Just got advice from the new ChatGPT model 🤖 on what should be #partnerships priorities in the recession and how to demonstrate their value to the board. Worth considering?
While I was preparing the recording of session with Jay McBain on “How to survive and thrive with partnerships in a recession”(will go live next week)
OpenAI released a new ChatGPT model which interacts in a conversational way. So I asked ChatGPT for advice too.
Replies below, screenshot attached, highlights are mine,
🙋 Prompt:
I'm the Head of Partnerships in #Saas company like Atlassian or Zoom, just smaller, around 100 people. If we're heading to the market recession next year, what should be 🚩 top 3 priorities for partnership function in this period?
🤖 ChatGPT:
✔️ Identifying new opportunities for growth.
During a recession, it's important to look for new opportunities for growth, such as by expanding into new markets or launching new products and services. This might involve forming partnerships with other companies to access new customer bases or to benefit from complementary strengths and capabilities.
✔️ Strengthening existing partnerships.
In a recession, it's important to focus on maintaining and strengthening existing partnerships. This might involve providing additional support and resources to partners, or working closely with them to find new ways to drive value for both parties.
✔️ Pursuing cost-saving partnerships.
During a recession, companies may be looking for ways to reduce costs and increase efficiency. Forming partnerships with other companies that can help achieve these goals can be an effective strategy. For example, you could explore partnerships with suppliers that offer lower prices or with technology companies that can help automate processes and reduce labor costs.
💎 Prompt: How do I show the value of partnerships to the board or CEO at this period?
ChatGPT:
💡 Clearly articulate the benefits of each partnership.
This might include factors such as increased revenue, cost savings, access to new markets or technologies, or improved customer satisfaction.
💡 Provide data and metrics to support your arguments.
This might involve presenting data on the financial returns from each partnership, or on the impact of partnerships on key metrics such as customer retention or market share.
💡 Highlight the potential risks of not pursuing partnerships.
In a recession, businesses may be hesitant to take on additional costs or risks. However, it's important to also consider the potential risks of not pursuing partnerships, such as losing market share or falling behind competitors.
💡 Share success stories from other companies.
If you can provide examples of other companies that have successfully navigated a recession by leveraging partnerships, this can help to illustrate the value of partnerships and convince the board or CEO to invest in them.