As digital transformation accelerates, it is imperative that organizations replace traditional transactional channel sales with strategic partner relationships. It’s all about building long-term value with partners that can be passed along to their customers, as well as reaching buyer personas across the customer base. This is especially true for complex technology solutions where partners are the ‘last mile’ trusted advisors to the customer.
From our experience helping technology companies, including SaaS and service providers, optimize Partner LifeTime Value®, value-based high-trust partnerships are the cornerstone of success. Increasingly, tech companies see the criticality of trust – institutional (also known as inter-organizational) and individual – as a foundation of their success.
How do you identify trust in your partnerships?
Organizations are made of people, and we know that people can shift the partner relationship one interaction at a time. We tend to think we’re in a B2B world. However, at AchieveUnite, we like to think of the world in which we live as Human to Human (H2H).
The good news is that you and your organization can build an incredible competitive advantage by adopting a trust-based partner ecosystem as a company strategic imperative. With high trust and high Partner Lifetime Value®, your partners will be more loyal, more productive, and generate more revenue directly or indirectly. You, as an executive, will see an ‘influencer’ tide rise across your business like a tidal wave increasing your momentum and lifting your company’s success.
The Economist surveyed business executives asking them to select the essential qualities that build trust in partnerships. Below are the top reported characteristics and behaviors that you can develop with commitment, discipline, and practice:
- Transparency – 82% of executives surveyed reported that trust is not possible without transparency. Talk openly with your partners about business challenges, plans, goals, successes, and opportunities. Take the time to be curious and ask open-ended questions and listen to their answers.
- Integrity – People want to work with others who have strong moral and ethical standards. Integrity is related to honesty and authenticity and is demonstrated by living your values and being true to your word.
- Consistency – When you’re consistent, people know what to expect and know that they can count on you. Consistency is a combination of behaviors, including dependability, predictability, and follow-through.
- Accountability – In a partnership, accountability offers the assurance that you will fully deliver on your promises. You show you are accountable by developing and achieving realistic plans, meeting, or exceeding timelines, staying within budgets, completing tasks, and reaching milestones. Accountability includes communicating in a way that is timely, clear, and thoughtful.
- Competency – Competent individuals have a clear vision of what their work is and why it is meaningful. It is more than a list of skills or tasks. When you are competent, you have expertise in your field and your products and services. You are willing to go above and beyond to explore solutions, think in innovative and creative ways, and know where to find answers when you don’t have them.
- Collaboration – Working together purposefully toward a common goal is the essence of collaboration. You can demonstrate this by declaring a commitment to the partner and working together through all challenges.
So, how do you become that trusted partner?
Through our extensive research and work with the Partnering Quotient Index (PQi®) and Partner Performance Advisor programs, we can help you build trusted influencer ecosystems.
Successful partnerships are work and trust must be earned, but the rewards to you and your organization will outpace the effort and costs required for success.
Are you ready to ride the influencer wave with us? Let’s connect!
