What are the most successful businesses? What is that they do that makes them unique? How are they able to ride out a crisis after another crisis?
The first answer most likely is… they offer great products and services. I’d agree with that. The second answer is… they compete in a unique market space or after a specific niche. I’d say that is part of the answer. The third answer is… they execute their plans to perfection. Hmmm, okay I’d give you that one as well. Here is a fourth answer: These businesses have built up a tremendous amount of wealth in their relationship accounts.
What Is A Relationship Account
How Are Your Deposits?
It is the trust your customers and everyone outside your organization has in you, your brand, and your business. This account is built slowly over time and cannot be rebuilt on a dime. The relationship account represents your integrity, your outward perceptions, and your value to the community. A relationship account lets you get the benefit of the doubt in troubled times.
…value is delivered free through service, information, and time.
A relationship account is one of the most valuable tools for any business – heck any individual. It begins to be built up over time through the consistent offerings of valuable products, services, and information to customers. What compounds the interest on relationship deposits is the continuing delivery of value to anyone that passes by. This has traditionally taken place through volunteer activities, participating social gatherings, and being involved in the community. That value is delivered free through service, information, and time. Now with the interconnectedness of social media you and your business can provide more value to a larger audience. This will bring exponential deposits to your relationship account.
How Do You Build Up Your Relationship Account
Your interactions must be sincere.
You make every communication you exchange, whether it be in person or online, about your audience and not yourself. You provide valuable information and resources that
How Much Is Your Account Worth?
your audience can use immediately. You listen to your audience, you engage them in a meaningful way, and you thank them for their time. Your interactions must be sincere. You will have to be consistent in treating each member of your audience as the individuals they are. You will build a foundation of authority and credibility.
How Do You Use Your Relationship Account
It depends on the situation but it comes down to two types of withdraws from the account:
- One you choose to make by asking for business/favor
- One taken by the general community during a time of crisis
The first withdraw you get to choose when to use it. It can be that you ask your customers or the general audience to follow you, purchase a product/service, or stand-up for you and your business. If you have built up enough capital in your relationship account your audience will help you cash in. If you have not, they will walk away and any good will you had tried to build up will quickly vanish.
The second withdraw you have no control over whatsoever. Your audience and the general public control it during a time of crisis. If you have worked diligently, sincerely, and openly to build up your relationship account then withdraws will be minimal keeping your reputation in good standing. Your audience and your customers will rally around you, your brand, and your business. If you have not spent the time to build up your account, they will be at the barricades with the pitchforks and torches.
Building a relationship account takes and time. It is a process that is continual and must always be maintained. Each business plan, marketing plan, and sales plan must take your relationship account in mind. They must work to build deposits into your account.
Do you know what your relationship account status is? How do you build up your account?
About the author:
Erroin A. Martin is a Business Advocate with the Von Gehr Consulting Group, LLC, a business coaching and consultancy provider for business owners, executives, and entrepreneurs. He has fifteen years experience working within the pharmaceutical, manufacturing, natural resources, medical devices, software, technology, business services, and agriculture industries in various levels of leadership across six continents. He has led diverse teams in sales, marketing, planning, and in the Army. He currently coaches business leaders and physicians in the tools needed to plan for their success. Learn more about the Von Gehr Consulting Group, LLC at www.vongehrconsulting.com or call +1 203 433 8079. You can follow him on Twitter at @Erroin
The Von Gehr Consulting Group, LLC, was founded by Erroin A. Martin to provide business coaching, business consulting, and other services to companies both large and small. The primary goal is to have his clients be passionate about their business and reach the unachievable.
