If Relationships Are Our Most Important Asset, What Are We Doing To Maintain Them? - BusinessBlog : McGraw-Hill
Career Featured

If Relationships Are Our Most Important Asset, What Are We Doing To Maintain Them?

If Relationships Are Our Most Important Asset, What Are We Doing To Maintain Them

The CAPITAL strategy, laid out in Zvi Band’s new book, walks professionals through a strategic approach to nurture their business’ and careers’ most important asset – relationships.

Most experienced professionals would find it hard to ignore that who they know, or who knows them, is a key tool to unlock their full potential. Do we know who are our most important relationships are? What could we be doing today to nurture those investments? That takes implementing a strategy, combining people, processes, and systems to consistently nurture relationships over a long period of time.

We can connect and be connected with virtually anyone in the world – that creates the challenge for us to be intentional around proactively prioritizing and nurturing the relationships that we believe may yield benefits. Otherwise, we end up with large pools of weak contacts – nothing more than name, email, and phone number. If you were to open up LinkedIn today and pull up a random connection, how likely would you lend them $20 if they reached out. What if you needed $20 – would they help you?

If we take the time to create these connections, we owe it to ourselves and them, to make the most of them. The CAPITAL strategy is designed as a step-by-step guide to creating valuable long-term business relationships.

The CAPITAL strategy, in a nutshell, stands for:

Consistent execution

Aggregate

Prioritize

Investigate

Timely engagement

Add value

Leverage

·      Consistency – Relationship building pays dividends in the long term, but we often struggle to optimize for anything other than short-term gains. Being intentional around acting repeatedly, regardless of short term outcomes, is fundamental.

·      Aggregate – Remember when you or your family could track everyone you know in a paper Rolodex by the house phone? Where we communicate, and who we communicate with, is scattered amongst dozens of digital and physical channels. Leveraging a database or not, what’s important is to get a single authoritative source of everyone you know or have known – regardless of relevancy.

·      Prioritize – We tend to bring order to the chaos we see by organizing people into groups with common traits. The best way to focus your limited time and resources, however, is to clearly state your relationship goals, then identify the types of contacts that will best be able to contribute to that.

·      Investigate – We are in a time where there is more information available about us and our contacts than ever before, but we must learn how to harness that in order to build a relationship. This includes the small talk in a conversation, doing our online research, and referencing the social objects that help bridge the gap between a pure transaction and a personal connection.

·      Timely Engagement – To combat the time-decay of memory, and therefore relationships, we have to be able to identify cadences or specific triggers that would cause us to engage, while still being perceived as authentic.

·      Adding Value – No one likes to be “followed up” with – so why would we treat it as that? We all seek valuable personal connections, and the more we are willing to invest (not just monetarily), the more we can increase mindshare.

·      Leverage – To increase our effectiveness and likelihood of staying consistent, we should seek methods to make it easier and easier to execute. Whether it’s investing in tools (better CRMs), processes (stored email templates), or people (virtual assistants), making relationship marketing more efficient will pay off over the long term.

While this is a seemingly simple theory in concept, the actual execution is incredibly challenging. One of the barriers to maintaining relationships is that your mind usually puts the long-term benefits of any task on the back shelf, so anything that doesn’t help you right now is less likely to get done, especially if it has to be done repetitively. Modern technology will also more likely interrupt us than help us with that goal. Thus, being intentional is all the more important.

For more information, visit and purchase Success Is in Your Sphere: Leverage the Power of Relationships to Achieve Your Business Goals. A

RelatedPost

Summary
Article Name
If Relationships Are Our Most Important Asset, What Are We Doing To Maintain Them?
Author

Zvi Band is the cofounder and CEO of Contactually, a top CRM platform for relationship-oriented businesses. Zvi has led Contactually to millions in venture backing, and the company now has 75 employees and tens of thousands of customers, including 8 of the top 20 real estate brokerages in the country. An engineer, developer, entrepreneur, strategist, and startup advisor, with both technical and nontechnical expertise, Zvi has been named a Washingtonian Tech Titan four times and was a finalist for Ernst and Young’s 2016 Entrepreneur of the Year award. He was recognized among T360’s Swanepoel Power 200 Most Influential Leaders and REAL Trends Game Changers. A passionate speaker and writer, he and his work have been featured in the New York Times and the Washington Post, among other outlets.