A s I approach my 30th year working in the software business servicing asset management firms, I have worked with hundreds of firms, and some of the finest people employed by those firms. As a result, I have had the good fortune of establishing strong professional relationships, and in many cases, long-lasting personal relationships as well. I learned early in my career that providing a product or service is much more than the tangible deliverable consumed by the client. It is more than a commercial transaction that a vendor would provide. Rather, as part of our partnership relationship, there is a level of trust that our clients bestow upon us to reveal details about the operations and uniqueness of their businesses so we can deliver the products and services which will provide the most value in aiding them to grow their businesses.
From Transactions to Trust
The software and SaaS businesses I have worked for provide critical solutions and platforms that our clients rely on for their day to day operations. Like any business, there is a transactional nature to the relationship. The client has a need, we provide a solution for that need. Vendors are paid for the products and services provided to the client. Simple, right? Sometimes, yes but most often it is not that simple. Behind every product and service are people who are dedicated to the business, and most importantly dedicated to the client. This dedication and effort put forth to ensure the client’s business is successful is what I believe is one of the cornerstones that distinguishes a vendor from a partner.
Establishing a vendor/client relationship begins from that first phone call, meeting, or video conference. The initial meeting is where the foundation is laid for what can become a mutually beneficial partnership. Understanding what your prospective client needs to satisfy their business objectives is exponentially more important than trying make a sale. Building and maintaining a relationship will pay dividends years to come. The client has entrusted your firm and its employees to deliver what has been agreed upon commercially, but they will also come to learn the valuable benefits that come from a partnership.
The Power of Collaboration in Challenging Times
The partnership can become mutually beneficial in a myriad of ways. Most notably, partnerships develop when an unexpected issue arises. The issue could be on either side, the vendor or the client. How the unexpected issue is communicated, reviewed, and resolved is where the true partnership can be defined. Having experienced many unexpected events over the course of my career, I have seen how partners work with their clients to produce an efficacious outcome. Vendors that are flexible and accommodating to client needs are most likely the ones who form the most meaningful partnerships. In turn, those clients also become the best source of new business through referrals. Having built partnerships over the years with firms, I’ve benefitted first hand from existing client referrals that produce new business opportunities.

Innovating Together for Lasting Success
Another tremendous advantage of partnerships vs. standard client/vendor relationships is the opportunity to create new services or products based on a client need. Making product or service enhancements to accommodate changing industry needs and developments is a given, however, over the years, there have been several occurrences where clients had a need that was not currently met in the existing marketplace. Another example would be where a client had an archaic, manual in-house process where the knowledge base was limited, or cumbersome, time-consuming, operational processes. These examples highlight where partnerships exist between the client and vendor, the client can benefit from crafting a solution to fill the void.
Sometimes the solution may only benefit the one client. More often, the solution can be utilized across the entire client base creating an additional product or service to be added to the existing vendor portfolio. Standard client/vendor relationships serve a limited purpose. Partnerships that are mutually beneficial for the client and vendor can serve as long-term relationships that yield profitable results (for both parties) for years to come.
Vendors provide, and profit from, solutions that are built with a “one size” should fit all attitude where specific client needs and customer service is secondary. Whereas, with a partnership Customer Service is paramount and working with clients to understand their unique business needs and crafting solutions to solve their business challenges is the key objective.