If you are not familiar with the “law of reciprocity,” it is a good place to start. Are you wondering why your business is not growing at the pace you would like it to?
There are many interpretations of the Law of Reciprocity. I will share an elementary explanation, and then you can take it further if you would like.
In its most basic form, the Law of Reciprocity is the concept that “You reap what you sow.”
When you do something to serve others, they feel compelled to return the favor on a deep instinctual level.
Likewise, if someone does something to support you there is an expectation that the favor will be returned in some way, shape or form in the future. Whatever your opinion is on how the world works, and whether or not it should be tit for tat is irrelevant because these are unspoken expectations that have been in play since the beginning of time.
That being said, how does the Law of Reciprocity apply to you and your business?
This is where I see my clients getting off track. Clients want so badly to profit, to grow and move their business forward that they forget that the same rules apply to business as in life.
I see people constantly selling, selling, and selling without taking a step back and identifying where and how they need to be adding value to their clients and prospects.
A gift to a client or prospect can many times be offering valuable, concrete information and resources that the person can apply to their business to become better, faster, stronger and more competitive. It does not need to be a physical gift, although if you are smart you realize that a $50.00 investment in thanking a client for their business can result in an additional $50,000.00 in business.
The same principle applies to your employees. As business leaders and managers we all do a great job of pointing out where our employees need to improve, but what about recognizing and thanking employees for a job well done?
In the nano-second, technology-driven world we live in, it is easy to get sucked into to the “more” mentality and just keep pushing. Be wise, take a step back and be strategic.
Realize that you will sell more by adding value, than by being more noise with a constant offer or request for more business
In fact, when you really begin to apply the Law of Reciprocity to your business you can reverse the dynamic all together and have clients calling you versus you begging for the next sale.
Here are a few low cost, no cost ways to start securing the benefits of the “law of reciprocity” in your business:
- Handwritten notes — Thank them, invite them, and make a note of something they mentioned that you want to explore further. Take the time do be different and cut through the clutter they get in calls and e-mails all day.
- Referrals — Yes, you should be doing business with ideal clients that you are proud to be associated with and refer business to them as often as possible.
- Add value through content — Make sure that your clients and audience hear from you more when you have something of value for them, not only when you are asking for something. This can be articles, podcasts, newsletters, invitations to educational seminars, and tele-seminars. Just position yourself as an expert, a trusted resource, and business partner, not a sales person.
- Special benefits, discounts and bonuses for clients — Offer ongoing surprises to your current clientele beyond the basic service they pay for. Advertise and share a preview a few benefits to your prospects. This up-levels your brand, image and makes the cost of your products irrelevant.
Remember, that whatever amount of success, financial gain or kindness you want to receive, you also need to be willing to give. Be true to your authentic self and make sure every person you touch leaves better than before.
Ask your self, how can I serve? Using the Law of Reciprocity will skyrocket your success in no time.