In exploring the five stages of the relationship capital continuum, we have examined the roles of subject matter expert, the voice of reason and the trusted adviser.
Learning about each phase should enable you to influence others in a more profound and impactful manner.
This month, let’s look at the fourth stage. At this level of engagement, you are known as a value accelerator to the enterprises and people you serve. You are recognized for being purposeful and results oriented with a keen focus on affecting the economics of the client’s business.
By understanding the key value creation drivers, you seek to find ways to impact revenue, costs, profits, risk and the business processes of the organization you serve.
You are viewed as a co-creator of abundance, recognized for an ability to identify opportunities and translate them into enterprise value. You can quantify your impact and have the ability to market your contribution across the organization. You are respected for being business savvy, understanding your client’s business and possessing a deep network that is unconditionally willing to help.
Ask broader questions
For example, thinking outside the box can yield substantial benefits to a business that wants to aggressively scale.
After conducting a client review with the business owner, this individual asked broader questions about the state of the business and learned that the client had a huge desire to grow, but did not appear to have thought through all the considerations. She recommended a formal market expansion plan be created to model the different growth options, as well as the cost-to-serve requirements.
The brilliance of this example is the person who had the relationship with the client was in the wealth management space. She recognized that a large amount of capital would need to be deployed. She proceeded to call upon her well-established network and since she had forged a stellar reputation over the years, it was a natural for her reach out to another of her clients for assistance.
This resulted in the creation of a plan that saved the client from making unnecessary human capital investments. In addition, it provided needed focus so the business development efforts could concentrate on capturing expanded share of wallet opportunities without having to diversify into new geographies where the company did not have a presence or established infrastructure.
Success vs. significance
It is important to recognize that our sphere of impact can be so much more meaningful if we take the time to understand what is truly most important to our clientele. We must become more inquisitive and vested so our line of sight is broadened. By adopting this mindset, we are in a wonderful position to maximize our contribution and be viewed as a value accelerator.
I close with a great quote that captures the essence of how the value accelerator views the world: “Success is when I add value to myself. Significance is when I add value to others.” ●
Marc Rosen is co-founder at The Client Experience Institute and president of the Vector Group, LLC.