Journey to Trusted Renovation Advisor

Let’s take a personal example to put the four categories of Business Relationships into perspective.

Say you just hired a contractor to renovate your kitchen. This is a big deal for you. It’s an expensive renovation and an emotional purchase. You’re going to be put out of your kitchen for months, and you’re going to have a stranger in your house all day, every day. My guess is that you’re going to pay particularly close attention to that contractor during the first week or two of construction, looking for clues about his trustworthiness and expertise. 

Does the contractor show up on time every morning? 

Does the contractor clean up at the end of each day? 

Does the contractor appear to be organized?

Does it look like the contractor knows what they’re doing? 

At this point, your relationship with the contractor is strictly transactional. They’re just a vendor to you right now; nothing more, nothing less. You expect them to perform, but right now your relationship with them is “fine.” They're still in the pack; an average contractor until proven otherwise. That’s the way most business relationships begin. 

As time goes by, it becomes apparent that you made a wise decision. The contractor proves to be conscientious and capable. You begin to relax a little. They finish the job on time and within budget. You recognize and value their integrity and competency, and you begin to consider what other projects they can do around the house. 

About this time your spouse reminds you that you promised to renovate the basement once the kitchen was done. You decide that your contractor did such a good job with the kitchen that they've earned the first shot at your repeat business. You’re now predisposed to expanding this relationship, and they are starting to earn above average sales equity with you. 

You go ahead and hire them for your basement renovation, and again they do terrific work. You refer them to a friend, who also becomes a fan and can’t thank you enough for sending them their way. A year later you bring the contractor back in for a bathroom remodeling because by now they have earned significant sales equity with you and in fact, have become your Trusted Renovation Advisor. 

You decide they are your renovation go-to from now on. You call them first when you have a problem – not just for a quote on a well-defined project but rather for advice on what you should do. When they suggest certain materials and hardware for your bathroom remodel, you take their advice without batting an eye. You don’t even have to think twice about hiring them or referring them to others. 

These same four Sales Equity Levels play out even more so in the B2B world. As a supplier you begin a new relationship with your buyer (Acquisition), you work hard, and get paid for that initial work; you have had a perfectly fine transaction. As you begin building above-average sales equity, you break out of the pack and reach the predisposed level. Over time – if all goes well – you earn significantly higher levels of sales equity and become your buyer’s Trusted Advisor. 

Are you a trusted advisor for your clients yet?