Part of crisis management involves constantly monitoring the culture of your company and its external influences. A corporation must constantly be evaluating whether or not all of their business practices are in line with the company’s message and the image it wishes to project. This includes how it treats its employees, new business ventures and any partnerships. Partnerships are especially important, as it is difficult to control how another company is behaving and their behaviors are an indirect reflection on your company.
This week, Pfizer announced that they would be partnering with Keas Inc. to launch an online prevention and wellness program. The program’s primary function is to help patients with challenges such as weight loss, smoking cessation and diabetes prevention while giving them personalized tools for success. A spokesperson for Pfizer explained that the partnership made sense based on Pfizer’s commitment to innovation.
Often, when large corporations partner with other organizations the most important factor considered is the economic stability of both organizations and what each organization stands to gain from the partnership. If the numbers are correct, the partnership goes ahead. Corporations fail to analyze whether or not the partnership is aligned with the company’s goals and missions. And then are shocked when a crisis results. Sometimes, partnerships that seem like a home run can result in a crisis.
In 2000, sports apparel giant Nike offered professional golfer Tiger Woods an endorsement deal. Woods was the most famous golfer since Arnold Palmer and Jack Nicholas so the partnership seemed like a slam dunk for Nike. We all know what happened next. What seemed like a lucrative partnership for both, but Woods’ ensuing scandal made it clear that his values were not in align with Nike’s.
It is unlikely that a giant like Pfizer is entering into this partnership lightly. It can be guaranteed that it is a collaboration that has been intensely studied. And on the surface, it seems to make sense. Both companies exist to improve the lives of its publics by helping them maintain a healthy life. In the interest of keeping users as safe as possible, all care plans are being written by physicians, Pfizer and other medical experts. For now, this seems like it will be a successful partnership for both Keas and Pfizer, but Pfizer should constantly be reevaluating that partnership to make sure it does not result in a crisis for either company.
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