Page 29 - The Indian EYE 111723

BiZ Strategy with Hirav Shah NOVEMBER 17, 2023 | The Indian Eye 29

Reciprocity: Build value in advance more than

ever before. That’s the recipe for success

By giving customers something of value, whether it’s a free sample,

a discount, or exclusive content, businesses can create a sense of goodwill that
encourages customers to reciprocate with their business

Hirav Shah

eciprocity is a powerful con- Conducting surveys or focus groups can provide valuable feedback on how customers perceive your efforts and what areas
cept that can help businesses could be improved (Representative/File photo)
Rbuild strong relationships with
their customers. By giving something reciprocate with their business. tomers. ate a positive customer experience
of value to customers, businesses • This could be through offering free and help your business thrive.
can create a sense of obligation and Examples of reciprocity resources, providing exceptional
encourage them to reciprocate with customer service, or giving exclu- Measuring the success of your
loyalty and positive word-of-mouth. in marketing. sive discounts or promotions.
In this article, we’ll explore how reci- • There are many ways to incorpo- • Make sure that your gestures of reciprocity efforts.
procity works and how you can use it rate reciprocity into your market- reciprocity are genuine and not • To measure the success of your
to improve your marketing strategy. ing strategy. just a ploy to get customers to buy reciprocity efforts, you can track
• One common example is offering a
What is reciprocity and why free trial or sample of your product from you. metrics such as customer retention

does it work? or service. • By creating a positive customer ex- rates, repeat business, and custom-
perience, you can build trust and loy-
er satisfaction scores.
• Reciprocity is the idea that when • This not only gives customers a alty with your audience, leading to • You can also monitor social media
chance to try before they buy, but it
someone does something nice for also creates a sense of obligation to long-term success for your business. mentions and reviews to see if cus-
us, we feel obligated to do some- reciprocate by making a purchase. tomers are sharing positive experi-
thing nice in return. The benefits of using ences with your brand.
• This is a fundamental aspect of • Another example is offering exclu- reciprocity in your business. • Additionally, conducting surveys
sive content or discounts to cus-
human behavior and is deeply in- tomers who sign up for your email or focus groups can provide valu-
grained in our social norms and list or follow you on social media. • Incorporating reciprocity into your able feedback on how customers
values. marketing strategy can have nu- perceive your efforts and what ar-
• When businesses apply reciprocity • By providing something of value, merous benefits for your business. eas could be improved.
you can create a positive customer
in their marketing strategy, they experience that encourages loyalty • By providing value to your custom- • By regularly measuring and ana-
can create a positive customer ex- and repeat business. ers, you can build trust and loyalty, lyzing these metrics, you can con-
perience that fosters loyalty and leading to repeat business and pos- tinue to refine and improve your
trust. How to apply reciprocity in itive word-of-mouth referrals. reciprocity strategy for maximum
• By giving customers something of • Additionally, customers are more impact.
value, whether it’s a free sample, a your marketing strategy. likely to feel positively about your
discount, or exclusive content, busi- • To apply reciprocity in your mar- brand and may be more forgiving The writer is a well-known
nesses can create a sense of good- keting strategy, start by identifying of any mistakes or issues that arise. Astro Strategist and Business Astrologer
will that encourages customers to ways to provide value to your cus- • Overall, using reciprocity can cre- Email: [email protected]

www.TheIndianEYE.com