I did the math and added up what I spent over the past 3 years at a locally owned car muffler franchise: $3,000. Wow. I thought the owners would be happy to "reciprocate" by doing business with me -- their loyal big-spending customer. Boy, was I wrong!
When I showed them how they could benefit from my legal services plan, they refused to buy my product. It wasn't because of cost -- my plan is extremely affordable and saves them so much. And they can offer the plan to their employees at NO cost to them!
What was it then? Selfishness? Lack of loyalty? Ignorance? No support for local businesses? None of those. It was just small-thinking mentality. That's what was limiting their muffler business, and is probably why they went out of business soon after.
They failed to recongize the impact of Doing Reciprocal Business.
What is Reciprocal Business? It's merely making an commitment to do business with those folks who do business with you. It's win-win. Sometimes known as "you scratch my back and I'll scratch yours."
For example: Suzy sells an insurance policy to the owner of Bob's Bicycles and she earns $200. She was planning to buy her son a bike for Christmas at a big chain store (X-Mart); but instead, she buys it from her new client Bob. Although she may have spent $50 more than buying from X-Mart, in actuality she still netted $150 because of the $200 she earned from Bob. And now Bob will recommend her services to all of his friends, family, and business acquaintances.
Doesn't that just make sense? Some would call it a "no-brainer".
Doing reciprocal business is NOT:
- Networking
- Lead referrals
- "Buying local"
- Bartering
- Exchanging
- Web site linking
- Swapping
How will you know if a business owner or professional is open to doing reciprocal business? Look for these traits:
- Open-minded (good attitude, willing to listen to their customers)
- Building their business (not stagnant or going downhill)
- Desire to work smarter (want to make it a win-win)
- Enjoy blessing others (not just self-centered)
- Integrity and honesty (they do what they say they will do)
So, how do you approach business professionals you wish to reciprocate with? In other words, you'd like to buy their products or services, and you know that they can benefit from yours. You can say:
- "I need to buy products; it makes sense to spend my money with companies who spend money with me." OR
- "I can afford to pay for your service because you bought my product." OR
- "I'm sorry but I invest my money by doing business with my clients."
After all you ARE investing in others who are investing in you! That's perfectly legit -- and a savvy business strategy. Reciprocating is better than bartering, and it sure beats begging for business. You feel good helping others become successful, while that also fuels your success.
If you work from your home office, join my NEW group for professionals who work from their home office at http://activerain.com/groups/virtualoffice
Regina P. Brown
Allison James Estates & Homes
www.ReginaBrown.AllisonJamesInc.com
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