Good Will in a Down Market
From my friend Steve Rennie at Hammerhouse, here is some great advice:
Good Will In a Down Market
Over the last year, and for decades past, business professionals have experienced the benefits of providing good will for prospective clients in a down market. Doing this can impact your personal business as the market rebounds. For example, when the phone rings today, you ask your qualifying questions….as you listen to the responses, you assess whether it is a real opportunity or not…as you come to the conclusion that there is no way to put a deal together based on this prospects situation, what do you do? Be honest with your future clients, let the person know what you heard, what the market will allow today, and then give some guidance on what they can do to be in a better position in the future. The most successful people in sales consult with their clients more than those that treat each deal as a transaction…by giving them advice on what they can do on their end to better their situation; you can position yourself to be their solution in the future. Good will in a down market can go a long way. Here’s what you do:
LISTEN carefully to the details of the situation and be understanding while you try to relate. Be prepared to share a story of another client’s similar situation thus positioning you as a consultative resource versus that of a transactional player interested in a commission today.
STAY EDUCATED and know how to position clients for the current marketplace. Teach them how their situation is impacted by our current economic landscape. Remember to invest time in them today knowing you want to do business with them in the future and creating a customer for life.
Set an expectation with your future client to FOLLOW UP in a timeframe that would be appropriate to check up on their progress, and then put it in your calendar so that you FOLLOW THROUGH.
ASK FOR REFERRALS….plant the seed that you are a resource for anyone wanting to understand the current market and how working with you can create value for them today.
The better you can articulate your value proposition and better differentiate yourself from your competition, the more creditability you will have. This will provide an opportunity for you to have greater results long term.
Trap doors:
Don’t make the mistake of leaving a bad impression because you knew there was not a short term opportunity. Don’t treat this conversation as a transaction but see it as an opportunity to build a relationship through a process.
Building business with goodwill in a down market involves extra time and effort, but only because educating people is different than trying to only structure a deal for today. Lastly, don’t forget to add these contacts as future leads to your ACT/CRM or other contact management system so that you can follow up and follow though beyond your initial conversation. Remember the real value is in the developed relationship not the transaction of a deal. As you build more clients for life, you create a more sustainable business for your future. Take the time. Invest in your future!
Let me know how this topic IMPACTs your business and feel free to share what you are seeing in your market. Hammerhouse will continue to strive to create value for you through what we are seeing and learning over time. If you want to find out more about our opinion on where the market is today or where we see it going, give us a call.
Steve Rennie
Hammerhouse LLC
Strategic Growth Partners
