Reciprocity in Business: Why It Works
As alternative medicine is on the rise, practitioners are finding a somewhat easier path to acquiring life-long clients and growing their practices. With the help of HWNCC, mutually beneficial relationships are built by introducing practitioners and corporate experts to support and encourage cross-spectrum growth. However great a growing business may be, many professionals are missing out on one key element of building a business – reciprocal relationships.
This is useful for business owners and practitioners looking to develop professional relationships. In particular, those heading out to any health and wellness events:
You have to give to get.
This may sound counter-intuitive but giving something of value to a potential business relationship will help build trust is between your two enterprises. For example: If you’ve found a great marketing company and you want to create a positive relationship, freely send a couple clients their way. Likewise, that marketing company can give free tips to increase website traffic. These actions build trust and care between the two companies and spawn a new relationship.
It’s not cheapening your brand to give something for free, whether client referrals or services.
On the contrary, giving something of value attracts more future business. On the corporate end, extending steeply discounted or even free services to a fellow business not only helps them but will cause them to feel indebted and more willing to give you future business. A mutually beneficial “partnership” is created and both of your businesses grow.
Without reciprocity, there is unbalance.
In some cases, reciprocity is ignored between businesses. This is a loss for both companies. When one business extends a “gift” to another, the same action should be repeated by the other. When businesses don’t return the favor, relationships are stunted. The non-reciprocal business doesn’t grow, and the limited good-will it receives from companies will quickly dry-up as their reputation becomes sullied. Growth becomes halted, which is bad for business. Don’t be the company that doesn’t return the favor.
The bottom line:
While business reciprocity might seem like a foreign concept, it’s vitally important to business growth on all sides. Giving freely paves the way for future and even lucrative business transactions.