In the recent article Landlords must focus on customer service, landlords in Nottingham, England note how they are focused more and more on customer service. With the down economy, they’ve been forced to shorten the length of leases, which means the customer’s decision to stay or go is made much more quickly and frequently. According to Anna Kirk of King Sturge, “tenants, in the main, hold the balance of power.”
So the customer holds the power. The customer makes the decision. The customer – your revenue stream – has leverage. For a landlord, the tenant’s leverage increases as the length of the lease decreases.
Likewise, for economic development agencies who have a business retention and expansion program, when local businesses’ leases are up, that’s an opportunity for them to move.
Similarly, when a season ticket holder for a sports organization comes to the end of the season, they have to decide whether or not to renew.
The point is that – whether with the landlord, for a local municipality, or for a pro sports team – when contracts are ending, decisions are pending. Revenue streams are not permanent; you have to work to make them continue. You have to work to build relationships and value during the contract term so that you’re not having to sell so hard at the end.
Having a 3-month, 6-month, or 12-month contract with a client should be looked at as a 3-month, 6-month, or 12-month opportunity to build rapport, relationship, trust, and credibility. You should be executing a plan during that timeframe to result in a renewal at the end.
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