Monday we announced a five-day blogpost on developing business in a recession based on each of the Four Trust Principles.
Trust is paradoxical; as is the best approach to recessionary times.
Yesterday we offered ideas based on Trust Principle 1, Client Focus. Today we highlight Principle 2, Collaboration.
If trust is important to business development generally, it is particularly important in a recession. Collaboration is one of the four Trust Principles because:
Collaboration with existing clients cuts business development costs—selling to existing clients is far less expensive than selling new business.
Collaboration with others—including even competitors—offers scale economies.
Collaboration allows reconfiguration—of markets, production, services.
Most importantly, collaboration is inherently about relationships—and not about competition. In a recession, that’s the message you want to send—now is the time to strengthen relationships. You’ll reap the benefits later.
How to do it? Here are 14 ideas to prime the pump. Please: add your own. Let’s collaborate on generating a great list.
1. If you’re a consultant of any type: write your next proposal seated next to your client. Bring all your backup records, rent a conference room, and collaboratively proceed to write a joint proposal. Rather than deal with issues after the proposal has been written and sent and it shows up as a disagreement in the final sales meeting—raise it in joint meeting.
2. If you’re a speaker or trainer, put together a speaking tour, or a combined webinar, of like-minded people–including those you used to think of as competitors.
3. Does your company outsource key processes? Is the recession causing strains in the relationship? Have an offsite meeting with key leaders of each firm, with the agenda of “where can we collaborate more, and argue with each other less?”
4. Answer the question the customer asked you: not the one you wanted to answer. The customer is not your competitor–collaborate with the customer by talking straight.
5. If you’re a B2B manufacturing salesperson, call a key customer. Suggest the two firms sit down together offsite for a day and discuss “what could we do better together to make things cheaper, faster, or more profitable for both of us?” Be prepared to share your manufacturing process, costs, and profit margins, so you can figure it out together.
6. If you’re a professional services provider, sit down with your client and see which portion of your services could be performed more cost effectively by the client, or how your costs could be reduced. For example, if preliminary research needs to be done, ask if the client has someone who could do it, and get approval to rely on it, or use it as a base. If you charge for materials, let the client make the copies and produce the the books. When you travel for the client offer to use the client’s travel service if the client can get a better price on travel.
7. If you’re professional services firm with underemployed staff, offer to swap similarly underemployed staff with a client. Both will gain valuable perspective and experience without being taken off critical work. The employees involved will feel grateful and challenged. And the linkages between the firms will be strengthened. None of which would easily happen in good economic times.
8. If you’re in a business where sales are large and take time, then at the next sales presentation meeting, have a client individual co-present with you. And make a point of it, saying “working collaboratively with you is what we believe in, and it’s even more important in tough times like these.” Actions speak louder than words.
9. If you’re in a functional department of a large company (HR, legal, IT), identify 3-4 of the same departments in other large companies in your geographic area. Create a collaborative work group across the companies that meets (within bounds of legal agendas) to share best practices and work opportunities.
10. Give your receivables clerk a budget to buy flowers or chocolates for the payables clerk at your most important customers for Valentine’s day (you’ve still got a few days).
11. If you’re in sales or customer relationship management, go find who, if anyone, is handling innovation for your firm. Ask them if they would like to collaborate on that innovation work with Customer A, Customer B and Customer C?
12. Ditto in reverse. Ask your key customer whether anyone is handling innovation in their firm—and if they would appreciate the chance to work with your innovation people.
13. Look over your professional services providers. Is there anyone with whom you can work a barter arrangement? (Remember to check with your accountant on the tax issues, even if you don’t want to be appointed by the President).
14. If you’re in sales, go talk to your customers’ salespeople. Share best practices and success stories; also share horror stories about how each organization treats salespeople from other companies (including how theirs treat you). You will gain perspective and insight about your customer’s company, and they may even put in a good word for you with their company’s buyers.
There’s our list. How about you? In the spirit of collaboration, please add an idea of your own. We want to hear from you.
Good book: Trust Inc. – Strategies for Building Your Company's Most Valuable Asset. Essays by over 30 trust experts. Available now for pre-order.
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