4 keys to partnership building where everyone wins

Expressed opinions Entrepreneur Contributors are their own.

There are times when cooperation seems like an ups and downs war, especially in a highly competitive industry where billions of lives (and dollars) are at stake. But pharmaceutical companies fell into this trap in the race to develop the Covid-19 vaccine. Every company was claiming to be the first – and to do it in an impossible timeline.

In an incredible turn of events, Pfizer has partnered with BioNTech to create a vaccine. BioNTech has brought multiple vaccine candidates to the table, and Pfizer has contributed to the experience of conducting successful clinical trials. In January 2021, French pharmaceutical company Sanofi joined the partnership and agreed to produce 125 million doses, despite being a direct competitor to Bioentech. The reasons for working against this collaboration were extraordinary, but it was great to ignore the rising tide of success.

Related: 5 Reasons You Need To Work With Competitors

One of the things I learned from the large-scale pioneering initiative is that at any given time the goals are firmly attached – as was the case with vaccines – there is a window to successful collaboration in the market. Whenever you need to get to buy From people outside your sphere of influence, it helps to find this window. Perhaps your company is creating a new product that requires collaboration between money and marketing. Maybe your company lacks the infrastructure or funding for a conversion venture and needs to partner with another company. In such cases, it is important to think about the benefits of collaboration in the marketplace Create a successful partnership for all parties involved and then for each stakeholder.

Here’s how to put one together for use with Marketplace With people inside and outside your sphere of influence:

1. Think about the future possibilities of each relationship.

Being bought-in from stakeholders Relationship-building needs, yet you never know how effective those relationships can be for six months or six years. Not only do you have the opportunity to make a lasting impact through the projects you help implement, but you also expand your personal network, which can lead to new opportunities.

A few years ago, I met an Insuretech founder who was only interested in talking to “potential investors.” Although I was not an investor, a colleague influenced the founder to meet with me as a potential consultant. At our first meeting, we discovered that the founders were creating a controlled product and had to redesign their systems. Fast-forward a few months later, and they reached out to a consultant who understood the B2B distribution. A few years later, the founder started a new business and came back to me for guidance on selling in the Affinity Marketplace.

This is the power of relationships. Even if a collaboration is difficult in the beginning, it can help to think in terms of the future possibilities of each relationship. Up to 70 percent of partnerships fail to deliver their intended results, largely due to a lack of focus on building long-term relationships. Partnerships often start with goodwill, but they evolve quickly if not enough time is spent to strengthen the bond. Building a successful relationship takes time, so focusing on what both parties want from it in the future makes it easier to commit to the present.

2. Build relationships with different groups.

Research shows that collaboration occurs more naturally when people consider themselves to be similar to those they work with. Yet today, teams tend to be full of big, diverse and educated experts – and for good reason. Research shows that different thinking increases innovation by 20 percent. What’s more, companies with high gender diversity in their leadership team are 25 percent more likely to make above-average financial gain.

Having people from different backgrounds and experiences is incredibly valuable, but leaders should be aware that these types of teams may have a harder time building collaboration and trust in the market. It takes time and intention to build relationships with different groups and between them because we are naturally attracted to people like us.

It doesn’t matter how valuable it is You Think partnership can happen. People do things for their own reasons and it helps to understand those reasons. They may be committed enough to the success of the initiative to put their differences aside, or you may have to convince them of their mutual benefits. However, it is important for them to communicate what is in it.

Related: 3 Ways It pays to create a diverse workplace

3. Listen to what others may miss.

Leaders want to know how to increase collaboration in the marketplace, yet they often overlook the importance of listening. Often, we are not actively listening. We are thinking about something else or preparing for our answer when the other person is actually talking without Hearing Contemplate this notion as you interact with your peers. Not only does this deprive people of their dignity, but you also miss an opportunity to build relationships and learn something new.

Active listening becomes twice as important when you add cultural differences. In the United States and Europe, social relationships are not usually the factor determining whether we do business with someone, but it is not a universal rule. In Latin American culture, relationships are everything. In business transactions in Asia and the Middle East, socialization is how people build trust.

Shopping from stakeholders often creates the feeling of listening to them – showing that you understand their challenges, frustrations and hang-ups. Sometimes, you have to read in line, not just what someone is saying but listen to how they are saying. If you don’t listen carefully and empathetically, you may miss important information that can enhance the partnership. For example, the person you are talking to may not be enthusiastic or may not be very expressive when talking about a specific part of the initiative you are discussing. Review that aspect and give other ideas, paying close attention to how they respond.

Related: 6 Strategies for Being a Good, Active Listener

4. Let your heart, brain and vision work together.

As you build relationships with your colleagues, you will learn what they think is important. Some people care the most about numbers and data; Others must fully understand the vision. No matter what kind of person you are working with, you should still use what you have: your heart, your brain and your vision.

If you are seen as an expert or have access to proprietary information, lead with your brain (logical reasoning). You can start with a suggestion and then list the reasons for applying this result to the other party. Draw a picture of what the future might hold. Use the present tense as much as possible, and bring them to your attention with words like “we” and “our”.

If you still feel resistance, use your heart to achieve fruitful cooperation. Listen to what others are saying and ask thoughtful questions. If you want to be flexible (hearted), it is important to identify areas where you can be more supportive.

When working with multiple stakeholders, achieving alignment and working towards a common goal can be challenging. These do not happen overnight; You need more than luck to succeed in affiliate business. It takes time and care to build a relationship – after all, relationships are at the heart of any successful collaboration effort.

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