If you do not delight your stakeholders, you risk losing them
True reciprocal relationships are the most productive as loyalty and engagement are cultivated. Therefore, demonstrating your appreciation for your stakeholder will make these relationships longer lasting. If your clients, employees, or suppliers feel unrecognised or under-valued they will begin to consider your competitors.
To delight your stakeholders you must understand what they wish to gain from the relationship – what’s in it for them? Communication channels should be open so both parties can review and have a dialogue about whether their targets are being met. Pre-agreed metrics can be useful to objectively analyse the relationship.
Financial resources are always limited, but this is not the sole motivation your stakeholder groups. Clients might value the efficiency of your service; employees might appreciate flexibility in terms of working hours; suppliers might desire consistency in orders. Specifically considering the wants and needs of your various stakeholders is more likely to sustain productive, reciprocal relationships.
Recognising milestones in your stakeholder interactions is a great way to enhance them. These could be time based (period of business together, years of service), volume based (amount of orders, number of transactions), or activity based (reviews provided, referrals recommended). The reason for contact is less important than the delight it should create.
The small investment it takes to mark these relationships is certainly less than the expense of finding someone new. Technology has made it simple to notify you and your stakeholders when these milestones are reached. Loyalty schemes with appropriate rewards are a fantastic way to increase engagement; matching the reward to the relevant motivation of each stakeholder should incentivise them to reach this point.
Satisfying your stakeholders might be enough to retain their business, (although this is a risky strategy) but delighting them can create raving fan who will independently promote your company. Selecting a few loyal customers to receive a gift might be one way to do this; turning the spotlight on a particularly hardworking employee could be another. The important thing is that this relationship enhancer should be unexpected and therefore, a nice surprise.
Do you have a clear understanding of the key motivations for each of your stakeholder groups? Do you have a system in place to notify you when relationship milestones are reached? What perks or rewards could you offer to loyal stakeholders to add value to your interactions?