The Thrill of the Chase vs. the Drudgery of Dialogue

For many, the chase is simply easier than the work associated with building and nurturing lasting relationships. The chase offers variety, an adrenaline rush, and – win or lose – it’s off to the next pursuit. No working through misunderstandings and unrealized expectations.

No – this isn’t a post about personal relationships — parallels notwithstanding. This is about business development. And for some reason, many professional service organizations and B-to-B endeavors invest disproportionate amounts of time and energy chasing irresistible “opportunities.”

In almost every instance, the shortest path to revenue growth lies in meaningful dialogue (the stuff of lasting relationships) with existing clients.

This would seem to be of particular interest in today’s marketplace — where the slightest growth is challenging, and leveraging every investment is a must.

The math is simple. Deepening an existing client relationship is almost always a better investment than the costs — hard and soft — associated with the pursuit of a new target. Deepen an existing relationship, and not only are you on the road to increased revenue; you’ve changed your profitability arithmetic.

Just in case I have to say it — here goes: this is not a suggestion that we should not engage in the pursuit of new clients. It is a reminder to all of us leading business development efforts: when we invest more in the pursuit of new opportunities than in the care and nurture of existing relationships, we may have fallen victim to the thrill of the chase.

Relationships that endure and grow are the result of a calculated investment in the proactive art (and, yes – often drudgery) of dialogue.

Eric Fletcher

Even though the economy is turning this is good selling advice

A fantastic training resource for all of us is Selling Power’s site. They have daily short videos that you can watch to get tips.

I came across this video today about selling during a recession. The key take aways are:

  • First, buyers don’t purchase based on price. This is never the number one reason why people buy even in a recession. Instead, you need to show and prove that buying from your company is extremely low on the risk scale.
  • Second, you cannot come across as afraid that your job is at risk and that you are desperate to make a sale.

So, here’s the way I’d approach this.

  • First, you need to instill confidence in your customers and prospects. You need to establish key pillars that you can use to show that your company will weather this storm. It could be that you’ve weathered two recessions. It could be that you have a diverse customer base etc.
  • Second, ownership/Mgt must instill confidence in their employees. You must show them that you have their backs and that their jobs are not a risk. A wounded animal gets eaten.
  • Third, you must be confident and believe that this recession is an opportunity for you and your clients. Work hard, show them value and that you are the guy/gal that will help them get through this tough time. Drive to survive, drive to thrive.

Watch the video, it’s well worth the 4:30 minutes.

Chris Herbert