Benefits of a different approach to frictionless growth
Communication breakdowns between colleagues
It is well known that the following benefits occur when external business relationships are improved. And when a holistic approach is taken, the opportunities for efficiencies and effective actions are multiplied.
Scroll down to see the numbers.
Increased revenue
Engaged stakeholders, such as clients and partners, are more likely to remain loyal and make repeat purchases, boosting revenue
Risk management
Engaging stakeholders helps identify potential risks early, allowing for proactive measures that can save money in the long run
Regulatory compliance
Building good relationships with regulatory bodies can ease compliance processes and avoid fines
Cost savings
Collaborative relationships can lead to shared resources, reduced costs and more efficient operations
Better decision making
Understanding stakeholders' needs and expectations can lead to more informed and effective business decisions
Sustainable growth
Long-term, sustainable growth is more likely when businesses consider the interests of all stakeholders
Enhanced reputation
Positive stakeholder relationships
can improve a company's reputation, attracting more clients and
investors
Market insights
Stakeholders can provide valuable insights and feedback, helping businesses innovate and stay competitive
Supportive ecosystems
Your position and offering will be better understood and appreciated
Specifically
Commercial focus
Client retention: Increasing client retention rates by 5% can boost profits by 25% to 35% (Bain & Co 2015)
Referrals: Companies with strong client relationships generate more referrals, leading to new business opportunities. Referred clients have a 35-40% higher lifetime value (Accenture 2023)
Cost savings
Reduced acquisition costs: Retaining existing clients costs 5x less than acquiring new ones (Bain & Co and Invesp, 2023)
Fewer disputes: Improved supplier or partner relationships can reduce contract disputes, cutting legal costs by up to 20%
Client satisfaction and loyalty
Higher NPS: Companies with strong client relationships achieve higher Net Promoter Scores (NPS), correlating with 10-15% higher revenue growth
Top quartile NPS shows 2x revenue growth vs bottom quartile (Bain & Co 2023)
Reputation and trust
Crisis resilience: Companies with trusted relationships recover 25% faster from reputational damage (Weber Shandwick Reputation Report 2023)
Investor confidence: Strong partnerships and credible relationships can lead to higher market valuations (up to 20% more)
B2B partnerships
Joint ventures and alliances: Firms with successful partnerships grow their market reach by 35% faster than those without (BCG Partnership Study 2023)
Co-marketing and innovation: Collaborative innovation leads to 22% more successful product launches. (IDC Research 2023)
Strategic partnerships boost market expansion speed by 2x
Mediation and conflict resolution
Faster resolutions: A successful mediation slashes resolution time compared to litigation
Cost efficiency: Resolving conflicts early through effective mediation can save companies many thousands of pounds dependent on the industry vs legal costs
Confidentiality: The mediation process is confidential, unlike going to court, so corporate reputation remains intact
Market value
Companies with strong stakeholder engagement are 22% more profitable
Trusted business relationships help companies command premium pricing of up to 12% (Harvard Business Review 2023)