Building relationships to win the jackpot
Premium Bonds - building relationships to win the jackpot.
Building relationships, or bonds, with your potential target clients is the best way to build your business.
To guarantee your long term success, make them "Premium Bonds".
"I don't know your company, who you are, what you make, or why I should buy from you. Now, what do you want to talk about?"
Sound familiar? Probably not, as most buyers are too polite to use this when they meet you. But it just might be what they think or feel when you are doing your pitch.
Don't be surprised at this. Buyers or budget holders spend most of their time trying not to rock the boat. In their busy worlds, they are focusing most of their energy on easing short-term pressures, reducing risks to the business, fire fighting and keeping their world turning. They are also human and hence they are simultaneously ensuring their career remains firmly on track.
What most of them want is their suppliers to deliver what they promised, when they promised it, and at the price that they promised it.
Fortunately for them it works for enough of the time to keep working with the people they already know. Most of the time buyers and sellers manage the process reasonably well. Over time, businesses adapt and change to enhance the inter business exchange processes to their mutual advantage. The individuals in the buying chain or the key decision makers (KDMs) resolve their issues by interacting with all the various "actors" involved in the various transactions. At each interaction, whether positive or negative, the individuals learn about the others in the network and use this information to smooth things out.
What they are developing are interpersonal bonds that enhance the relationship. These bonds allow for the flow of information, innovation and insights. As the communication flow increases and becomes more value added, the level of trust increases. This in turn strengthens the bonds. Managed well they eventually become premium bonds.
All fine and dandy if you are in the lucky position of being on the inside track. But how do you break through to build these Premium Bonds if you are on the outside the circle of trust?
Here are a few ideas that might help:
- Target your resources - they are scarce, so use them where they count the most. Aim to build relationships with those most likely to work with you in a way that you appreciate.
- Do not sell - let them buy. Package up what you do in such a way that they do not have to decipher the sales pitch. Always use their language and avoid industry jargon.
- Give away your insight - you build trust by increasing the value of the exchange. Tell them everything that you know about what you do and how it adds value to them.
- Take your time - be aware that accelerating the "clock speed" when building trust can damage the bonds. Many small interactions are better than few big ones.
- Hire the smile - employ good people that understand the value of relationships. Business savvy people bring in and retain great relationship builders.
- Get it right first time, every time - make it easy to do business with your company. Monitor your OTIFIC. That is the number of transactions where the outcome is "On Time, In Full, Invoiced Correctly"
- Keep it simple - remove barriers to communication. Avoid the hierarchy. Let your potential client talk to the people that matter to them the most.
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