Business Contact Quadrant Analysis-Part 3
Friendly Relationship (High Contacts / Low Business): Often
called the "friend zone" of business. You are well-known and liked,
but you haven't yet mastered the art of converting social equity into
commercial value.
What should be done:
The objective is to convert others' liking into business. If your contacts have
started to like you and see you as a worthy contact, they will be willing to do
business with you.
From your list of contacts, identify the most
likely prospects who would need your products or services, and start sharing
the services and solutions you can provide. Set a monthly contact goal and
ensure you can work with those contacts directly or use your team members to
communicate.
Once you get business from a contact, ask for
a mutual reference—this will also help you close the deal faster.
Networker (High Contacts / High Business): The
peak of professional influence. This person has scaled their reach and
successfully converted that vast web of people into a high-performing revenue
engine.
What should be done: Retain
your contacts by ensuring your services and solutions are consistent. Embrace
innovation and creativity to stay fresh and strengthen the trust of your
contacts. Let there not be an instance where your contacts feel you have taken
them for granted.
Since your contact list is large, create a
calendar to ensure you stay in regular touch with them, so you don't fall into
the trap of being perceived as overly business-oriented. The way you built your
network—through your genuine need to bond with them—should always remain the
same.
Example:
If you are an insurance agent who has
developed a large contact list and converted it into business, apply the latest
CRM solutions to trigger reminders for birthdays, anniversaries, maturity
periods, and more. This allows you to contact them easily without the hassle of
manually referring to records.
Contended (Moderate on Both): Positioned in the centre of the
quadrant. This represents a sustainable "comfort zone" pace where
growth is steady but not aggressive.
What should be done:
Though business looks good, let us not forget that customers are constantly
being exposed to new brands, alternative solutions, and more. Hence, we should
be mindful of ensuring that, on one end, you strengthen relationships with
existing customers, while on the other, you add a few more contacts to mitigate
risks that can arise in any form.
Example:
If you are in the travel business and one of your customers, who has been using
your service regularly for ticketing and hotel bookings, is suddenly told by
their grown-up children that they can book directly and save money, it will
become difficult to retain that customer. In such situations, you would need to
either forgo your margins, add more value, or, in the worst case, lose the
customer. Considering these factors, adding new customers who are dependent on
travel agents becomes a priority.
Being content in life is not wrong, but it should not
push you into a comfort zone that, in the long run, makes it uncomfortable to
run the business.
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