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STAGE 4: ENGAGEMENT: The two parties are fully engaged, figuratively “sitting on the same side of the table” and seriously exploring how they can help each other out. The company’s main goal is to understand in detail what their prospect is trying to accomplish, and either offer an existing solution from their offerings portfolio, or co-create with them a product or solution that helps them accomplish their goals. STAGE 5: EXCHANGE We’ve consistently added value over a series of interactions. We’ve established trust. We’ve now earned the right to ask for something. It might be a sale (Revenue). It might be a Referral. It might be a Recommendation. In some cases, it might be all three. We’ve successfully executed an R Value Exchange. But it doesn’t stop there… Let’s dig a little more into the Value Exchange Retention Cycles and the potential response(s) of the customer at all stages in their journey up the pyramid. 1. The customer’s response to their journey up the pyramid Humans have always been social. We’ve always told our friends, family, acquaintances and business associates about our day, our experiences, our hopes and dreams, who we like and don’t like, etc. What has changed is how many people we can tell things to in such a short amount of time. Social Technologies are an amplifier. Good experiences get amplified – an exponential boost to your brand. Bad experiences, well, can spread like wildfire, and can do significant damage to your brand and reputation in a short amount of time. But really, this isn’t new either. Bad PR stories have been picked up and spread via the press for decades.

2. The Value Exchange Retention Cycles Hopefully the relationship we’ve worked so hard to nurture doesn’t stop there. I’ve highlighted 3 areas where and how further exchange might take place. Let’s briefly touch on each of them. A. Repeat Transactions We may keep getting referrals. We may keep selling the same consumable over and over. But remember, in order to keep our customers with us, we need to continue to add value. B. Upsell Opportunities (Deeper Commitment) We’ve had an initial exchange. But, there’s more there. There are more problems to be solved. You’ll see that the retention circle extends back down into the engagement stage. Layers of the onion are peeled back as new needs are discovered and new solutions are presented. C. CrossSell Opportunities (Different Product and Service Offerings) You’ll notice that this retention circle ventures all the way back down to the permission stage. While we’ve exchanged value for one business purpose, we may need to display competency in another area in order to earn permission to engage in dialogue for that need as well. So that’s it. We’ve taken a look at how to get our prospect’s attention, and facilitate a journey towards a mutual value exchange. We’ve looked at how social technologies amplify everything good and bad, and we’ve taken a brief look at how our relationship with our customers (partners, influencers, etc.) can be retained and nurtured for continuous value exchange. The key is to start by creating something of value, something that is sure to garner attention. Start there and you can learn the rest along the way.

What is new is that EVERYBODY is the media. There is no longer a filter. Information and Stories that are worth spreading will be spread.

bell•weth•er -noun: one who takes initiative or leadership

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Bellwether - A Blytheco Magazine - Get Social  

When talking to leaders of small to medium-sized businesses, there seems to be a growing fear of becoming involved in social media in one wa...

Bellwether - A Blytheco Magazine - Get Social  

When talking to leaders of small to medium-sized businesses, there seems to be a growing fear of becoming involved in social media in one wa...