Why relationship building may be pivotal to capturing existing and emerging markets in today's business environment

In his new book, Taming the Dragons of Change in Business 10 Tips for Anticipating, Embracing and Using Change to Achieve Success, Richard G. Stieglitz, Ph.D., a change consultant, discusses the essential role relationships play in today's business world. The basic premise is that the more relationships we develop the greater our chances for success. He believes individuals are evaluated and valued based on what they know and who they know much more than on the skills they posses.

If this is the case, and given the increasingly expanding number of tools, software and gadgets available to improve our ability to connect with others near and far, how do we maximize our use of these resources to help us stay connected? Which relationships are most beneficial and how do we make sure we develop them and make hem thrive? Are all relationships created equally?

The answers to these questions vary somewhat depending on the business, target audience, goals, resources, budget and other variables involved. It goes almost without saying that if we are launching a new brand in the general market or launching an existing brand in a new market segment, establishing a relationship with our target audience is essential. When addressing emerging markets, Asian American, African American, Latino, etc., relationship building is especially relevant. Since mainstream markets, the so called non Hispanic whites of America, are shrinking, in the near and long term business growth will necessarily be born in these diverse and sometimes puzzling markets.

Historically some of these emerging market segments have been ignored or neglected by marketers. Establishing good will and long term loyalty through relationship building is the path many of the most successful and savvy businesses have pursued when targeting these audiences. The road to success often begins with cultural sensitivity and understanding and relationship building, leading eventually to trust and mutual benefit.

Elena is principal of LNA World Communications, a marketing and communications company, where she is responsible for media training, strategic planning and client relations. She is editor of Hispanic Marketing & Public Relations (Poyeen Publishing) as well as editor and host of the companion website and weekly audio podcast, HispanicMPR.com. A 20 year plus marketing and public relations veteran and frequent speaker at national and international events, she has worked extensively with clients targeting domestic Hispanic and international markets. She is author of the only chapter in print on Hispanic media training and the recipient of the 2004 D. Parke Gibson Pioneer Award Multicultural Communications Professional Interest Section of the Public Relations Society of America (PRSA).