As I talk to leaders about the the ebb and flow of trust in their relationship with vendors, one question I love to ask is why they stick with providers they don’t trust. The top answer by far is dependence.
Trapped customers would love to go elsewhere but don’t for one of two reasons:
âž¾ It would be too disruptive or costly (too much risk)
âž¾ There isn’t anyone else who can fill that need
What’s the incentive for a company to rebuild trust if they’re not at risk of truly losing customers? I have thoughts, of course, but I’m curious to hear what you’ve experienced.
My former boss Harley Manning always says “They who feel the pain solve the problem.” What kind of pain have you seen organizations suffer (or suffered yourself) from being stuck in an unhealthy business relationship?
#VendorManagement #BusinessRelationships #Trust #SupplierRelations
