Two marketing professors from the Berkeley School of Economics asked this question of more than 2,000 senior executives from around the world over a four-year period, surveying multiple industries.

Specifically, they wanted to know what factors accounted for each company’s competitive success. For what reasons do customers choose them over their immediate competitors?

Almost all the executives polled reported that the primary factor behind customers choosing their company over their competitors had to do with the individual relationships and interactions that their customers had with them.

The research suggests that what mattered most were things like “trust, confidence, and strength of relationships, as well as…convenience, ease of doing business, and support…”

Makes sense, doesn’t it?

It should be obvious from this that trust and customer relationships are, by far, the most powerful drivers of any company’s competitive triumph over its other immediate competitors.

It’s not usually on account of price, or even product quality, but usually as a result of their relationship with and trust of the company or of some people within the company.

To raise your level of competitive success in your own business it would be a good idea to make a conscious effort each week, to strengthening the relationships you have with your customers.

From a competitive standpoint, this will definitely be time well spent. How strong your relationships are with your customers will determine how much money you will make at your business in 2019.

Have a warm weekend!
Michael

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