What elements of your business are most important in retaining stakeholders?
Stickiness refers to the commitment a person has to an organisation, cause, or belief. Having a high degree of stickiness will not only result in greater stakeholder retention, but also stakeholder engagement. Customers will spend more, employees will be more productive, and suppliers will be more collaborative. This is an effective attribute because finding new stakeholders is a greater drain on resources; this will also provide a more certain financial base to develop from.
By ensuring your business has consistent and repeatable processes, your stakeholders will know what to expect from each interaction. This is partly about having established systems which can monitor the quality of, and response to, your past and current output. Without this structure it is very difficult to gauge what work has been received well (a success) and which should be scrapped or improved (a failure).
Anticipating the needs of your stakeholders should be a vital consideration when designing and adapting your operations. In a modern context, this is demonstrated by FAQs on company websites that cover the key enquiries. These may alleviate any worries the outside party might have and minimise repeated dialogue and the time and effort involved in this.
Talking to your colleagues, employees, and suppliers about what elements of your processes they appreciate and which they might change, is a valuable activity that will support productive development. By considering their feedback and implementing the transformations discussed, you will demonstrate your commitment to the relationship and make your business more attractive to prospective stakeholders.
Standardising your operations is just one side of the coin when embedding stickiness, as with so many issues, the opposite can also be relevant. Personalising the experience your stakeholders have can be an effective strategy to retain their business and increase their engagement. If they feel your processes are specifically tailored to their needs and wants, this is likely to stimulate the regularity and extent of their interactions with your company.
Finding the optimal balance between standardisation and personalisation can be a challenge. Having more repeatable processes can often require less investment in terms of time, energy, and finance but may make your business less appealing. A more bespoke solution can be more expensive and time consuming but can also attract stakeholders who desire a more unique experience. Determine the right balance for your business.
Does your business monitor its successes and failures to provide a consistent service/offering? Do you anticipate the wants and needs of stakeholders to make your company processes relevant? How could you personalise the experience of interacting with your business?