The Power of Building & Maintaining Relationships

I have a favorite saying in business: I don’t stay in touch with people for the soul purpose of networking, staying in touch with people is how I network.

I enjoy staying in contact with people, and living alone in Washington, D.C., without any family nearby makes it even more important to maintain a good network of people around me.

Regardless of whether your family is near or far, relationship building is essential to maintaining a strong member base and personal network. Studies have also shown that frequent social interactions improve short- and long-term health outcomes. So not only does keeping in touch with people benefit your body, it has the potential to benefit your bank account too.

Perhaps an article by Entrepreneur said it best: “The key to business success is winning and keeping customers. And the key to winning and keeping customers is, and has always been, relationships.”

Think about what drives you to pick one person over another; it’s generally because of a pre-existing relationship. For example, if you’re getting a loan and visit two separate loan officers who offer you the same interest rate, and the only difference is you know one of the loan officers, you’re more likely to go with the loan officer whom you know or has been referred to you by someone else. So many business transactions are created from pre-existing relationships or referrals. Why go to a stranger when you can go to someone you know and trust?

In case you’re not sold on the benefits of networking and staying in touch, here’s an example: I recently started a podcast called “Tall Hungry Girl Talks,” for which I invite a variety of guests to talk about a range of topics on how to get through this thing we call life. All my guests have been drawn from my wider network and everyone I’ve asked to come on the show has said yes. The level of contact I have with my guests is wide ranging, but the one thing that is consistent is I make an effort to stay in contact with all of them. This could be through an email check-in, a phone call, a lunch date or perhaps a message on social media. Again, I’m not necessarily keeping in contact with them for the sake of wanting something, but more so because I think it’s important to foster relationships.

Just last week I did a show on managing trauma, for which I interviewed Amy Downs, president/CEO of the $277 million Allegiance Credit Union based in Oklahoma City, Okla. I interviewed Downs several years ago for a CU Times story about how she survived the Oklahoma City bombing and her journey from teller to CEO. I’ve always been impressed with her ability to overcome such immense trauma, and we’ve kept in touch since the interview. So, when I reached out to her to be on my podcast, she said yes without hesitation. It was a testament to me on the power of relationship maintenance (and how amazing she is).

Credit unions are known for their sense of community and personalization of services. It’s a key thing that sets them apart from banks. Here are some things to remember when developing and fostering relationships to improve and grow your membership.

1. Relationship building is a long-term game. Think about it this way: Grass doesn’t grow overnight. You plant a seed, water it and eventually, if you take care of it, you’ll have a lawn full of green grass. The result is not instantaneous and neither is relationship building. My real estate agent sends me a handwritten note a few times a year to keep in contact. I genuinely like her as a person, so I love the check-ins, and it’s a way for her to remain relevant in my life. Because of this, I refer her to my friends and I’ll definitely use her again if I sell my house or buy another one.

2. Be authentic. People can sniff out fakeness. If your only goal of an interaction is to sell something to that person, they’ll sense it and likely never come back. Don’t push your sales goal on your members. Take the time to figure out what your members need, and then give them what they want.

3. Send handwritten notes. With social media, text messaging and all the other technology in the world, handwritten notes are nearly obsolete, so getting one really makes the sender stand out. Consider sending a note when a member has a life milestone, or if you just want to check in and see how they’re doing. It demonstrates to the member receiving it that you value and appreciate them.

4. Learn about your members. What’s the easiest way to learn about a member’s needs? Through conversation. When you see your members, take the time to talk with them and learn about them. Perhaps you’ll learn a way you can help them in the process.

Do you have some tips on how to maintain your network? If so, send them to me at the email address below.

Tahira Hayes is a correspondent-at-large for CU Times. She can be reached at thayes@cutimes.com.