When you're trying to develop a serious alliance with another company, it's essential for every leader to closely evaluate the blindspots and keep their eyes open for any red flags. Test the waters lightly and take small steps before jumping into a full business commitment.
Fostering an environment of communication that enables each party to be clear, transparent and comfortable about sharing their company's core values, mission statement and long-term expectations is the best way to handle any negotiation or potential business collaboration before you sign the dotted line and have to deal with buyer's remorse. For further ideas on how to cultivate a win-win relationship with another company or organization, apply these 12 suggestions, courtesy of members from Forbes Business Development Council.
Members pictured from left to right.
Photos courtesy of individual members.1. Work In A Transparent Manner To Build Long-Term Trust
Cultivating these relationships can be done by focusing on mutual benefits and building trust. This can involve identifying shared goals and objectives, working to align strategies and resources and engaging in open and honest communication. By working together in a collaborative and transparent manner, biz dev leaders can help create mutually beneficial partnerships that can drive value for both parties. - Dane Matheson, RainFocus
2. Be A Curious Listener Who Wants To Learn
Technology is continually evolving, and we are facing massive market transformation. Our success relies upon our ability to listen intently and have an insatiable curiosity to learn. By understanding each company's mission, we can create a shared future vision for success, leveraging our respective assets and creating mutual benefit and real value for our joint customers. - Heather Deggans, Microsoft
3. Showcase And Support Each Other Through Thick And Thin
Come to the initial prospect meeting with a brainstorming mindset and agenda. Actively listen and showcase each other’s challenges, strengths and successes. On many occasions, you’ll be presented with a natural path of ideas, which cultivate mutual win-win benefit(s) for partners. - Julie Casteel, ibex
4. Understand What Is Valuable To The Partner
Partnerships thrive when both parties realize the value of the relationship. In order to ensure mutual benefit from any partnership, you must understand what is valuable to the partner. Stop assuming that you know what they value. Instead, be very overt in asking about their needs and then come up with creative strategies to establish value metrics, milestones and measurements for that success. - Julie Thomas, ValueSelling Associates
Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?
5. Collaborate In Field Leadership
Understand what winning looks like for both parties and how the alliance helps mutual customers. Are your organizations aligned and incentivized to collaborate with the field? It's often said: "What gets inspected gets done." Are clear expectations set, is the customer messaging clear and does one plus one equal three? Align and engage in field leadership so you can focus on getting one or two key wins and promote! - Paul Pinkney, Red Hat - Canada
6. Team Up On Thought Leadership Content Projects
Co-creating content with another company increases exposure and strengthens relationships. Blog posts, video interviews and webinars can be powerful ways to showcase thought leadership, expertise and the value both companies bring to the table. If done well, customers and prospects will find the content valuable, which will eventually lead to increased awareness, trust and business. - Matthew Rolnick, Yaymaker
7. Walk In The Other Partner's Shoes With Empathy
The most important thing is to step into the shoes of a business partner, whether it is a relationship with a client or with another partnering brand. Business empathy should be universal, and by mutually respecting each other, understanding each other's goals and broadening your perspective, you can make non-obvious moves, be more flexible and work out solutions that are mutually satisfying. - Anna Jankowska, RTB House
8. Summarize Your Interest In A Shared Document
Business leaders can cultivate a win-win relationship with another company by discussing each party's interests early on. A written summary will keep everyone grounded on the principles for which the partnership is to be founded, help legal teams arrive at suitable language, and provide post-deal success metrics. - Serrah Linares, Change Healthcare
9. Nurture A Mature, Long-Term Relationship
Focus on building mature and long-term relationships with organizations. The organization might be coming to you for a one-time service. If so, you can create more win-win by treating them as a potential long-term partner and alliance. It would be best to treat them like you’ll be working with them every day for the next 10 years. - Ashu Goel, WinWire
10. Cross-Evangelize Each Other's Base Clients And Prospects
Often I tell my sales team: "Prospecting is a needle in a haystack." It works, but sometimes it takes too much effort. Instead of looking for the "needles," become a magnet and attract prospects to you by partnering with a solution that goes side-by-side with yours. You can set up co-marketing campaigns and cross-evangelize with each other's base clients and prospects. It's a win-win for both sides. - David Strausser, SEIDOR
11. Develop A Business Plan With Timelines
To create a win-win relationship, companies should have a joint business plan. One plan should state the pain points of a company seeking a solution. The second plan is about how the company selling will help solve those pain points through tech, service and investment in solutions. These plans should have timelines with alignment from both companies. This approach can lead to the best partnerships. - Javed Laher, Mediaocean
12. Create New Ways To Provide Joint Value
Biz development leaders can cultivate a win-win relationship with another company or organization by focusing on how to create value for both parties. For example, identifying mutual benefits, such as shared resources, expertise or markets. The parties can also seek ways to create partnerships that are flexible and adaptable, over time, so that both organizations can benefit as their needs and priorities change. - Gautam Vij, FEITIAN Technologies
