With care, you can keep that relationship and turn it into revenue, too
An obstacle for anyone who focuses on relationships is the reluctance to take advantage of them. There is a great investment in building a relationship; there is trust built over time. Capitalizing on a relationship for a deal can feel as if you're tarnishing the relationship. It can feel as if you're taking advantage of the trust someone has placed in you.
That can often be the case if you approach relationships from a selling perspective. So, to identify opportunities to generate revenue from good relationships, think about the “Family Member Standard.”
At the intersection of relationships and sales, I always advise salespeople to think about a family member, such as a sibling or parent, who you really care about and are close to. Would you feel good presenting the deal to the family member if he or she were in the same situation as the customer?
If the answer is no, reconsider what you're presenting. In a strong relationship, generosity is the key, and helping the other person must be the mindset. When selfish motives take hold, the ability to trust someone can be put on hold, and in some instances, take a hit. The motivation for a deal has to emanate from a desire to be generous and to help.
Reaching this point requires an understanding of what the customer is dealing with: What are their challenges and concerns? As any great communicator will tell you, seek first to understand. Once you know what the other person is experiencing and what's motivating them, you can then contribute value. Otherwise, it's not clear whether the information you're contributing matters.
Consider these three steps to help identify opportunities where relationships can result in revenue.
(1) Learn about the person.
Go beyond traditional sales research on an account. Everyone who is selling solutions is trying to figure out the industry challenges a customer is facing. They all look for articles or information that relate to those issues, and then send the information with a note that says something like, “Saw this article about ___ and thought of you. Hope you find it helpful.”
Go beyond account research and focus on the person. Review a person's online profile, such as on LinkedIn or Facebook. Do a Google search about him or her to learn about the person and connect on a more personal level.
(2) Be generous.
Based on your research, stockpile ways to be generous with this person. The acts of generosity should be a mix of business and personal. On the personal side, for example, talk about a charity they are involved in, ask about their school or talk about community organizations or events.
When they're appropriate and a good fit, be generous about your offerings. Your products or services might be the answer the customer needs to overcome a problem. Don't let a fear of tarnishing a relationship get in the way of improving one.
(3) Ask.
Over time, the customer learns more about you, and you learn more about the challenges and issues the customer is facing. Bring the two together with a simple question, such as: “You know what I do. Is there any way I can be of service?”
Two things about this question deserve note. First, using “I” instead of “we” personalizes it. Second, it's open-ended, and should be left that way. Don't be tempted to add a follow-on, such as: “Maybe I can help with the operator training issues you're dealing with on the shop floor.”
The open-ended nature of the question invites a wide array of responses. It's also a good test of how receptive the customer is to moving on toward exploring some type of transaction.
Know your stuff before you ask
Turning relationships into revenue is a matter of research and understanding, generosity, and asking for an opportunity when appropriate.
1. Identify and research the relationships where you think there is a high probability of a transaction.
2. Be generous with your relationships, demonstrating expertise and connecting with the person on both a business and personal level.
3. Ask for an opportunity, or even offer a solution, when the offering is spot on; something you would comfortably offer to a family member in the same situation.
If you do these things you will find that doing business together will strengthen a relationship, not capitalize on it or tarnish it.
Ken Cook is co-founder of How to Who and co-author of How to WHO: Selling Personified, a book and program on building business through relationships. Learn more at www.howtowho.com.
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