The emotional impact of B2B
I recently completed a 360 degree business analysis. It was a gruelling process but the most important take away hit me like a tonne of bricks: my entire investment portfolio, whether it’s the IP developed or the ideas and businesses invested in or the products and services of the Brands I’m involved in… they all have one singular trait: B2B. I’ve inadvertently become an expert at enabling dreams and ideas and projects by putting together qualified teams and managing them.
So I have learned that B2B is my niche... and I LOVE it! I’m currently in the process of diversifying my portfolio and my first B2C investment is an exciting one. More about that later.
This article explores some of the the emotional impact of having a B2B strategy and why I think it can only work if you have highly developed Emotional Intelligence or have a touch of Attachment Disorder.
When a B2B relationship ends
Contrary to B2C customers, maintaining B2B relationships take more emotional input from your team. In order to add visible and reliable value, you need to understand the needs and direction of your partners at an intimate level. You would typically designate someone to do deep research into the operating environment, competition and target market of the partner, becoming a de-facto expert into their business models and strategies. You might also have gone above and beyond in modifying your product or service to fit the partner’s needs.
It’s the difference between a spouse and a boy/girlfriend. It’s the difference between jogging 3 times a week for 20 minutes and preparing for a 5K.
When this relationship ends for whatever reason, the emotional impact on you and your team must be acknowledged for what it is in order for you to keep your momentum. The impact is the same as if you are fired from an employment scenario. Most employers understand the emotional impact and arrange for psychological services or transition facilitators to guide employees through the trauma associated with this event.
Feelings of rejection, incompetence, anxiety, shock and even nausea and depression are all associated with being terminated and the same emotions accompany losing a B2B partner.
I’m currently navigating closing out a B2B relationship which was valuable, profitable and a great relationship for the last 5 years, and this is the first time I am consciously aware of the impact it is having on me and my team.
I hope that our exploration of these feeling and some strategies to keep your business momentum can help someone who is in a similar situation and unaware.
What can you do?
- Talk about it with your team, early. This is important to flesh out feelings and emotions. Talking is therapeutic and your team will know that you are on their side and still support their growth and development.
2. Get two new clients. I’m competitive like that!
3. Review how much value you have added vs money left on the table. As the leader you should have this conversation with your partner and try to understand the forces which resulted in the termination of the relationship. It’s not always about you and you might get some nuggets of information that will allow you to innovate or add value to your product / service. Either way, use this event to confirm if your value proposition and business model is still relevant to your market.
4. Continue to facilitate your team’s professional growth, ensuring that they put that negative energy into current or new clients, new business ideas or joint ventures and keep them focused on their personal development. After all, their growth and development is not tied to any one client/partner.
5. Have fun! Do a non-billed project, teach some children to code or build a just-for-fun app.
When a B2B relationship begins, there are other emotional tendencies which should be avoided. We can discuss another time.
Are you in the B2B space? How do you cope with losing B2B partners?
