The Relationship Economy
Did you know that you’re competing for customers in the Relationship Economy? If you read the previous page, you would say yes.
In this time of business, your good and working product is assumed and it is the experience that is remembered.
We entered this time of business from the Product Economy … a time when products on their own could create wow and thus create repeat and referred business.
In the Product Economy people experienced wow from buying and using products. While I’m not a researcher, I believe we entered this time of business in the late 80’s and by the early 2000’s it was going strong. One of the contributing factors to the birth of the Product Economy was the ease of getting credit. I remember applying for my first credit card … a process that included completing a long application that felt like you needed a lawyer to understand, you had to include references … the whole nine yards … all for $500. Then at some point, pre-approved credit cards began showing up in the mail ready to go with just one call.
Today we’re in the Relationship Economy. The shift to this economy can be seen in television. If you’re around 50 years of age or a little older, you’ll remember the show Miami Vice. This popular show in the late 80’s was about looking good and having it all. Products. Then came Reality TV, shows that were focused on relationships. Experience.
Today we see the importance of relationships all around us. Where you ask? On your phone. It’s social media. What is the concept that all social media is built around? Like my story. Social is a relationship term and the popularity of social media gives us insight into something of deep importance to people … both customers and staff … and that is relationships matter.
Look at the cover of this magazine, thumbs up is today’s symbol for being liked. When customers like you they will want to buy from you again. When staff like you, they will be more willing to give you above-and-beyond performance.
In the Relationship Economy, likes are currency.
If the word “like” makes you uncomfortable because it does not fit work, know this, like at work is not the same as like on the weekend. Like at work for employees is built on your concern for their job success, and in customers, it is built on your concern for their success through what you sell. Once these foundations are in place, you can rocket your brand up in the Relationship Economy by creating great personal connections with customers and staff.
