We think of equity as the tangible assets you own: the part of your mortgage that’s paid off, the stocks you may have in the company you work for. We all hear about the hot-shot tech industry entrepreneurs who sell their stakes for a bazillion dollars, but are they the only ones who build equity in their businesses?
Unlike owning a business or say, real-estate; it’s tough to invest in a career in sales with the hope of being able to “sell” your life’s investment.
You, the B2B sales person, generate massive equity in the course of your career, but it’s not in a tangible asset like stocks, or an art collection.
It’s in your relationships. The trusted relationships with clients that you carefully build over time, through the sweat of your brow and the good service you provide them.
B2B sales professionals are in the people business and that, means most of what we succeed or excel at has people attached to it. You could say B2B sales professionals are in the relationship business.
Your relationship capital is the one truly valuable piece of equity that is entirely your own property and, that will lead to future growth and opportunities.
Most B2B professionals tend to spend their careers in similar verticals. If you’re a finance person, you’re probably going to stay in some aspect of the finance world over the years; so to for B2B sales people. If you’re in aerospace, than most of the days you invest advancing your career will probably be in, or related to aerospace.
Similarly, the people and decision makers you encounter throughout your career will usually stay in the same industry. In other words, you will probably be selling to many of the same people over the years or course of your career.
If you’re starting a career in B2B sales, this may seem like a nonsensical concept. If you’ve been at it for a while, you’ll get it.
How many times have you sold the same client twice or more, and by client, I mean the person, even though it may be years later and they are now working (and buying) for a new organization?
As a veteran, how often do you reference someone or some industry relationship that silently speaks to your brand, your value?
The best B2B sales professionals realize that hey are in the people business first and that their relationship can easily be called their “book of business”
Your book of business is what you take home from the office each day or week. It is the one truly valuable piece of equity that is entirely your own property and, that will lead to future growth and opportunities.
Your book or, relationship capital is the one asset you can build in your career that you can monetize later in life. Every time you do that, you’re converting relationship capital into equity.
What are you doing to grow your relationship capital?