Building Remote
PARTNERSHIPS
Lothar Stadler
N
othing stays as it was – global business changes, fast innovations are emerging, and new developments in digital solutions help us to work differently. Today’s search for business partners is different – no traveling, no physical meetings, no personal checks. Different approaches to build up relations can make it possible to reach our goals in this changed world.
Check your business strategy before starting to search for partners In the current global situation companies suffer from uncertainties and some may suffer from lower customer demand. Business leaders have basically two possibilities: downsizing or finding new markets. This is the main reason why many companies look
outside their home country’s markets for growth opportunities. Entering new markets bring a lot of opportunities, but also a lot of challenges. Many obstacles must be overcome to achieve success in a new market environment. Before starting your partner search, always check your general business strategy. Does your products and services fit the new market? What competitive settings do you find there? What value can you add to your new customers? Define your go-to-market strategy and set up a time frame for your new venture. Focus on your company first. Before companies set out to find partners in distant countries, they should take the time to solidify their business fundamentals such as strategy, offerings and resources. This will help build the business case and platform they need to monetize effectively in new markets.
Currently we see that data and analytics affect business practices most in sales and marketing functions. The energy, high-tech and healthcare industries are particularly concerned. Involving data and analytics before entering new markets may also lead to reconfiguration of operating models or even core business functions from product development to marketing (Gottlieb, Riifai, 2017). Even when businesses are facing high demand, like the healthcare industry at the moment, it makes sense to deeply dive into your business strategy and define the priorities for new partners. "For all the markets we are entering or where we already serve customers, we have employees from these regions inside the company, with local knowledge and language. This is essential for our partnerships.” says Edwin Kleiber, Managing Direcor at Amex, a distributor of medical and laboratory equipment, who currently responds europeanbusinessmagazine.com 91
