Post on 22-Apr-2015
description
Sucking Less at BDBuilding better habits for creating and maintaining high-value relationships
Ben Drucker
@bendrucker
Founder, Valet.io
ben@valet.io
I EXCEL ATMAKING THE INITIAL CONNECTION
Finding Smart People Asking for a Meeting
Offering Help
I STRUGGLE WITHMAINTAING THE RELATIONSHIP
Making the Right “Ask” Keeping in Regular Communication
Defining + Expressing My Expectations
B U T
IT’S ALL ABOUTME.DERIVING VALUEIS JUST AS IMPORTANT ASCREATING VALUE
3 Relationship Buckets
Mentors
Peers
Customers
Founders and operators who can help me with big problems because they have been in my shoes and see the big picture.
Friends who keep me sane, motivated, and expose me to new things. Best source of future team members.
Anyone who makes money from my product, both directly (paying customers) and indirectly (consultants).
I’m kicking one bucket off my list: Partners.
Relationships are built between
PEOPLEN O T
COMPANIES
Why?
Mentor Checklist☐ Deep knowledge of one of my customer segments:
nonprofits, education, politics
☐ Deep knowledge of one of my core infrastructure components: payments, databases, enterprise APIs
☐ Experience building software, managing products, and scaling teams
☐ Able to devote time to me on a regular basis
☐ Cares enough to ask hard questions and make honest observations
Maintaining Mentor RelationshipsAfter the First Meeting
Ad hoc conversations don’t provide lasting value. Anyone who passes the checklist will have something new to offer as I hit new milestones. Agree on a regular interval, venue, and length for discussions.
Before Each Discussion (48-72 hours in advance)
☐Email: Send latest metrics, news, and other updates. “Catching up” is a poor use of face-to-face or phone time.
☐Brainstorm: What are we going to talk about? List 2-3 company growth topics and 2-3 founder/personal topics.
☐Research: What’s my ask? Can I leverage their relationships to solve a problem?
Returning Value for MentorsReciprocating Substantively
A good mentor is not expecting any immediate gain from the relationship. Adding unexpected value builds a stronger bond.
Where Can I Add Value?• Hiring: I know a lot of talented people and can help spread the
word or actively source candidates.
• Domain Expertise: I have valuable on-the-ground knowledge and can help a founder/investor understand a new space.
• Tech: I get to use a lot of bleeding edge technology and can advise more mature companies on new products.
Peer Checklist☐ Hearing about their work motivates me to work
harder
☐ Deep passion for solving a problem and share their domain expertise with me
☐ Asks to introduce me to people in their network who could help me
☐ Takes risks to pursue big rewards
☐ Tells me when to relax, take a break, and enjoy myself
Customer Checklist
☐ Willing to experiment with new ideas and products
☐ Has the bandwidth to use the product effectively
☐ Wants to grow, not just fulfill a temporary need
☐ Has big ideas about how to use technology, but needs help actually implementing it
☐ Refers me to other customers without me asking
Tools
`
RelateIQRelationship Management
GmailEmail
NumbersSpreadsheets
TinyLetterNewsletter
Bucket Goals
MENTOR PEER CUSTOMER
SIZE 5 25 20
COMMUNICATION FREQUENCY
Bi-Monthly 1 email, 1 call
Bi-Monthly 1 social, 1 email
Weekly email, monthly call
ASKSVision + Management
Influencer Intros New Ideas
IntroductionsProduct Feedback
Referrals
I GIVERecruiting Connections
New Tools/Ideas Proof of Impact
New Ideas Domain Expertise
Introductions
Tech Expertise Personal Attention
Fundraising Expertise
OVERCOME Fear of being refused or ignored
Being guarded/posturing
Lying to avoid disappointing a
customer
HONESTYThe Golden Rule
Acknowledging hard problems is the first step towards solving hard problems.