Posts Tagged relationships
Top performers do three essential things to be at their peak.
1. Clarify your outcomes for the meeting in hand and how you want the relationship with the person to develop, meeting by meeting, one step at a time. Moderate performers focus less on the latter dimension.
2. Be mindful of the frame of the mind you want to be in and that any meeting (is hopefully a meeting of minds) is ultimately about helping everyone present to frame a congruent viewpoint of what needs to be done.
3. Prepare your strategy, primarily so that you allow yourself to get in the frame of mind you want to be.
Research I’ve come across and my own experience shows that the most important thing you take into a meeting is your frame of mind followed by being clear about the outcomes you seek. Having a strategy is important but, once the meeting has started, it’s factors ‘2’ and ‘1’ above (and in that order) that will determine most how you ‘handle any curve balls thrown your way’.
Paul C Burr
I’ve released a new page in this website devoted to the Quick Guides to Business I’m writing. It will contain links to extracts that you will hopefully find interesting and helpful.
Your feedback about Quick Guides to Business or any aspect of this site would be most welcome.
Paul C Burr
My latest booklet, Quick Guide III – How to Bridge the Pillars of Successful Relationships (QG3), focuses on complex, inter- and intra- corporate, many-people-to-many-people, business relationships.
There are sound, logical, rewarding, tangible and emotional reasons for building healthy relationships. These very same reasons apply equally to personal relationships.
Here’s an extract from QG3…
Logic – less cost
Research shows that once you’ve established a customer relationship based on mutual trust and value, it takes five times the effort to build the same relationship with a new customer as it does to maintain it with your current customer.
When the cost of new prospect sales is five times that of existing satisfied customer sales, you don’t need a certificate in mathematics to appreciate the importance of satisfying, if not exceeding, the expectations of existing customers irrespective of the premium you earn from brand loyalty.
Premium – higher earnings
A reputable brand image makes selling a lot easier. I had no problem whatsoever getting to see new clients when I worked for IBM. Cold-calling for an organisation that isn’t a ‘household’ name, however, was a real ‘eye-opener’ for me after I made the switch.
The value of your reputation is the premium that customers will pay to do business with you over and above what they will pay your competitors, all else being equal, plus the cost reduction in sales your brand reputation affords you.
A simple example: ‘Household-name’, supplier A, renowned for its high quality products and services, sells a PC. ‘Relatively-unknown’ supplier, B, clones A’s PC with the exact same components, guarantees and terms of service. Intrinsically there’s no difference between PCs from either supplier. The cost of production and distribution of each product is the same.
Look at the buying/selling process from a customer perspective. All else being equal…
- What price difference will a customer pay (for the increased: reassurance, sense of status or another emotional, differential source of value they feel) for a PC from supplier A over supplier B?
- Reduction in sales cycle time and resourcing: how quicker and easier is it for a seller to convince a customer of the quality of a PC from supplier A compared with supplier B?
Brand value = [(what customers pay you) – (what customers pay for the exact same product/service from your competitors)] + (increase in productivity/cost-reduction in sales afforded by your brand)
Legacy – higher contribution
How do you want to look back on your time in sales and management at the end of your career? How do you want to be remembered? As a seller, buyer or leader: do you want to feel you’ve kept (or at least strived to keep) the agreements you made?
Maybe a business world forged with 100% truthful relationships is somewhat of a pipe dream, but as you look at the world’s economy and the ‘wars’ for limited resources right now, what choice do we have? And we have to imagine something before necessity will mother its invention – do we not?
‘You’ can either contribute to a world where wealth and power are shared through equitable negotiation – or not, truth or illusion/deception, abundance or scarcity, oneness or separateness, love or fear. ‘You’ choose! (But this is the topic contained in another book of mine, Defrag your Soul.)
Paul C Burr
Combined extracts from two business articles:
Quick Guide II – Learn How to Spot, Mimic and Become a Top Salesperson (coming soon)
“When you’re selling at board level it’s about taking the customer on a journey that’s both fantastic and believable. That is, no matter how complex that journey is…, it’s about breaking it down into manageable chunks. You create a pathway into the future that is as clearly marked out as possible. There will be uncharted territory. So it’s about discerning all the parts of the map that are known from those unknown.
It’s then about pinpointing all the ‘dots on the chart of the unknown’. That is, answering all the ‘what if this happens’ questions.
In effect, you join the dots of the unknown with customer as best you can.”
Top UK salesperson for a global top 10 IT company
Images courtesy of http://misswhit-tany.blogspot.co.uk/
What CEOs value:
The ‘science’ to determine value discovers what’s important to the CEO. And once you understand the customer’s priorities – how do you stack up (against your competitors) to deliver against them?
Here are sources of value (business drivers and problems to fix) that CEOs look for:
• Cash – Will your proposal improve our cash position?
• Cost Down – Will we reduce costs?
• Revenue/Market Share Up – Will we make competitive gains?
• Agility/Speed – Can we move, reshape, transcend quickly?
• Security – Will we be better protected?
• Governance – Am I compliant with Company Law?
• Product/Service/Cost Leadership – Will our own customers notice and value the changes in our organisation that your proposal offers?
• Innovation (e.g. Technology, New Business Models) – Do I want (to be seen) to be first in the marketplace, to do something differently? Does your proposal accelerate the process?
• Personal Credibility – Can I use your proposal to advance my own prospects and standing?
• People – Will your proposal raise the effectiveness and job satisfaction of people?
• Something else? – If you don’t know, ask “What else do you feel is important for me to know?” Even if you feel you know, ask anyway.
Put concisely, you need to understand profoundly what’s important in the heart and mind of your CEO client and convey the value you bring to the table in their language, not yours.
At this stage you may have provided sufficient verifiable value for the CEO to progress the sale. And there’s often a temptation to press on. In doing so, you may miss another, often unspoken, factor that weighs heavily in the CEO’s mind (as well as most of us) – fear.
The more you earn a customer’s trust, the more fears they share with you. They give you more power deliberately to help them.
My thanks go to Professor Colin-Coulson Thomas who shared with me the bounty of a minute fraction of his wisdom, and made a significant contribution to the following list.
What CEOs fear:
• Bad earnings news: the most likely and quickest sign of departure.
• Corporate programs don’t deliver: mergers and acquisitions “achieve 70% of their potential” at best.
• Failure to turnaround ailing sales quick enough.
• Change takes too long: ‘corporate firewalls’ prevent people from getting it done.
• Investors don’t understand: a CEO spends 40% of their time articulating strategy and some argue that’s not enough.
• Personal wealth at risk: e.g. missed deadlines can lead to private investors swallowing up the shareholding of a company
• Lack of innovation: playing it safe is no longer an option these days. Competitors and customers are moving too quickly.
• Talent gaps in performance: e.g. 20% of the sales-force bring in 80% of the revenue.
• Conflict in the boardroom: too much time spent looking inwards leaves too little time to focus on the customer.
• Personal credibility at risk: any of the above means less likelihood of stepping up the ladder of success and/or lack of a legacy of note. These in turn can lead to…
• Personal health at risk: where the stressed mind-body connection can have serious consequences. I know of one CEO who, after missing targets set by investors, developed terrible eye problems because he didn’t like what he saw. Another developed disabling back pain through a lack of self-esteem. Another who was deemed too rigid and inflexible developed problems with their joints.
Your task is to earn the right to zig-zag; to take the CEO on a journey whereby they see your solution working in their organisation and have allayed any fears they once had.
Image sourced from Moments Count
Paul C Burr
Rather than seeing success as a specific outcome, change your focus to seeing it as a network of ’10 out of 10′ relationships. When everyone who can stop you achieving success is onside – there is no one and nothing to stop you.
Image sourced from Think Holistic, Act Personal
You cannot achieve success without forging equally successful relationships – starting with the relationship you have with yourself.
Think of a business or personal situation that’s important to you right now.
Who are all the people (include yourself) who can stop you from being successful (i.e. they have the power of veto)?
Give your relationship with each person a score out of 10, where 10 means ‘the relationship with this person is exactly where we both want it to be’.
To get the relationship to a 10, what does each person on the list want from you?
Are you willing to give it? (And what might you want in return?)
If so when?