You've likely heard the saying, "People do business with those they know, like, and trust." But how often do we unpack the truth behind this adage? As an owner of a small to medium-sized business, I can personally attest that this is far more than just a catchy phrase. It underscores a fundamental truth about human interactions, especially in the business world.
First off, let's acknowledge a simple fact: we're all human. Our decisions, professional or personal, are influenced by our emotions and relationships. We naturally gravitate towards people who share our traits, values, and outlook. This isn't just feel-good rhetoric—it's a strategic approach that can significantly impact your business outcomes.
Now, you might be thinking, "I'm not about to start flattering my way through business." And you absolutely shouldn't. Integrity and authenticity trump insincere flattery every time. However, finding and emphasising what you genuinely share in common creates a bond. It’s this connection that can naturally lead to better business interactions and results.
Here are practical, actionable strategies to harness the power of liking in your business relationships:
1. Personalise Your Interactions
Whether it's crafting a tailored email, recognising a client's business anniversary, or sending a small, thoughtful gift, personal touches can dramatically enhance your business relationships. Small gestures often leave a big impression.
2. Find Common Ground
Discovering shared interests or experiences is an excellent foundation for strengthening business relationships. If a client mentions they enjoy golf and you do too, that’s a fantastic common interest. Even if you're not a golfer, sharing aspirations or challenges can also forge a strong connection.
3. Listen and Adapt
Active listening allows you to understand your client's needs and values deeply. Adapting your approach to align with their expectations bridges the 'them and us' gap, creating a collaborative, not adversarial, relationship.
4. Highlight Benefits, Not Features
When you're discussing your product or service, focus on how it can solve problems, enhance efficiency, or increase profitability for the client. It’s the outcomes, not the specifications, that turn interest into action.
5. Leverage Peer Influence
Endorsements from a satisfied customer, a respected colleague, or an industry peer often carry more weight than the slickest sales pitch. Trust built on peer recommendations can significantly influence business decisions.
A Real-World Example
Consider the case of an investment bank aiming to boost its pay day giving scheme. They experimented with four different strategies:
Generic Email Blast: Resulted in a modest 5% signup rate. A flooded inbox makes it hard for generic messages to stand out.
Celebrity Endorsement: Upped the signups to 7%. While celebrities capture attention, they don't necessarily inspire action.
Message from the CEO: Signups jumped to 17%. Leadership can sway, but there's a limit to the impact of top-down communication.
Messages from Close Colleagues: This approach saw participation soar to 35%. The takeaway? We’re predisposed to trust and follow the advice of those we know personally and professionally.
The Bottom Line
Building genuine relationships in business is not just about networking; it's about strategically fostering trust through shared values and interests. By personalizing your approach and truly listening to your clients, you create impactful connections that not only grow your business but also enrich your professional journey.
As a Fractional CMO, I can help you explore how you can apply the principle of liking to drive your business forward. After all, when we like each other, incredible results follow.
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