As it stands today, the world is less brand loyal than ever. Top companies that once dominated the market, who boasted products bought by customers with blind faith in the brand, are struggling. However, just because consumer loyalty is dying doesn’t mean that all transactional relationships are going to perish. In fact, in today’s modern world positive relationships between businesses are more important than ever. More specifically, a business that maintains a positive relationship with a client is more likely to have a positive impact further down the line in one form or another.
For example, with startups skyrocketing with overnight success, knocking incumbent giants out of their top positions, and roles changing so quickly, good relationships are remembered and carried into new roles and positions. This means that establishing a solid relationship with an individual may blossom into something later on when this individual is in a higher position within a new company, or perhaps is finding success in a novel business venture.
In addition to this, contacts can be particularly helpful for the sake of talent. The US is currently facing a talent shortage and businesses are being hit hard. In fact, obtaining talent has become so hard that promising candidates don’t even bother turning up to interviews anymore purely for the sake that they are inundated with job offers. This is an attitude which has seeped in from this generation’s dating scene and is most commonly known as ghosting.
This, added to Trump’s increasingly difficult immigration policies, is making hiring for businesses a nightmare. As a result, keeping good business relations can be conducive for finding great talent. For global digital product development company intive, good talent is as equally important as maintaining business relationships. Javier Brugues, VP of Business Development, North America at intive, recently authored an article titled “Why We Gave Up a Star Employee to a Top Customer, and Why You Should, Too.” In the article he discusses how giving one of their top employees to one of their New York based clients has been incredibly beneficial for both parties involved.
“If you adopt this strategy, your customers aren’t the only ones who’ll see the benefit — you will, too. According to some estimates, up to 80 percent of all business partnerships fail. However, when they are successful, they can drive big revenue. For example, over 40 percent of pharmaceutical giant Ipsen’s revenue is said to be based on the alliances it has established,” states Brugues’ article.
Brugues goes onto say that “Our former COO knows our team well and can reach out to any of the partners with ease to resolve issues that arise. As such, our companies have been able to build on each other’s success, to reach new heights.”
It is clear that fighting for talent is a modern-day problem for many businesses. However, if businesses nourish positive relationships, there is no reason that talent can be reciprocated and both sides can benefit.