Can Steem Learn from MasterCard?

As former President of the Americas for MasterCard International, Ruth Ann Marshall traveled the globe creating partnerships that propelled MasterCard and the people she worked with to the top of their field.

A few years ago, I shared a house in Augusta, Georgia during the Masters with Ruth Ann. Not long after, I asked her a question that often intrigues me about successful people: what experience in business taught her the most? As often is the case, Ruth Ann’s response dealt with partnerships.

“I spent several years as the COO and group executive president of Electronic Payment Services, a holding company that managed several prominent enterprises in the electronic payments business. At that point in the organization’s history, I knew we had to take a quantum leap into the future by either going public or selling the company. We assessed the merits of both actions and decided on selling the company.

“The process that followed was one the most enlightening and expanding experiences I’ve ever had in my career. I led a cross-functional management team in assessing 16 different bids. Our criteria included many of the standard measures around financial resources, but we also put a strong emphasis on cultural attributes. Which of the suitors had the best cultural match to what our employees valued and expected?”

Let’s stop for a minute and explore how this relates to our business on Steem. Do we, as experts and bloggers in our field, take the time to evaluate the cultural attributes of our potential followers and Members? Are we seeking out Members that play into our area of expertise and can upvote our blog posts or are we just taking business, despite the possibility of a misfit, just to have business?

Webster defines “niche” as a place or position precisely suited to a person’s talents. Explore your potential followers’ cultures to ensure that you are just the person to meet their needs. For example, I speak on using humor to overcome adversity. My niche is in healthcare. When I began my speaking career, because of my strong corporate background, companies I’d worked with in my previous job would ask me if I spoke on the use of humor in the workplace. Because I hadn’t done my due diligence—I hadn’t researched this culture thoroughly —I assumed that my message could transcend healthcare. I quickly learned I was wrong.

Ruth Ann continued, “We invited in a number of the suitors. Each would spend a few days with us. This was a great learning experience because I had to crawl through every facet of my company to be able to explain it to the potential bidders. The process taught me volumes. Most important, I learned the value of looking beyond price—to seek out a company that would be best on an ongoing basis for the people staying with EPS over the long term.”

Price. How often does it drive your business? And should it? Turning down business because it truly isn’t a fit is the right thing to do if what you have to offer does not fit the culture of your prospective suitor.

I also asked Ruth Ann what she learned as a young adult that helped her. Ruth Ann shared that she learned something from each of her parents.

“One of my mother’s favorite expressions is, ‘You have two ears and one mouth, which means you should listen twice as much as you speak’. The value I derive from listening to customers, colleagues and employees is immense. And you can glean as much by what isn’t said, as by what is. There is no substitute for listening if you want to learn.”

Hard advice to us as bloggers; we tend to “speak” (blog) first and listen later when comments are made on our blog. Ruth Ann reminds us to let our audience do the talking. We’re so busy selling ourselves that we haven’t heard our followers’ needs, concerns or preferences.

Ruth Ann continued, “My father was a prominent executive with AT&T for decades. He taught me that people do business with people they like and trust. This notion is put to the test in the modern age of email, pagers and teleconferencing, but the foundation of business is still personal engagement and living up to your word. Everything I do is based on the trust of developing a relationship that will be long lasting beyond whatever short-term transaction I’m involved in at the moment.”

Are you creating relationships with your followers and Members that will last for years and years? Doing what we say we will do and exceeding our followers’ expectations time and time again will help you create powerful partnerships on Steem as well.

Christine K. Clifford, CSP is the author of eight books including YOU, Inc., The Art of Selling Yourself and Let’s Close a Deal: Turn Contacts into Paying Customers for Your Company, Product, Service or Cause. She is the CEO/President of Christine Clifford Enterprises. She helps companies and individuals craft their story and designs “knock your socks off” Media Kits for companies, individuals and entertainers. Visit www.christineclifford.com or email her at [email protected]. Don’t forget to ask! ™