Develop Productive Partnerships
No organization functions in a vacuum.
Productive partnerships of various types are necessary to succeed in any market. A few examples include:
A channel partner provides access to target markets. Both parties mutually benefit from the partnership through an expanded market footprint, scope of services, and revenue and/or cost sharing.
Trade groups and associations are common examples of channel partners.
A sourcing partner provides quality raw materials at a competitive price and/or volume that helps to differentiate the organization within its market. Raw materials can be in the form of products, services, or labor.
An example of a sourcing partner is Intel for PC manufacturers.
A collaboration partner provides additive value such that the organization can deliver the scope, breadth, and/or quality of services better together than either entity could provide separately.
A common example of a collaborative partners are hospitals and physicians.