The Lifetime Value Of A Relationship

This was part of a recent talk I gave and I spoke about the power of meeting someone, building a relationship and watching that flourish into a lifetime of mutual value. 

Just like a platonic or romantic relationship, it also takes time to build respect and trust in a business relationship. Putting the time and effort into it is where the magical results are. 

Networking is great, but meeting someone for a few moments at an event and then not contacting them again until you need something from them is NOT the way to go. Why should they help you when they truly do not know you? 

There needs to be follow-up, or follow-through, for any relationship to be sustainable. 

And, there are so many ways to stay connected. Anything from LinkedIn, Instagram or other social media platforms; to emails and Slack; to some of my favorites like getting on the phone for a conversation or meeting for lunch or coffee if you are in the same area. 

Each of our relationships in business is an opportunity. 

Long-term business success is not  about  transactional sales. Not everyone is a client and not everyone should be a client. But everyone can be part of your network, which is far more powerful than any marketing tool out there.

Speaking of marketing, the best companies know that  existing clients or customers can be their best marketers.  

I recently went to a beauty trade show that I attend every year with my daughter, sister and niece and we always buy our favorite skincare products at the show. It is a must stop booth for us and let me tell you, the line is always super long. It’s so popular! 

What I hear, as people are standing in line, is conversations about the products and how much they love them. When a new person comes over to see what the line is all about, it’s very common for someone already in line to start chatting about the company and sharing their great experiences. 

Don’t you want to get to a place where people are talking about you and your business with that same kind of enthusiasm? Even when you aren’t in the room? 

You want that line out the door to work with you. And you do that through relationship building.

My best tip for when you know you are going to be at an event or someplace where you are going to meet people you will want to talk to afterward, is to be proactive and schedule time in your calendar for those follow-up meetings right at the event. It eliminates a ton of back and forth emails or calendar links. It’s effective and efficient.