There is power in existing relationships. The power results from the interaction and trust that builds as two parties work together to accomplish a common goal such as selling or leasing property. During the various phases of the interaction, the parties can view performance, attitude, work ethic, general ethics, critical thinking skills, organizational skills, commercial skills, drive, achievement of results, oral and written skills and a host of other components of performance. Successful results coupled with common attributes of performance lead to repeat business.
The statistics bear this out. Government research shows that long term incumbent suppliers are successful 80% of the time in retaining the business. Organizations with strong existing working relationships are successful 40% of the time. Organizations without a meaningful existing working relationship are successful only 10 to 20% of the time.
There are two critical lessons from these statistics and thought process:
Build meaningful relationships to secure long term business
Cautiously bid for new business where existing relationships have not yet been formulated
NAI Global has a strong track record on long term performance with our clients who have worked with us over multiple decades. Our results mirror the analytical results shown above. Wouldn’t you rather work with someone who is interested in your long term success rather than short term gratification?
Ted Parcel is Executive Vice President of Corporate Services for NAI Global.
This entry was posted by System Administrator on October 28, 2010 at 2:29 pm, and is filed under General. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.