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Given recent the operating pressures we all face Outrider has spent some time looking at how partnerships work in the professional environment and the opportunities they provide.
Partnerships come up a lot:
- strategic partnerships- operational partnerships - value driven partnerships - closer collaboration - cross organisational transparency
These phrases are used frequently in varied business environments and often with an emphasis on sales driven virtue signalling - “others service but we partner”.
Not surprisingly the offer of a partnership is frequently introduced by the seller in the customer seller relationship. This makes sense as the seller is keen to use the partnership construct to build a “sticky” customer engagement. Ultimately this is self-interested behaviour (which is ok) but it is often why when the partnership concept is introduced it signals to the other party they must start treading more carefully.
“They are looking for extra value here, but I just want to pay for and receive a good or a service?”
The power dynamic in a competitive market may favour the customer who can afford to eschew partnership offers and pick and choose as they please. It’s a little different in B2B relationships and in the post COVID economy the idea of focusing on forming true partnerships has growing appeal. Outrider can see this trend emerging through its own experiences, the more closely connected the client relationship the more nuanced and valuable the outcomes that are achieved.
Recognising and embracing the self-interested objectives of your partner organisation and their customers is an important first step and comes from:
- strategic partnerships- operational partnerships - value driven partnerships - closer collaboration - cross organisational transparency
These phrases are used frequently in varied business environments and often with an emphasis on sales driven virtue signalling - “others service but we partner”.
Not surprisingly the offer of a partnership is frequently introduced by the seller in the customer seller relationship. This makes sense as the seller is keen to use the partnership construct to build a “sticky” customer engagement. Ultimately this is self-interested behaviour (which is ok) but it is often why when the partnership concept is introduced it signals to the other party they must start treading more carefully.
“They are looking for extra value here, but I just want to pay for and receive a good or a service?”
The power dynamic in a competitive market may favour the customer who can afford to eschew partnership offers and pick and choose as they please. It’s a little different in B2B relationships and in the post COVID economy the idea of focusing on forming true partnerships has growing appeal. Outrider can see this trend emerging through its own experiences, the more closely connected the client relationship the more nuanced and valuable the outcomes that are achieved.
Recognising and embracing the self-interested objectives of your partner organisation and their customers is an important first step and comes from:
- a mutual exploration of the respective business positions and asking direct questions about the risks faced and the overall health of the business,
- being very explicit about the requirements your organisation has to be successful in its market,
- directly suggesting how your partner can add support through their network of influence &
- promoting conversations where both businesses hold each other to account for their contribution to the partnership (beyond the agreed commercial arrangements )
Partnerships don't often work as sales opportunities because partnerships are grown over time requiring constant nurturing. Partnerships rely on trust which takes time to build up and they are dependent on both partners being direct about their interests for the partnership relationship to succeed in the long term.
Considerable effort is required to make partnerships work but it is worth it. They are worth it not because of “stickiness” or repeat business but because your partners become your brand champions, your extended network and your sales and marketing team.
Partners help sustain your business when you demonstrate you are willing to help sustain their business in return.