3 Rules for Partnerships During a Pandemic
/Disruptions come at us all the time in business, from all different directions. These are challenging for us as individuals, teams, and companies; and even more so when you are working with outside partners. Not only do we have to manage the issues within our own team or company; we also need to keep our partners informed, motivated, and supported.
Sometimes these challenges come from the supply side. Maybe a constrained product prevents a rep from making their quota, or a team from achieving a metric, or even a company from meeting a profit or revenue expectation.
Other times, they come on the demand side, such as when a customer puts everything on hold due to a reorganization or acquisition — or when an entire industry is impacted due to an economic disruption.
And, as we’re seeing now with the Covid-19 crisis, some challenges hit both the supply AND demand side. No matter the cause of the challenge, the impact is the same: It’s hard to stay focused and positive, hit your revenue targets, and help your partners do the same.
You will serve your partners well in times of crisis if you follow these three simple rules: show empathy, be a leader, and communicate.
Be Empathetic
Partners add value by complementing your offering with a full complement of hardware, software, and services so that the customer gets a complete solution.
You have a vested interest in each other’s success, and you’re in this for the long run, so get in touch with your partners to work on a game plan.
Ask your partners the following questions, keeping in mind three different timeframes: right now, in the short term, and in the longer term.
1. How is their business impacted?
2. What will they need to do more of? Less of?
3. How will their customers be impacted?
4. How can you help them?
If your partner is financially challenged, you can show empathy by offering to review your credit terms or offering financing options.
If they were counting on building customer demand through events and shows, you can be empathetic by helping them move to digital demand generation with enablement, content, or funding.
If they were focused on a customer segment that will be irrevocably challenged, you can show empathy by helping them pivot to an adjacent industry, or retool for a new target customer.
The key here is this is not a one-size-fits-all exercise. Empathy is all about listening to what your partner is saying, understanding their situation, and coming up with mutually beneficial plans. Your strategic partners want to feel that they aligned with you for a reason, and that you will stand with them until the crisis passes.
Be a Leader
While partners offer deep expertise to customers, they typically don’t have the depth of resources that a vendor has. They are looking for leadership from their vendors in order to figure out if and how they’ll have to pivot in order to survive and thrive. They want to know that you have a plan to move forward, what it is, and how they fit into it.
As they make their future bets, they need to hear from you about where you’re placing your bets as a vendor. They want to know everything from what insights your strategy team is uncovering to what products are available to sell. Every glimmer of information from the biggest picture to the smallest detail helps them formulate their own business decisions as well as guide their customers through the crisis.
A great example of this leadership is the recent playbook that Salesforce has made available. In it, Marc Benioff and his team share what they are doing to address the pandemic and they provide a framework on how businesses can navigate these uncertain times.
Communicate
The worst part of any crisis is the feeling of uncertainty, the unknown, and the lack of control. The best antidote is communication. Crises often drive change, which is uncomfortable for many, especially when that change is quickly thrust upon them.
Identify all of your internal and partner stakeholders, and determine the right frequency to communicate with each audience. Communicate frequently and transparently, sharing what you know and what you don’t know. Being forthcoming, honest, and open builds trust with your partners.
Remember, they will get their information somewhere, and you can take the lead here. We’ve used and seen several best practices in terms of communications with partners:
Establish a communications point person to ensure you’re providing daily, weekly, or monthly updates, depending on the situation and the audience.
Create a mixture of video, phone, and written communications.
Stick to your schedule, even if your only message is that there is no new news.
Give your audience a chance to ask questions.
Assign executives to your top partners so they receive extra care.
Your partners will look to you to help them through a crisis. Individuals and companies who demonstrate empathy, leadership, and strong communication will be the most successful, and may even end up with healthier partnerships.
During these uncertain days, we’re working with manufacturers to improve their channel programs, respond to new levels of demand, and prime their business for the upturn. If you’re looking for advice, we’re here to help.