Finding Your M.A.N. for Effective Relationship Management in Business

One of the most important skills you can develop, personally and professionally, is managing your relationships effectively. Not only is relationship management critical in our personal lives when dealing with friends and family, but it is also necessary for success in the business world. Relationship management can maximize the value of your work relationships, ensure business processes are running smoothly, and maintain your company’s reputation. Only by adequately defining your relationships with others will you be able to accomplish your business goals.?

While a lot goes into relationship management, there are three key elements you need to know to understand your relationships with customers and how they relate to your business goals. These can be summed up with a simple acronym: M.A.N.?

M - Money?

It’s important to establish early on how much money your prospect has available and who has the budget for the money, whether it’s the project manager, the CEO, or someone else. If your prospect does have the funds and/or you have failed to discuss the budget needed, you could have a problem when it comes time to ask for a commitment. When you know how much a prospect is willing or able to spend, you get a better sense of the limitations and can start developing different options for your specific request.

A - Authority?

Along with knowing if they have the money, you need to determine who has the authority to spend the money. Some people forget that the person who has the money might not be the same person who has the authority to authorize the expenditure of funds or implement new products and services. To ensure a successful business relationship, you need to understand early on if the person you’re talking to has the authority to initiate the change you request.?

N - Need?

One of the most important things that any business leader must know is what needs they serve with their product or service. You must also figure out who has the need that you’re looking to fulfill. A common mistake businesses make when pursuing a sale is targeting customers who don’t need what they offer. As such, it’s important to establish early on what value you bring to the table and whether the prospect actually needs it.?

When you keep these three important factors in mind, deciding which prospects are worth pursuing and how you can best achieve your goals becomes easier. To find your M.A.N., you need to determine immediately if your prospect can afford what you offer. This process is accomplished by identifying their projected ROI and mapping out who is involved in their decision-making processes. From there, you can identify their unique needs, when coupled with an understanding of market trends, will give you the insights needed to communicate your unique value proposition.?

Even if you know what you’re looking for when managing your business relationships, you also need to bring your best in terms of communication and leadership skills to deliver on customers’ needs. Good relationship management skills are typically associated with high levels of leadership, as managing relationships is a key part of being a good leader. Sharp decision-making, the ability to adapt to different situations or personalities, and strong problem-solving and conflict-resolution skills are all needed to maintain business relationships.?

Relationship management is never easy, and there will always be unique challenges when managing them. However, if you bring your best leadership skills to the table and keep an eye out for your M.A.N.There is nothing you can’t do.