Where to start with incentives, why partnerships are all about systems and how to help your team have tough conversations
In partnership with 52 CONVERSATIONS.
Before we start today, I would really appreciate your answer to this quick poll on LinkedIn. Please leave your answer here.
And now, welcome to Partnership Wednesday! Here are 3 ideas from me and 1 question for you to consider this week to create partnerships you never thought possible, plus additional insight from the Partnership+ podcast.
3 IDEAS FROM ME
I.
Incentives change as partnerships mature. In the beginning, before data is available to make decisions, err on the side of generosity and simplicity. For example, if the primary partnership incentive model is referrals for your service based business, offer to pay a high, one-off commission for new clients. This reinforces referral behaviour and reduces the risk and complexity associated with commission based referral payments.
II.
Leaders who win at partnership-driven growth deliberately build systems to identify, welcome and meaningfully incentivise their partners. These systems are often called Partnership Development Programs and while Microsoft’s program is the gold standard, accounting for over ~70% of its revenue, any business can establish a Partnership Development Programs in less than 30 days.
III.
What do you do if your assertiveness is being undermined in a partnership? I was this asked this question from the crowd this week. Here’s my answer:
There is a time and place to be assertive. Rarely should it be a default setting. Partnership, and the pursuit of shared ambitions, requires holding the capacity to listen and thoughtfully act in tension with being assertive. If someone feels like they are being undermined in a partnership, their first act needs to be meeting privately with their partner and asking one question, What could I do or stop doing that would make it easier for you to work with me?
1 QUESTION FOR YOU
What is the most significant challenge you face with business partnerships? Please leave your answer here.
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https://philhsc.com/partnership/17-april-2024
Until next week,
Phil Hayes-St Clair - Partnership Expert
Partnership+
Today we revisit an important question: How do I regain confidence to re-enter business partnerships after being burnt. This is a two part video series. Leave your questions in the comments section on YouTube and I’ll respond to you ASAP!
FROM OUR PARTNER
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