What’s In It For Me? The New Norm for Reciprocity.
It was late Tuesday afternoon.
I was holed up in the back office of my grocery store, head in hands. Stacks of bills littered the desk. Piles of unmet inventory orders sprawled across the floor. A browser flashed with the balance of our company bank account:
-$14,549
Negative. Under. No money. Zilch.
A sharp knock on my door pulled me from the dire reality of our financial landscape. My employee Sam let me know that someone was up front fundraising for a school charity event.
“Tell her I’ll be out in a minute.” I closed the browser and went to go make my contribution. Because, as a small business owner, I was equally desperate to make an impact as I was to make a dollar. But every time someone walked through my door looking for a donation, I felt sick.
I gave (but got nothing in return).
I hid (and felt shame).
I pretended to be successful (when I was failing).
It was blatantly apparent I had nothing more to give — or gain.
For a while, I enjoyed interacting with community members that sought donations for their nonprofits. I found pleasure in talking to these folks about their passions. It felt good reaching into my pocket, pulling out money, and buying a gift card for a cause.
I was making personal connections.
I was doing my part.
I was helping keep the community strong.
But I also wanted to see an increase for our business too (remember that little thing called reciprocity)?
So I’d scrounge up some money, make another donation to someone’s fundraising efforts, and hope beyond hope that our gluten-free sales would see an increase as well.
Unfortunately, they never did.
While nobody misses the late fees of Blockbuster Video, fuzzy Polaroid photos, or the Blackberry rollerball, few will argue the value of the businesses that line Main Street, USA.
As a whole, there is no more generous group when called to support local community nonprofits than the small business.
Why does “giving” have to be one-sided?
When I started KOHA, I did so with one goal in mind: support brick-and-mortar small businesses.
But I’ve noticed there seems to be a kind of “donor” fatigue happening, a cynicism that’s trickled in to the makers, the lifeblood, and the local purveyors that we’ve always held in such high regard. It’s become not about added value, but about what you’re getting back. This new mindset of “what’s in it for me?” has shaken us loose from our previous rule-of-thumb: lead with relationships.
How do you stay reciprocal in a world that’s looking out for number one? How do you say no but still say yes? How do you drive real customers to your business? How do you pique genuine interest?
1. Show appreciation.
The customer really does come first. If you don’t appreciate your customer on an individual basis — instead treating them as generic, faceless consumers — then you’ll never make a real connection. How do you speak to your customer base? Who is your customer base? What targeted intelligence have you obtained? How do you show them that you continuously care?
2. Add value.
Value comes in many different shapes and sizes, and it’s not always about discounts or free gifts (though sometimes it is). Whether it’s through education, events, or giveaways for a cause, keep adding value to and for your customers.
3. Build & maintain relationships.
Regardless of how successful your business is, you must continue to build. Developing and maintaining relationships — after the sale, the closed deal, the signed contract, or the purchase — are just as important as your ROI. Stay connected, relevant, and in service throughout the year to make sure you are hearing customer needs or demands. You must stay connected.
4. Give first.
Don’t wait to have a customer provide a review or make a recommendation. Be the first to reach out and thank them. By creating a “giving” mindset, you lay the foundation for a more streamlined business and better relationships.
5. Lead by example.
If you want to be reciprocal or maintain great relationships, then set the tone. Don’t focus on what you’re not getting — create it. Do your homework, assess what’s not working, and then build the culture or environment both for your product, team, and business that you want to see given back.
Find ways to connect, give back, and communicate with your customer base and even your competitors. By doing so, you’ll forge bonds that will outlast the me-first mindset that’s invaded main streets everywhere.
