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The concept of value is at the forefront of every economic activity. So, it’s not surprising that a key aspect of a marketing manager’s job is creating valuable relationships between a company and its clients. This “stakeholder perspective” is central to relationship marketing.
The stakeholder perspective of marketing holds that marketers can apply the same factors that define successful relationships – such as trust, communication, power, reciprocity and commitment – to a company’s marketing stakeholders. With this perspective, they can develop or change the relationship with a particular stakeholder.
The stakeholder concept of relationship marketing can do more than improve your firm’s standing with customers, vendors, prospects and other key stakeholders. You can also leverage its essential ideas to become more successful in your own career.
You may be wondering who the stakeholders are in your career. The short answer: anyone who has an interest in the job you’re doing and how well you do it. Stakeholders include those immediately impacted by your decisions and actions, such as your employer, supervisor, co-workers and direct reports. Career stakeholders also include a wider circle of interested parties, like recruiters, mentors, industry group associates, networking contacts and other peers. Your firm’s customers, the public, the press and your family might also be stakeholders.
After identifying them, the next step in the process is to prioritize stakeholders according to their influence on and interest in your career. The more influence and interest a stakeholder has, the more closely you’ll need to manage him or her. Supervisors and co-workers usually have high influence and interest. Managing lower-influencing stakeholders is less time-intensive. For example, customers don’t need project updates – keeping them happy is sufficient. Recruiters and similar stakeholders might simply need occasional check-ins.
Think Long-Term: Viewing a stakeholder interaction as an individual transaction is not conducive to building valuable relationships. Instead, view each interaction as part of a whole, long-term relationship, and an opportunity to increase its value. Remember that in the best relationships, the parties share responsibilities, as well as benefits. In addition, each partner has a stake in the other’s activities. You can apply these strategies to your working relationships by inviting stakeholders to share in your plans, challenges and successes.
Understand Stakeholders’ Values and Needs: When beginning new relationships, most people are willing to expend the effort to get to know the other person’s needs, likes, dislikes and opinions. Putting forth the same effort in stakeholder relationships can greatly increase their value.
The best way to learn about your stakeholders’ needs and values is to ask them. Try some of these questions:
You may need to do some research to fill in any blanks. Once you know what your stakeholders need, you can plan how you’ll develop and manage your relationship with each of them.
Be Evergreen: Providing value once, or just once in a while, does not define a relationship. Like a living thing, relationships need consistent nurturing. Marketing managers know that providing customers with consistent value is vital to keeping them for the long term. It’s just as important to provide consistent value in your stakeholder relationships. Be an evergreen source of value.
Always Focus on the Win-Win: Reciprocity is another key element of successful relationships. Adhering to this concept can boost your career by adding enormous value to your relationships. When stakeholders see that you’re investing in the relationship, that you repay help in kind and that you remain loyal, you will strengthen the relationships that can promote your career.
Keep Communicating: Every successful relationship is based on good communication. It’s just as critical in stakeholder management. The frequency and content of your communications will vary, depending on the priority of the stakeholder and his or her needs. Daily interaction might be imperative – or it might be too much. Frequent email updates might be seen as interruptive to some, while others prefer them.
Take time to analyze how you communicate in each of your relationships. Focus on improving communication with those you identify as receiving less from you than they should. Make a point to meet in person with each of your team members; follow up once a month with trade show contacts; and drop a line to recruiters from time to time.
Applying the stakeholder concept to your career can improve your relationships and improve your career prospects. When your circle of stakeholders is getting what they need from you, and perceiving the relationship as a valuable, win-win experience, you’ll be more likely to get the help you need to achieve your goals and advance in your career.
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