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A regular business story goes as follows: thinking of a new product, creating the product, getting sufficient funds to manufacture the product, and starting a business for the product. Most companies, even after all these steps, rarely make good profits. Keeping a business afloat is a challenging task, let alone trying to expand and increase profits. Proper marketing can help a business grow, and profit is proper marketing. What makes Dairy Milk different from a bar of regular chocolate? The former is better at marketing strategies.

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One of the fundamental marketing rules stresses the importance of customer relationships. It is much easier to keep an existing customer than get a new one. Getting a new customer can cost you five times more than maintaining a loyal customer. The business to customer (B2C) model has various advantages in the beginning. A more relationship-oriented business model is the business to business (B2B) model. The B2B can be quite profitable if managed properly.

Relationships in a Business to Business model

In a B2B model, you are mainly trading with other businesses. Your final product is their raw material. Building a relationship and managing the complicated expectations and perceptions is digital health companies a necessity in this model. You may be getting a lot of profits from business dealings with your client. But this may not be the case, in the long run. The critical question remains: what do you value more, a good business relationship or increasing profits?

Benefits of maintaining good relationships.

In the business to customer (B2C) model, you have broader prospects, which makes it easier for companies to expand more and gain higher profit margins. In a B2B model, the only effective way to earn your profit is through mutual benefits that come only with an increase in demand for the final product. Your primary focus is making profits, and all entrepreneurs are willing to invest in media based on recommendations of your digital marketing agency or marketing consultants, but you need to prioritize the customer's needs above everything else. Consistent customer satisfaction can help turn your dreams of profitability into reality.

Many businesses, when they are new to the business cycle, do not focus on building customer relationships. They are more concerned with making quick money to repay any debts. Ironically, this inhibits the growth of many businesses. It is not the number of conflicts, but the impact of the conflict that can make or break a business. Companies ought to align their interests with the customer's interests and ensure a long-term relationship. In the B2C model, you have to tailor your products so that they match and fulfill the needs of their customers, which helps maintain good relationships.

How to improve your relationship with your customer?

The best way of maintaining a cordial relationship with your customer is through effective communication! Having healthy conversations about their needs and keeping them engaged by asking the right questions is inevitable if you want a successful business. Today, fortunately, there are multiple avenues to engage with your customers thanks to the internet. Hiring a content savvy Social Media Marketing Agency can help you engage with your customers in the right manner. This will help you understand their grievances better, and you can decide how your product can fill the lacunae. Many businesses often fail because they do not market their product properly. They sell their products and do not perceive the consumer as anything apart from potential cash cows to be exploited.

Over time, you will develop a knack, which can help you spot conflict while it is brewing. You will nip it in the bud, instead of allowing it to fester. Addressing disputes at an early stage is imperative because a stitch in time saves nine. Solving a mild conflict in its early stages can reduce the chances of an unmitigable crisis and even prevent losses on a large scale.

Another way to develop good relations is to identify your weaknesses and act on them positively. An early acknowledgment of the conflict of interests helps most businesses profit in the long-run. Putting reliable systems in place to help deal with the grievances of your consumers can help establish relationships while also dealing with your short-comings.

Final words

Don't view your consumers as cash cows. Instead, treat them as equal partners while engaging with them, and they will come to you for your product because they have established a trusting relationship with you. You can also approach them and find out their needs and grievances. Building a stable bridge of trust with the customer helps create a customer-friendly image of your company. This can increase your potential customers, which will mean more profits, and your business will grow.

The grey economy can be defined in a broad sense as referring to the portion of the commercial activity that is either unregulated or insufficiently regulated by the state. In this sense, the blue collar economic activities are those productive activities that are unrecorded - or insufficiently accounted for - in a country's national income account.

However, defining the unemployed economy in a more specific and more useful manner is complicated by the lack of unanimity regarding those activities deemed informal.

These unregistered firms represent a sizeable portion of the global economy. Every month, a million Indians become age-eligible to join the workforce, but the growth in jobs has not kept pace with the rising numbers of aspirants. It gives rise to unemployment, despite India supposedly being one of the brighter spots in a slowing global economy. Many people lose their jobs for their employers being resistant to change to make them a permanent employee from temporary.

The situation gets worsens with slow industrial growth and lack of successful execution of unemployment programs. Traditionally, the labour-intensive industries are trying to mechanise their operation but the need of the hour requires digital solutions as well to pace up the speed. But they often face some challenges which restrict them from coming up with such ventures. Some of them are:

ACCESS TO THE INTERNET: If under Modi's Government, every citizen could get access to the internet, it would get much easier to source out jobs for these people. Free wifi and low-rate internet plans would contribute the most in making India a better India. People at the bottom of the pyramid can attain education on so many aspects if they are given access to the internet. To fasten the process, Just Jobs has made registration for workers easy, without an internet access.

NO HIGH REVENUES: In a world like today's no one wants to engage in something with fewer revenues or basically do the social service for the society without thinking about their own benefits. It gets very difficult to expect such portals where they do not categorize "people as a product". One like Just Jobs is on a quest to transform the informal economy.

BUDGET: It takes a healthy budget to develop such big job portal solution. Becoming a top brand in the niche sector gets far more expensive on the financial front. The real expense is its sales and marketing. One of the idiosyncrasies of people of India is they only share what is favourable or useful to them.

MAINTENANCE: Making a website or portal is one thing, but maintaining it is another. Many people would run away if they do not see fruitful results in the beginning itself. But the effective results always shows up at the end after your continuous marketing effort. Thus, to make such a portal success requires web developers, designers, managers, etc., basically a network of consultants across the globe.

KNOCK-OFFS: A successful portal is all about reliable and verified sources and resources. Providing the job seeker with unverified companies is a big knock-off. As the unemployment rate is already high in India, the last thing a job seeker or recruiter expects is fake credentials.

Creating a job portal for the unemployed economy is in itself a transforming movement, but it would have the least impact if the people coming under this category do not have access to basic resources to make things work. An online portal called Just Jobs came up with a solution which gets rid of most of the key challenges that we discussed above.