A shared vision and set of objectives. Consistent, established goals. Accepting successes and failures collaboratively. These are some of the characteristics of today’s effective business partnerships.

While this might seem generalized and obvious, the relationships that form the basis of partnerships are where the more intricate details stand out. The root of what defines being “in it together” from a business perspective must be a sophisticated effort if partnerships are to remain mutually meaningful.

According to a recent report by Forbes, the global crisis caused by COVID-19 has surfaced a need for more reliable partnerships. At the same time, the stress of the pandemic has made it easier to lose sight of what is needed to actually be a great partner. When evaluating your relationships with partners, or potential partners, consider these strategies as a way to determine the strength of the collaboration and to set expectations for returns on investment and time. These strategies have been utilized and proven effective among recently interviewed decision makers who are currently engaged in various partnerships within the pharmaceutical industry.

1. Identifying Trustworthy Partners

Each business partnership is unique. There should be a distinct difference between the connection that a partner would exhibit and one that, for example, a collegial vendor would, even when considering that all relationships should, of course, be based on trust.

Yes, your average vendor can certainly prove to be a worthy partner, but a vendor might also be onboarded solely to address a specific initiative or customer cohort. True business partners should feel as invested as the members of the partnering organization’s internal staff.

Your business partner should also be relied upon as a strategic advisor — somebody who can help define the course of business from ideation to delivery of established plans. True partners should take ownership in their role and a responsibility in ensuring that your business flourishes. Yet, they can just as easily be relied upon in challenging times.

Organizations that partner together must also view their market and customers in a strategically similar fashion, to the point that all expectations will align with customers’ overall needs. The manifestation of the partnership is ideally oriented around shared customers who are critical to both organizations.

Similarly, identifying industry’s key opinion leaders should be consistent within the partnership so that the same individuals can serve as stewards for each organization through their ability to predict trends, analyze data, and commit to an advisory role for years to come.

2. Laying the Foundation,

The strength of any partnership will be built on identifying each organization’s needs and priorities, and from there, aligning protocols and expectations. Forging a partnership means thinking strategically about the businesses and the most critical needs proactively. A study conducted in 2018 found that 54% of companies say partnerships drive more than 20% of total company revenue.

However, building that type of credibility requires the benefits of time and joint experiences. At the foundational level, a sense of trust needs to be set through a willingness to align business with the needs of each partner and the respective clients. Peter Simoons, CSAP, a global alliances and partnerships specialist, says that defining value and translating that value into results was one of the top reported challenges faced by business partnerships in 2020.

Credibility also develops through interpersonal approaches. Ask yourself: Do you see a shared commitment within the partnership? Is there consistency in the kind of the expectations and promises being delivered? Does the follow-through live up to expectations?

3. Finding Your Flexibility and Embracing Innovation

Perhaps more so than at any time before, the validity of partnerships is being tested by COVID-19. Even as the pandemic draws to a foreseeable close, and certainly as societal and business-related restrictions relax, a shift in expectations has resulted in the need for businesses to remain adaptable for all stakeholders in the event of another crisis.

The more flexible and nimble organizations are, the more valuable and innovative partnerships are likely to be. A broad perspective of the market and a commitment to embrace different approaches to challenges is what will keep partners connected across the various aspects of their businesses. This connection should be defined by an understanding of the businesses’ dynamics, which will certainly include the impact of the changing dynamics in the marketplace and how business is affected.

A sense of innovation is born out of a shared vision. Consistent ideas bring a connectedness that better prepares teams to find solutions to challenges together and establishes a bridge to future plans and successes of the partnership. At the same time, different perspectives from professionals of various backgrounds foster another level of innovation.

4. Appropriate Data Analysis and Leverage

Within the realm of data, everything boils down to information. Great data must be leveraged to help define the needs of the partnership, and the analytics of those datasets should help determine what steps are required to achieve those needs.

We’re still just beginning to scratch the surface of understanding how to leverage high-quality data and better understand analytics, but big data today can especially improve insights. Clearly defined data sets and sources are the first step to analysis that can produce a high degree of confidence. Collaborative validation of data and the opportunity to weigh feedback is an asset that all partnerships should experience.

5. Collective Problem-Solving and Communication

COVID-19 has also reminded us all of how imperfect information can be in the healthcare industry. During times of limited information, decision-making can be compromised. When we reduce the frequency of information gaps through well-thought-out strategies that result from collaborative assessment, we can better trust in our shared ability to problem-solve accurately.

Partnerships ultimately are defined by conversation. It’s important to distinguish between a partnership type of mindset and a sales-motivated mindset, which is likely more conducive to the shorter term and could overlook how the long-term impact of customers’ needs correlate to the success of the partnership. Does the agreement or negotiation with the customers support both organizations with all objectives in mind? Additionally, any time that a customer is engaged, the potential for the “wrong customer” to be engaged exists, and that comes with a cost to time and resources, as well as reduced time and resources that could have been devoted to the “right customer.”

6. The “Thought” Partnership Approach

No single person or organization has “all the answers.” Relying on combined resources, data, insights, and expertise is a redeeming quality, and better solutions can be expected when shared expertise is the driving force. Partnerships move forward better together when answers to problems are collaboratively sought.

Partners should be relied on to help identify “wins” that can be attained even within a challenging environment through new ideas, new ways of working, assessment of the market, and anticipating the expectations of customers and clients. The pandemic has highlighted those who can adjust and succeed when business must be conducted differently and has exposed those who cannot. How well your partners operate in this environment will be a direct reflection of your own organization.

Partnerships should offer the benefit of thinking through such challenges. Difficult conversations should not be difficult to have. Contact us for more information.