Stacie Depner, Director of Engineering at Nectar Product Development, will be featured at the next Frost and Sullivan event: 22nd Annual Medical Technologies Executive MindXchange, Innovating for Value in Healthcare. The 3-day conference starts on March 19th in Coronado, CA, and will hold workshops, speaking engagements, and networking for medical device professionals. It will highlight connected healthcare, medical device innovation, and the future of business in healthcare. Ms. Depner, one of the event’s thought leaders, will be speaking about strategic partnerships and how to leverage those relationships to stimulate long term growth. Her speaking engagement, Forging Strategic Partnerships and Alliances as an Innovation Engine, is an hour long fireside chat, which combines Depner’s real world experience with her knowledge of strategic partnerships. Depner will provide industry insight and guidance to the Frost and Sullivan attendees on identifying opportunities, designing a partnership around goals, and leveraging partnerships for growth.
One of Nectar’s growth partners, Promenade Software, will be featured in Depner’s presentation. She will interview Frances Cohen, CEO of Promenade Software and discuss how they manage a symbiotic relationship. Promenade Software specializes in software, applications, IoT, and cyber security. Nectar and Promenade currently partner together in creating intuitive medical devices. The partnership allows the two companies to take on a wider array of projects, as they collaborate to offer the full spectrum of capabilities for medical devices. The two executives will discuss what their expectations are and how they approach each element of the partnership. Nectar and Promenade maintain a close alliance, which has given them the ability to remain competitive and grow in the medical sector.
Identifying opportunities and managing mutually beneficial relationships
Strategic partnerships are typically built around growth and profitability. When beginning the search for prospective partners, look for those that will improve your brand image, allow entry into a new market, and create sales opportunities. Gather a list of top choice companies to work with towards a common goal. Treat this process as you would with a new hire. They must possess a compatible work ethic, culture, and values. The tricky part is truly understanding how your organizations will intertwine once that partnership is established. For both companies to be successful in a partnership, it is important to research the company extensively and find opportunities.
identify what you can offer and align those incentives with a company that fills one of your needs. Look for companies that might be able to bring in valuable customers, credibility or links, among other resources. You will likely be working closely with these companies for extended periods of time; it is in both party’s best interest to make sure the spirit, vision and goals are all aligned.
Design a partnership around your goals and expectations
Determine your goals and outline your expectations for the partnership. Negotiate a deal that includes a risk and benefit Analysis for both sides. Consider process, structure, approach, metrics and a strategic commitment when meeting your goals through alliances. Come to a realistic agreement on the product or service offering and corporate expectations. An agreement that is well negotiated and structured, with a clear understanding of what each partner must contribute and should expect to derive from the relationship and how that may change over time, will set both parties up for a successful partnership.
Leverage partnerships to exceed growth objectives
Partnerships have always been a critical strategy for businesses looking to grow in unfamiliar markets, tap into new customer segments, or sell additional products or services. A strategic partner can provide you with capital, or let you leverage their brand to give you more exposure. They could help you win business by offering services that you can’t, while you build out those competencies on your own team. When it works well, a strategic partnership can speed up the growth of your business.
Gaining a competitive edge is a necessity for growth. It is more important than ever to gain resources to position your business with a diverse offering. Whether you are talking to customers, investors or other potential partners, you need credibility to gain leverage. Latching on to a bigger, well-known brand through a mutually beneficial partnership is a way to quickly build your own brand and credibility. Plus, your company can use the momentum gained from one partnership or deal to leverage another. The network of partners you create should lead to greater value for all parties.
Ways that create maximum value for both partners.
By forming a strategic partnership, you can cultivate a mutually beneficial relationship that will help both businesses grow and offer complementary products and services. If each partner defines and prioritizes their goals, they can create a road map to obtaining value in the partnership. Strategic partners can help one another gain their desired value.
Valuable partnerships are built around creating great products and services, not just exchanging value between companies. Embracing a customer focused approach requires a human-centered design emphasis that pushes the partnership to solve a real user problem, versus concentrating entirely on transactional benefits. Partnerships that consider the value to the end user, can create a better product or service and yield long term success and growth.
Stacie Depner will be discussing strategic partnerships and alliances at the Frost and Sullivan event on March 19th to the 21st. She will provide insight on her experience and knowledge of identifying partnership opportunity, designing a relationship that is mutually beneficial, and leveraging that relationship for profitability. Depner will be reviewing the keys to a successful partnership with Nectar’s strategic partner, Promenade Software. In Depner’s speaking engagement, Forging Strategic Partnerships and Alliances as an Innovation Engine, she will highlight how many leaders are discovering that their future depends not only on what their own companies can do, but also the capabilities, functions, channels, and insights they can tap into through partnering with others.