The Most Overlooked Strategy for Business Development
There are plenty of good ways to feed your pipeline but one of the most satisfying methods is often ignored.
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There are plenty of good ways to feed your pipeline -- from public speaking to online advertising to content creation and direct mail. But one of the most satisfying methods of bringing in new business is through involvement in charitable causes. Too often, entrepreneurs think of charitable involvement as a non-essential "nice way to give back." But in a busy world, it's a lot easier to justify donating your time and talents if you recognize that it's also a business development strategy.
In my new book Stand Out, I profile Thalia Tringo, a realtor in Somerville, Mass., just outside Boston. I got to know her when we served together on the board of East Somerville Main Streets, a civic improvement group. But that wasn't the only cause she supported. She's an active board member of the Somerville Homeless Coalition, and donates $250 to charity for every real estate transaction she completes. "I'm not a religious person," she says, "but I try to tithe a percentage of my income. That's hard to do when you're a realtor [because of the variable income stream], so when I started, I decided I'd give a certain amount for every transaction, and that way I'll know I'll have done my giving."
Her reputation for civic-mindedness has become a core part of her brand, and her client base draws on many people she's met through her volunteering. "Today, I had a closing with somebody I would never have met, except we serve on the board of the Homeless Coalition together," she told me. Her charitable involvement "was never really a marketing strategy," she says. "It's a good marketing strategy, but that wasn't the intent."
If you'd like to make charitable involvement a prong in your business development strategy, here are three key principles to follow.
Choose a cause you're passionate about.
Volunteering isn't always sexy, and you'll likely be called upon to do menial or boring tasks sometimes, from setting up for events to making phone calls. Commitment to the cause can get you through, even if you wouldn't otherwise choose to spend your nights and weekends doing those tasks.
Go deep, not wide.
It might seem like a good idea to get involved in many charities, because you'll be meeting a large variety of people. But when it comes to developing new business contacts, deep is better than wide. I know plenty of realtors from social events around town, but I chose Thalia to handle my condo sale because of the depth of relationship we'd created by working together for several years.
Volunteer your talents.
Sometimes what's needed most is simply a pair of hands; if you're willing to pick up trash on a Saturday or check tickets at the door of a fundraiser that may be a valuable contribution to an organization. But in order to stay engaged and motivated over time, make an effort to volunteer on projects that will utilize your unique skills. If you're a graphic designer, it's far more meaningful to design a brochure for a charity -- a task where you can excel and share your gifts -- than it is to keep stuffing envelopes week after week.
Volunteering for nonprofits you believe in is a great way to help others. But it's also a win-win, with real business benefits to you. If you can figure out how to live out your values in every aspect of your business, the relationships you build as a result will be among the strongest and best you have, because they're founded on a shared commitment to something larger than yourself.