If you've been following me,
you may have come across my "Worthless" series
where I talk about: content having no value,
the metrics many companies focus on -
like impressions, reach and engagement - having no value,
and influencers having no value.
Or at least the ones you see featured
in the Fyre Festival fiascos.
- [Woman] Turn around.
Turn this bus right around!
- Now I will make sure that I link to them somewhere
here if you're interested
in going back for the context, but in a nutshell,
my message is that the only thing of value
that you can take to the bank is relationships.
But what does that mean?
As a few of you rightly asked me,
how on earth can companies have relationships?
How does this tie back to my bottom line
and what does this look like anyway?
- I have a close working relationship
with our quantum computer.
That's what I'm gonna talk about after the jump.
My name is Tara, and this is Truly Strategic.
[music: Django's Cafe - Melody Loops ]
Let's start by talking about what this relationship
between a company and a customer is not.
Number one, it is not like being a BFF.
- Leslie, I thought we were besties.
- A company is not a person.
It is founded and run by people,
but it is definitely not a person.
Companies often have personalities and attributes
which are people-like, but there are some
fundamental things that companies are missing.
I'm gonna avoid going down the philosophical
rabbit hole here, but in essence, to be a person,
you must have consciousness.
A person will have the ability to independently reason
and will have their own moral compass,
not a board of directors who can vote on
what you should care about or not.
So you can love a company, but it won't love you back,
no matter how much the tagline proclaims it does.
- Get back in here and love me!
- And your customers will say they love you,
but that's also not the same thing as true love.
Number two, and on the other end of the spectrum,
it's not what happens when someone buys your product.
Not even if they're buying it over and over again.
I can be a repeat customer for a company
but have no relationship with them at all.
In fact, I can even dislike that company.
- What's this?
Okay, just a simple contract
laying out the terms of our friendship.
- Take, for instance, phone or cable companies.
I've had a phone plan with the same company for years,
but frankly, I'd leave them in a heartbeat if the right
alternative came along.
The rest of them are just all as bad.
And there are lots of products I buy repeatedly
whether they're on sale, convenient or just decent value
that I feel no affinity or love for.
These are commodities.
As soon as a better alternative comes along
or something else goes on sale, I switch.
- I'm going wherever they value loyalty the most.
- Well all know this.
So a relationship between a company and a person
is not the same as a person and a person,
but it isn't just about buying either.
A relationship, as I've discussed in the past videos,
is what results in repeat and sustained interactions
where you do not have to pay to reach your customers.
They keep coming back voluntarily, seeking you out,
which saves you money.
Number two, loyalty, because loyal customers are less likely
to be tempted away by new shiny things
and aren't price sensitive, growing your average
revenue per customer.
And three, spreading of word-of-mouth,
because your current customers
are your most effective marketing channel.
This saves you money and helps grow your customer base.
- Money, money, money, money, money, money.
- And so, since every company should want this -
this kind of relationship -
every company should also be investing in what leads to
these results: long-term marketing strategies.
But what does a long-term marketing strategy
that builds relationships look like?
And, hey, I don't think I ever even answered
what is a relationship
between a company and a customer, right?
- I was wondering when you'd get around to that.
- So a relationship between a company and a customer
is one that includes mutual, this means two-way,
respect, trust, benefits, and values.
In terms of respect, the company respects
the customer's time, intelligence, boundaries,
and privacy, and the customer respects the company's
right to make money.
If I'm a customer that respects the company,
I won't share that login or otherwise
undermine their right to sell to another customer.
- [Man] Doesn't share his Netflix password,
pays for his porn.
- Trust is the adjunct to this.
The customer trusts the company to keep their information
safe and private and not to abuse their time,
(don't sell my information!)
while the company can trust the customer
not to share that login with Uncle Bob.
- I've only been an uncle for a day.
There are also mutual benefits to this relationship.
The customer pays the company for a product or service,
a price that helps that company be profitable,
and the company provides a product or service
that benefits the customer in some way, shape, or form.
As long as the benefit on both ends feels equivalent
to or better than the costs, this remains intact.
- Alright movie, you better be worth it.
- Now the last one, values,
is tricky and not always universal.
However, for many customers, shared values
means the difference between a transaction
and a relationship.
When you are presented with choices and respect,
trust and benefits are already a given,
this could be the loyalty maker or breaker.
- Why have we been spending so much money on whistles?
- So no, a company-customer relationship isn't the type
of relationship where you hang out for drinks
on a Friday night
or call one another for advice.
Those are relationships you have with friends and family.
This is a professional relationship,
like the one you may have with your boss or coworkers
in most cases.
It's still a relationship but has different boundaries
and believe me, those boundaries are healthy.
- We can get plastered and hit on our co-workers later.
- So then, what does a long-term strategy
that builds these type of relationships look like?
I think this may be a better subject to tackle
in a whole other video, or multiple videos.
If you're interested in watching those videos and others,
follow me here to catch it next time.
Until then, my name is Tara
and this has been Truly Strategic.
[music: Django's Cafe - Melody Loops ]
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