If I give something away, will I get something back? We will be debating this question and discussing the power of reciprocity this week as we talk about the importance of sharing leads to get leads.
Why would I share leads?
Lead sharing can be the basis of the relationship building process we discussed last week. What better way to initiate a relationship than with a gift? The answer is with a gift that is valuable to the recipient and not that valuable to you. For example, a mason is asked for a quote to pour an inground pool, circle it with a Locktite paver patio, and some plants. Many of the masons reading this will recognize that landscaping companies can often do Locktite installation less expensively and might be needed for the planting anyways. Why not develop a relationship with a landscaper to subcontract the patio and planting to in exchange for future leads on pool pours from the landscaper?
Why would I need a network to share leads?
It’s best to have more than one person/company to share leads with because that one company may have other work, may not do all types of work, and may be too big or too small for the job. Having multiple people to share leads with will result in multiple people sharing leads with you do to the power of reciprocity.
What is reciprocity?
Reciprocity is the idea behind fair trades. I will give you one favour in exchange for another. The power of reciprocity lies in the fact that reciprocity is implied in almost all transactions. For example, if your neighbours invite you over for dinner, then you feel obligated to invite them over for dinner shortly after. It’s rude not to invite them over and it’s rude to wait too long to do so.
How can reciprocity benefit me?
Reciprocity doesn’t just apply for dinner invites. The same is true for sharing leads. If I give you a lead, then you feel obligated to reciprocate. And if I give you a lead you want but I don’t, then you will reciprocate with a lead that I want but you don’t. Harness reciprocity enough times with enough other businesses and you will have a steady stream of referrals and a pool of collaborators that will allow you to confidently take on bigger jobs. Win, win.
Share your best practices for sharing leads with other construction professionals in our member forums and stay tuned next week month as we shift gears to discuss marketing in the Construction Industry. As always, good luck out there!
More Secrets of Super Negotiators – Concessions and Reciprocity from Forbes and Victoria Pynchon Concessions and Reciprocity from Forbes and Victoria Pynchon