Maximizing The Value of Business Relationships Leads To Market Success By Byron G. Sabol This article was published in CEO Corner (Society for Marketing Professional Services) Successful business generators understand that few people work by themselves and achieve results by themselves. A few great artists, scientists, athletes may do this. Most people work with others and are effective with others. This is true whether you are a member of a large organization or work for yourself. This is especially true for service firm professionals responsible for generating new business either from prospects or from existing clients. Successful business generators maximize the value of their business relationships by developing a loyal, committed following among certain constituents through two key concepts: 1. They know that loyalty and word-of-mouth communications with stakeholders are two primary ways that service firm marketers drive business. They realize that there is a substantial difference between merely happy and pleased clients and stakeholders and loyal clients and stakeholders. The more loyal your clients/stakeholders are to you, the more likely they will remain with you for your services and say great things about you in the marketplace. 2. They take responsibility for relationships with key constituents. Successful marketers don't let valued relationships drift away. They don't leave "control" of the relationship to the other person. They maintain control by always having a next step in any communications they have with each key constituent. The next step might be a phone call a meeting, or other an action to further the value of the relationship. A realistic objective is to identify from among clients, prospects, and other stakeholders a cadre of candidates to become committed to advancing your business generation goals. The goal is to create the highest level of loyalty among certain clients and stakeholders. The focus of the marketer's goal is the quality of one's relationships, not the quantity of one's relationships. Sales and marketing often become a numbers game — pursuing more clients or more qualified prospects - at the expense of overlooking the value of existing relationships. An important marketing objective is to produce loyalty among select constituents through a process for developing advocates. So just who are advocates? Well, they are more than a happy client. Advocates are more than someone who appreciates your technical skills; they are more than a good friend. Advocates go above and beyond the call of duty on your behalf. They open doors to decision makers who have the authority and the money to retain your services. Most importantly, they take the burden off the shoulders of any one service firm professional for generating new business. Another compelling reason for developing advocates: The more advocates you have, the more money you make. Keys elements for producing advocates include the following: 1.) Technical expert - You must be extremely good and what you. And you must regularly acquire from key constituents a numerical valuing of your technical abilities. If you lack the level of technical expertise your constituents expect, you may succeed in retaining the relationship, but you fail in your objective to turn them into your advocates. 2.) Mission - When you understand your key constituents' mission, you hold the key to opening the door to that which matters most to them. Knowing the business agenda and the personal agenda of your key constituents positions you to accomplish the next key element. 3.) Value focused - Identify from among your professional resources those activities that will assist your key constituents to achieve their business and personal objectives. These value focused resources may have nothing to do with your technical or your professional skills. Identifying business opportunities, helping advance one's career, or introducing your constituent to a critical decision maker are typical of activities valued by certain constituents. 4. Emotional connection - An emotional connection seeds your relationship with the advocate prospect. An emotional connection exists when the other person seeks opportunities to advance your interests without asking you first. They do not hesitate to ask you to take action on their behalf. When meeting with this person you do not have to ask for introductions because he or she knows your goals and is initiating communication on your behalf. When these four steps are implemented you are on your way to maximizing the value of business relationships with those who are important to your marketing success.