3 Keys to Build Relational Equity
Maybe it's because they know how build a reserve of “Relationship Equity”! What is “Relationship Equity”? You have “relationship equity” when. Before you sell any product or service, you need to build trust and relationship equity (RE). "Give before you get" should be your motto. RE can. Successful companies develop relationships with people. When you talk of "my clients" or "my banker", you will have.
Acknowledge the lack of relationship: It comes off as honest and transparent, instead of "sales-y" and rude. I also feel less like this was a form email that my name and blog name got dropped into. Let it happen organically: If the piece is really so groundbreaking that everyone in the legal blogosphere should be talking about it, then everyone in the legal blogosphere WILL be talking about it.
Building Relationship Equity *Must* Come First | Zen and the Art of Legal Networking
Obviously, there will be people within the industry with whom this person has strong relationship equity. He should start with those people — and then the rest will happen organically, as we mention above. If someone with whom I have strong relationship equity not the writer then comes to me with this piece, suggesting that I read it, I am likely to do so.
Catch me at the right time: But sending me at email at 4: How many times have you posted a blog post, only to wonder, where are the clients that are supposed to come from this? It all boils down to relationship equity. And that takes time to happen. If I am a Twitter user, who only logs in to post my own articles and blog posts and then logs out, I will never get clients from that.
Sure, there may be a one-off, but the likelihood is both that very few people will click through to read my posts, very few people will follow me, and even fewer will want to use my services.
Even if I write the most ground-breaking, intelligent posts and articles, people will be turned off by how wrapped up in myself I am.
Will it result in clients? But it will definitely result in people getting to know you, like you, and trust you. In turn, they will help to build your sphere of influence by reading and sharing what you write because they feel that loyalty to you that is borne from relationship equity. What are the lessons here for lawyers?
Networking is not a sprint. With very few exceptions, you are never going to engage in a networking activity for the first time and immediately get a client. But every networking activity that you participate in is a building block, and that will get you to your goal.
Maybe not today, or tomorrow, but someday. If you build it, they will come: You listen, you connect, you engage, you share, and over time, you will find that you have more and more relationship equity. But he keeps working at it, and keeps working, and once the entire field is built, both the ghost players and the fans come, in droves.
All the types of equity named above are important, but there's another type of equity that may have an even greater impact on your business: What is Relationship Equity? Equity theory studies the distribution of resources between relational partners. For example, it examines whether what the parties in a relationship get out of a relationship is equal to or greater than what they put into it.
According to this theory, relationship equity matters because people seek relationships where there is balance. If they get more than they give, they feel guilty about it. If they give more than they get, they may feel used. According to equity theorists, time, effort, skill, enthusiasm, trust, etc. Three Reasons Relationship Equity is the New Lead In a business context, relationship equity can come in the form of access to information, communities, individuals or markets.
It could also come in the form of referrals, insight or knowledge, financial investment, or any other returns your investment in relationships might make possible.
Here are three reasons why you need to take relationship equity seriously if you want to grow your business. Relationship equity is cost effective. Relationship equity sets you apart.
On a small scale, this is why referrals work better than cold calls. On a larger scale it could mean that investments you make in relationships within your community is a form of upfront investment that may pay off later in future business. Building Your Relationship Equity Relationship equity might simply mean helping people and providing access to individuals and communities by networking on an informal basis.