How can you collaborate with competitors or partners to close more deals?

1 Identify potential collaborators

The first step is to identify who you can collaborate with and why. You want to look for companies or individuals that have complementary products, services, or markets to yours, but not directly competing with you. For example, if you sell software, you might collaborate with a hardware vendor, a consultant, or a reseller. You also want to consider their reputation, values, and goals, and how they align with yours. You can use online platforms, industry events, referrals, or research to find potential collaborators.

2 Establish rapport and trust

Once you have a list of potential collaborators, you need to reach out to them and start building rapport and trust. You can do this by showing genuine interest, providing value, and demonstrating credibility. For example, you can share relevant insights, offer referrals, or invite them to a webinar. You can also use social media, email, phone, or video calls to communicate regularly and get to know them better. The goal is to create a positive and professional relationship that sets the stage for collaboration.

3 Explore opportunities and benefits

The next step is to explore how you can collaborate and what benefits you can offer and expect. You need to understand their needs, challenges, and goals, and how your products, services, or markets can help them. You also need to communicate your own needs, challenges, and goals, and how their products, services, or markets can help you. You can use questions, surveys, or interviews to gather this information. The goal is to find areas of mutual interest and value that can lead to collaboration.

5 Execute and evaluate the collaboration

The final step is to execute and evaluate the collaboration. You need to follow through on your commitments, deliver on your promises, and provide support and feedback. You also need to track and measure the outcomes, such as sales, leads, referrals, or satisfaction. You can use dashboards, reports, or surveys to collect and analyze the data. The goal is to ensure that the collaboration is successful and profitable for both parties.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?