28 Jan The Key to Relationship Capital
The Key to Relationship Capital
In this video, ISM Sales Group’s Director of Sales, Ryan Cooper talks about the most important skill in sales. And that is how to build relational capital.
Understanding relationships is key to building relational capital and understanding who is investing that time in you. And is it worth my time to invest in them? Now, I like to call this reciprocal relationships. Do we want to invest our time in the people who are surrounding our organizations, whether it be mentees, mentors, people that we look up to. We want to invest our time with the people who are going to make us better. Focusing your time, since we have so little of it in a day. Having an open dialogue and being open to feedback is a must. We want to make sure we’re creating and demonstrating value. We want to be invested in the relationships that were involved in.
If we’re not able to provide value, there’s no real point for us to be in their lives. And if our only way to create value is by asking them for things that we need. We don’t like to call that a reciprocal relationship. That’s a one-way relationship. And we identify that as Oliver Twist syndrome, where you’re always asking for more. You’re not asking what I can do for you, but what can you do for me? And we’d like to flip that on its head and be students of the game. Don’t over ask for things that you need from the people that you’re looking up to and trying to level up to be like. We want to make sure that we’re providing them value, So they’re willing to keep us around, to invest in us, and give us those tips and tricks to get us to the next level. We want to avoid the Oliver Twist syndrome at all costs. And we want to make sure we’re always demonstrating value to the people who are providing value to us.
The key to an effective reciprocal relationship… I would say probably the most important point in the reciprocal relationship building, is to give back. And one of the greatest stories that solidified what giving back means to me is through a person named JT Foxx. He’s considered the number one wealth coach in the world. He’s a published author and the writer of the Millionaire Underdog. And he is considered one of the top wealth consultants in the world. One of my favorite stories about how IT demonstrates and identifies the key importance of reciprocal relationships, is a story touches on, regarding someone named Oprah Winfrey. You might’ve heard of her. JT had a client that has been super interested in getting to the next level of business. And this person was a billionaire to boot. JT had been wanting to work with this person, but was unwilling to reach out without providing some major value.
And so, JT had worked his butt off for years for a couple of clients, who had connections to Oprah. And so when the time came, he knew that this billionaire business mogul was interested in meeting with her. He made the call, called in some favors. And he asked for a second ticket. When the time came and JT and his client were able to go see Oprah’s show and were able to have the full experience. And then, the time came to take a picture with Oprah backstage, he took his client, and he shifted himself to the outside of the picture. And put his client before himself. By doing so and giving this special moment and this unforgettable moment to this billionaire, potential business partner, JT was able to solidify a bond that’s going to transcend through their entire business careers. It wasn’t just a sale for today, but it was a sale for the future.
The next way we’re building relational capital and effective relational capital is getting to know our clients. What are our clients’ goals and aspirations? What are their dreams? What do they want to achieve with their business? But not only from a business aspect, what does your client enjoy outside of work? Is it hunting, fishing, technology, cars? What drives them? Are they a foodie? If you can understand what makes that client tick and how to build that relational capital with that client, by getting to know them on a business but also a personal level, you are able to become an invaluable relationship to this client. Because of how close you become with them, getting to know them on a personal and business level. We want to show interest in what they’re interested in. If they tell us to check something out, watch a movie, check out a documentary, read a book, we want to do so. Follow up on that. They’ve let you know what they’re interested in. And we want to follow up on that value and be able to speak to that value and connect with them. Connection is how we can build that relational capital.
So we want it to be constantly asking ourselves, what value am I demonstrating to my client? And am I just hanging around to be around? Because we always want to make sure we’re providing value. Ask yourself constantly, what value am I providing to my client? Am I just another connection or my someone who provides value and engages with their life and provides meaning to them? I want to be able to demonstrate my value and be engaging and connecting on things that interest my client. Because through those techniques, I’m able not only to build a business relationship, but a lifelong customer and personal relationship that can transcend, not only through this business, but for potential business for years to come.
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