We all seek strong relationships, but we often forget that these relationships are built on transactions.
Don’t be so quick to wave the red flag. “Transactional relationships” get a bad rap, but you can’t have a good personal relationship without exchanges. You have to offer values like honesty, trust, loyalty, and humor to get them in return.
Business relationships are no different. In a positive business relationship, you exchange values like speed to market, ease of doing business, consultative approach, quality service, and good pricing.
In the event industry, relationships are especially important. They’re why we gather in the first place! Here’s what I’ve learned about using the natural give-and-take of business to build healthy, long-lasting relationships.
Turning a Good Business Relationship Into a Great One
A positive business relationship doesn’t take a tremendous amount of work to create. In fact, it comes naturally through the exchange of innate qualities and values.
What does take a lot of work is turning a good relationship into a great one.
You can tell a great business relationship by how long it lasts. When both parties exchange true value over time, their relationship strengthens. This happens when needs and goals align — and stay aligned.
You know from your personal relationships with family, friends, and romantic partners that values change over time, which can cause a relationship to sour. In a business context, this could look like a product that was fantastic yesterday getting better-priced competition today. In these situations, a good relationship can quickly become a nonexistent relationship.
To keep a great business relationship from breaking down, understand who you have a relationship with and anticipate their changes.
For example, during the pandemic, many investors believed the shift to virtual events would be permanent and that there would be long-lasting business relationships between consumers and virtual event companies. They were wrong, of course, because that shift was based on a temporary need. Because those investors didn’t anticipate customers demanding in-person events again, their bottom lines suffered.
You need to grow with your partners, understand what direction they’re moving in, and pave the road for them. This takes effort and intent, but with the right strategies, it doesn’t have to be difficult.
Practical Strategies for Maintaining Strong Business Relationships
If you’re willing to put in the effort, you can maintain valuable, long-lasting business relationships. Follow these practical tips:
Strategic Account Management
Strategic meetings management (SMM) is a fantastic way to find, vet, and grow great relationships with vendors, but it’s more beneficial for your customers. As a vendor in the event industry, you’ll need a different process called strategic account management (SAM).
SAM will help you find customers who are looking for sustainable relationships that provide value beyond services and widgets. At innoVia Productions, we’re so serious about using SAM to foster relationships that we have our strategic account managers trained by the Strategic Account Management Association (SAMA).
Business Reviews
Another way to maintain a great business relationship is to conduct biannual business reviews of your business partners. These reviews build a roadmap for success and bolster your relationships.
If possible, conduct these interviews face-to-face. This way, you can look your partners in the eye and better establish trust and rapport.
Most people share only 50% of what they think and feel with a stranger, but with a friend, they’ll share 80%. With a close confidant, they’ll share even more — up to 90%. At a business review, the goal is to get to the final 10% that people rarely share. That’s not easy to achieve over a conference call.
Even when a face-to-face meeting isn’t possible, you can still get as close to 100% as possible by asking the right questions:
- How is your personal success measured? When you know someone’s goals, or simply what will get them a bonus at the end of the year, you can help create a plan that will get them from point A to point B.
- What are you happy with? People are always glad to tell you what they’re happy with, and you need to meet these expectations.
- If you had a magic wand, what would you change? The answer to this question tells you how to be great. They may tell you about a problem they want solved or a wish they want fulfilled. If you deliver, you’re that much closer to a long-lasting relationship — but you don’t know until you ask.
To get the perspective you need, try talking to three levels of people: your day-to-day contact, a department leader, and an executive. You can ask each person the same questions but get totally different answers at each level. This will give you a more holistic view of your partner’s needs, goals, and values.
For example, a meeting planner may be concerned with meeting deadlines and getting positive feedback from clients, while a department head may want to reach 10% more people without inflating the budget. Even higher up, executives may struggle to onboard new employees.
If the person you’re speaking to asks for the moon, don’t worry. Simply asking questions and listening to the answers strengthens a business relationship. It shows that you care, and that goes a long way toward creating great partnerships.
My Advice for Relationship-Building in Business
The song “Your Move” by Yes has a simple line: “Don’t surround yourself with yourself.”
The song is about playing chess, but this line offers powerful personal and professional advice, too. When you pursue new viewpoints, you eliminate your own blind spots and strengthen relationships.
So, be an industry sponge: become educated, meet with your customers and your peers, ask questions, empathize, and be curious. Use the knowledge you gain to create relationships that lead to success.
If you’re looking for a vendor partner willing to work hard to build a great long-term relationship, learn more about innoVia Productions today.
