In my last article I discussed the importance of working with trusted professionals who have built a strong relationship with prospects that you would most likely serve in the future. They are centers of influence that complement your business rather than compete with your business.
This week finishes the Life Transitions chapter that will be published this summer in collaboration with Brian Tracy and other authors. I hope you realize the power behind this concept and what it can do for your business. Here are seven things you can do to start harnessing the power of Life Transitions for your business and become an important part of your customers’ lives.
First, identify the specific Life Transitions your current customers may be experiencing. If it’s not obvious, ask them questions to learn more about their situation and what motivates them to seek your products, and how does it benefit them. If you discover more than one Life Transition, prioritize them and examine the effectiveness of your current marketing strategy to attract individuals in the various transition points. For example, if you own a furniture store, you might identify these prior transition points: Moving to the area, buying a new home, birth of a child, etc.
Second, examine the Life Transitions that precede the one that motivates your customers to come to your business. Draw a timeline and label the specific transition points in relation to the one you primarily service. You may notice that some points are directly connected and occur shortly prior to the Life Transition that motivates your customers to come to you, or they may be at the same transition point and much earlier in the process. Other transition points will occur over a longer period of time on average. If the primary Life Transition that motivates people to buy from a furniture store is people moving into the area, then they will have also bought or rented a house recently.
Third, list the business categories and specific businesses that serve each of the Life Transitions identified in the second step. Using the example of a new home rental or purchase from the second step, you could list realtors, apartment complexes, and property management companies as the business categories. Once you’ve identified the categories, look through your local directory to list specific businesses serving each category.
Forth, identify what’s in it for them to work with your business. This will vary for each type of business and each business owner. Some professions do not allow a financial reward, while it may be the standard practice for others. Some may be more than happy to refer their customers to you once they feel you will deal with their customers professionally and provide outstanding service. In other words, you must sell yourself to the business owner, and then discuss how the relationship can be mutually beneficial.
Fifth, contact the business owners or managers to discuss your proposal to work together. This can be an informal visit over the phone or in person that is concluded with a handshake, or it could involve a letter of agreement to formally establish the relationship and expectations of each other. Make it convenient to refer your business by providing business cards, brochures, and other materials that will make it easy to recommend your business.
Sixth, follow-up frequently and keep the relationship active. Just like any other relationship, you must continue to make contact and communicate the results of the individuals or companies referred to your business. You are building an ongoing relationship to develop greater trust and benefit among everyone involved.
Seventh, analyze the Life Transitions your customers experience during or after you have served them. You want to do this for several reasons:
• By fully understanding and empathizing with what your customers are experiencing, you can provide better service to them and also refer them to other highly-qualified businesses that will take care of their additional needs.
• You could earn some form of a reward if the customer makes a purchase based on your referral. Again, this will depend on the type of business and the laws that regulate compensation.
• You may expand the products or services you provide to better satisfy that specific Life Transition and earn additional income. Using the furniture store example, you may discover that new parents are buying rockers, but many of them are complaining about the lack of quality cribs and other related furniture, so you could expand your product line to include baby furniture.
Your ability to work with complementary businesses in the same or different Life Transitions will improve as you continue to build a strong network where each business benefits. Over time, you’ll receive more qualified referrals, your marketing will be much more effective, and your profits will increase.
The 30,000-foot perspective offers a greater view for your business to serve your customers better by being there before they need you. It will also allow you to gain a competitive edge by positioning your business as the best and only choice for a successful transition, even in a crowded Life Transition intersection.
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