think of quantity versus quality what comes to mind for you?
When I think about quantity I think about things like McDonald’s – fast food, get through fast, inexpensive, fast paced, high volume.
When I think of quality I think about The Cinnamon Club – slow, nice high-quality environment, higher price point, more luxurious, more elegant.
The reality of those differences is what makes one a quality experience versus a quantitative experience.
Quantity is really important – it may not be too exciting, but if you learn to get intimate with your numbers and you learn how to break them down, your quantitative numbers will show you a direct correlation to qualitative behavior that can drive the quantitative results.
Calvin Coolidge once said:
“Knowledge comes, but wisdom lingers. It may not be difficult to store up in the mind a vast quantity of facts within a comparatively short time, but the ability to form judgments requires the severe discipline of hard work and the tempering heat of experience and maturity”.