Relational Capital – Is it Part of Your Social Media Goals?
Posted on | October 16, 2009 | No Comments
During a recent meeting of the Philadelphia Chapter of the Sales and Marketing Executives International (SMEI), author Ed Wallace led an interesting discussion on the development and use of “relational capital.” I couldn’t help but see a parallel with social media.
Before proceeding, I must say that I was impressed by the discussion which emphasized actionable approaches to learning and developing relationships. Consider buying his book Business Relationships that Last.
As I listened to the presentation, I found that Ed’s concept of developing relationships echoes the way in which many businesses should approach social media: continually cultivating relationships to move beyond being just an acquaintance to becoming a trusted advisor.
The foundation of Ed’s approach can be summed up in three pillars:
- Credibility – This is the gatekeeper that will prevent any further progress.
- Integrity – Honest, worthy intentions.
- Authenticity – Are you who you say you are?
The area that is formed from the intersection of all these is considered “relational capital.”
Sounds like the goal with social media, doesn’t it?
As the presentation continued, I was particularly interested in the observation that “In every business transaction, trust goes up or down but never stays neutral.” Using this as a cornerstone, there is good reason to pursue the ideal “Win-Win” situation using the three elements listed above.
The book does a much better job of this but the process comes down to these 5 steps:
- Establish Common Ground
- Display Integrity and Trust
- Use Time Purposefully
- Offer Help
- Ask for Help
A couple of observations:
- The Offer of Help is 4th.You can’t offer help until the person you are talking to gives you the right to do so. Rapport and a common ground must be established.
- Allow the prospect to lead the conversation while establishing common ground. If there is a dozen roses on the desk a salesperson’s first inclination might be to ask about them.
- Allow the prospect to speak about what they would like. Ed suggests waiting to see if the person brings it up – the roses might not be the best memory for the person.
- Above All Ask Lots of Questions. This cannot be understated; we all know that listening is first in social media and it holds in relational capital as well. So why is it still so darned hard sometimes?
How do you use relational capital in your relationships? Tell me a story about how you have used relational capital to move from meeting through one of the social media tools to actually having a deeper relationship and what affect do the tools have on the process?
Rick Simmons
Tags: building relationships that last > relational capital > Sales and Marketing Executives International > SMEI
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