Here are three proven scenarios in which B2B business collaboration is most successful:
- A distribution channel: A manufacturing company would like to penetrate a new market, region, or country. Instead of upfront investments in salespeople and warehouse/office expenses, companies should explore local resellers, distributors, or agents that already have the connection with the target market. Therefore, they can be ready to serve potential new clientele in a very short period of time. In the past, we have assisted companies in finding distribution partners, training them and building incentive plans to control distribution performance.
- A strategic partnership: In this case, two or multiple organizations choose to work together to achieve a mutual goal. For example, two software companies decide on mutual R&D efforts in order to cut down the development period of a new innovative solution, while sharing the knowledge base of both participating partners. Shortening the time-to-market of the innovative solution would result in a faster delivery to their clients and in acceleration of your company’s revenue. Direct Objective Consulting has had proven success identifying strategic partners and negotiating terms.
- One complete solution: The way milk goes with cereal, and salads are served with a dressing, your company needs to find a complementary partner that unites each of your individual specialties into one comprehensive solution. For example, a medical device company can make an alliance to bundle its device in a healthcare kit that is packaged by another company. Or a specialty battery producer may choose to have their batteries already pre-packaged with the suitable hardware/electronics. Think about what can work for your product or service.
The strengths and weaknesses of each of these three business development strategies are dependent on a number of factors, including your company’s industry. Business development has been proven especially useful in service, telecommunication, government, and health care industries. Additionally, many industries have small, tight-knit communities, where strategic partnerships can even more rapidly accelerate your company’s exposure.
The best business development strategy will create win-win situations that would last long-term, and ultimately create more business for your company. Consult with us today if you need assistance in forming a successful business development strategy to build long-term relationships within your industry.