Good sales people are constantly building relationships and looking for new ones—all at the same time. And since most of the work you do for a current relationship is backing up promises—and doing what you said you were going to do—there’s little time left to create new ones. That is unless you’re efficient or “strategic.” To think I used to believe the phrase “strategic sales” was an oxymoron! You know, those contradictory phrases like “jumbo shrimp,” “military intelligence” and now “Super Committee”? I now know (read between the lines: I learned the hard way), sales efforts work best when they are absolutely strategic. But go for the strategic relationship—not the sale—because these types of bonds reward you with an annuity stream of business versus a single transaction. It’s a no-brainer if you want to save time and increase the ROI of sales and networking efforts.
Spare yourselves five degrees
There’s no question, qualified customers are what we all want—but you have to find them first. That can be difficult if you’re going after a new geo-market. Once you’ve identified them, then what? Like every other person in the world, they remain approximately six degrees away from the introduction you want. That’s not close enough to be efficient. The concept of “six degrees of separation” is useful to illustrate how close everybody (in the world) is related. You want a lot more than that. You don’t have time to sift through them all. You need to narrow your approach to just one degree of separation. A good example of networking at one-degree would be inviting a current customer out for lunch and then asking for a direct referral. Your current client knows what you do and can recommend someone who needs just that. So your current client is one-step removed from your next qualified prospect.
Some target markets you might not have considered
Obviously, any meaningful relationship will require that you’re both gunning for the same type of customer, otherwise you could pick just any “six-degree” that’s looking for new business. The real value of a strategic relationship is derived from the common target market you share, but that’s the endgame. You want to build a network of strategic relationship partners. They are the people or companies separated from your actual customer by just one degree. The two of you consistently share overlapping resources and refer each other’s business.
Strategic relationship partners are a different kind of target because they are one degree separated from your endgame. These targets can be described in at least four different ways, one will be right you:
Target 1: Industry Cohort Partner
What other businesses, other than competitors, call on the same industry that you do?
Target 2: Decision Maker Partner
Who is looking for the same buyer-decision-maker as I am?
Target 3: Food Chain Partner
Who works in a related field, serves the same clients but doesn’t overlap with my product and services? Target
4: Major Event Partner
When my customers undergo a merger/acquisition, a new equipment purchase, or other significant event, whom will they call to service that need?
Now when you spend time networking you’re not really looking to meet your clients—you’re looking to meet people who also sell to your clients. You seek a larger group of people and businesses with a common target market to share a strategic relationship with you and your business. It’s a connection where the two parties have mutually agreed to trade business opportunities on a regular basis. See if this doesn’t change the game for you next time you go to an event or trade show.
INSIGHT:
It’s counter-intuitive to move from targeting perfect customers to finding partners who are one degree away. Nothing is for sure but even the best customers come and go. Right now, strategic relationships seem to be a good bet on the come.
I welcome your comments, questions or more discussion.