Partner Relationship Management During COVID
The situation we've been forced into because of the COVID-19 crisis has a certain irony to it, don't you think? The need for us to be able to come together and devise solutions to this most unique of situations has never been greater - yet the very nature of the crisis forces us to remain apart?
At time of writing, the planet is holding its collective breath as the pandemic seems to balance on a knife edge. Some parts of the world are slipping back into lockdown levels of infection while others are holding stable, and the rollout of vaccines - not to mention the UK lifting nearly all of its restrictions - is holding our attention in nervous fascination.
What has not changed, however, is the need to work together. Partner relationship management has been a buzzword in business for a while now, but it has arguably never been as critical to get right as at this very moment.
Partner Relationship Management
Partner relationship management describes the connection between the company which manufactures a product and the one which eventually deals with the end user of that product. In the pharmaceutical industry, the manufacturer is the pharma brand which produces life-saving medicines, vaccines, and other equipment essential to healthcare provision and the other end is represented by the doctor or nurse who treats the patient.
Needless to say, there are many other stakeholders who form the links in the chain between the manufacturer and the end user and they have an important role to play in the partner relationship management process.
"Partner Relationship Management (PRM) encompasses the systems and platforms for the relationship between manufacturer and partner businesses (such as deal registration, lead management, sales incentives and marketing materials) as well as training, certification, margin share and marketing funding from the manufacturer to the company selling the product," says Blueprint Partners. "Usually, manufacturers empower a team of field agents to communicate with the Partners. They used to run or fund face-to-face events, focusing spend and attention on the Partners (and their customers).
However, the world has changed now, and face-to-face interactions are not always possible, practical, or sensible. This means, partner relationship management must now often rely on digital technology to make it work. Thankfully we live in an era of unprecedented digital expansion and there exists an enormous range of tools to achieve just that.
Achieving Partner Relationship Management
The first step to achieving effective partner relationship management is to develop a deeper understanding of those partners. Each partnership is unique but there is common ground across all businesses and industries. Find this common ground and you will be able to map your own key motivations and workflow onto theirs and bond over shared challenges and goals.
Cloud-based partner portals are essential to achieving a greater relationship with your partners - especially in the time of COVID-19. A single unified platform will allow all stakeholders in the supply chain to sing from the same hymn sheet and access a consistent data stream. Managers will also be able to communicate with one another more effectively and share ideas. This will significantly reduce issues related to mismatched data or breakdowns in communication which can all damage efforts to achieve a deeper partner relationship.
One of the main challenges with stands in the way of partner relationship management is the fact that you are dealing with separate businesses in a value chain. With a single business it is much simpler to manage relationships as everyone is (hopefully) working towards the same goal. When other brands are brought into the equation, things become more complex as they will have their own stated mission, priorities. There is also no clearly defined hierarchy as each business will have its own internal structure and there is no one leader to whom everyone in the supply chain answers to.
This means partner relationship management relies on all stakeholders being dedicated to achieving it. If just one link in the chain is less than committed, it breaks the entire thing apart. This is another reason why cloud-based management tools are so important - they keep everyone talking and on the same page. If a partner is lagging behind the others and underperforming according to the goals you have laid out at the onset, you need to communicate with them and try to deduce the reasons for said underperformance and work with everyone in the supply chain to work out ways to bring them up to speed.
The most important lesson to learn is that sometimes partner relationship management means walking away. Do not keep banging your head against a wall if a partner is unable or unwilling to work at it - sever the partnership and work with remaining partners to find an alternative.
Final Thoughts
Partner relationship management is a plate-spinning act for sure. However, those brands which are able to successfully work with all stakeholders in their supply chain are the one which are most likely to see success both during and after this crisis.
You can hear an esteemed panel of experts in pharmaceutical logistics talk on this topic and more at LogiPharma 2021, taking place in October at the Hilton Philadelphia at Penn's Landing.
Download the agenda today for more information and insights.