Instead of focusing on their individual agendas, collaborative partnerships establish common goals. In order to address problems that lie beyond any single agency’s exclusive purview, but which concern them all, partners agree to pool resources, jointly plan, implement, and evaluate new services and procedures, and delegate individual responsibility for the outcomes of their joint efforts (Melaville and Blank, 1991)
In a recent blog post, we provided Five Steps that would enhance your OEM Lead Generation Strategy. This time, however, we thought we would go back a step and provide you with a framework that would help you when considering an OEM Partnership.
Having considered pursuing an OEM Partnership, you must be looking for a partner who will support you in bringing your product to market. The impetus to find a partner comes from accepting that you and your company cannot or do not want to do it all.
Whether you’re seeking to embed technology, access an existing platform or specific components. There’s more to consider when selecting an OEM Partner.
As we know, every partnership has two sides, and each must work together to reach success. In this scenario, we have an OEM Partner and you, the OEM Customer. Think about it? Would any OEM Partner fit with you? Therefore, there are several success factors you must consider for your OEM Partnership.
Three OEM Partnership Success factors
Remember. Your main priority is to bring your product to market. A product which leads and has a competitive advantage. Therefore, a simple parts partner isn’t enough.
A development process is complex and can be a risky journey which requires a variety of complementary technical and supporting skills. Your OEM Partner should have multiple resources at their disposal to meet your needs.
Candidly put, the right partner compliments your capabilities. This way, you can utilise your strengths alongside theirs to pursue your goals. Building a successful partnership starts with being able to identify where the differences between you and your partner make sense.
Now, this may sound obvious, but it takes more than only having the technology and products to make a successful OEM Partner. To get the most from your OEM Partnership, you need a partner who has sufficient knowledge of the relevant market.
Also, a partner that understands your business and turns your end-users requirements into the appropriate specifications. Furthermore, selecting an OEM partner, you should research if the potential partner has developed and manufactured similar products or systems for your target market in the past. It may also be beneficial to find a partner who has a global capability.
Having a partner with the correct background will pay dividends in the future.
As much as complementing capabilities is needed in any successful OEM partnership, you should select a partner who has similarities in other ways.
For instance, you can share expectations on how the relationship should work, perspectives on the market opportunity, or even go as far as sharing risk in the joint development of a project. It’s not necessary that all of these things be shared. However, at the very least, you and your partner need to have a shared focus.
Taking into consideration these three success factors will ensure your partner targeting is better geared towards your business needs. As well as this, it will create a partner mould that benefits you and your product. Finding the right partner is critical and will pay dividends in the long run.
Discover how, together, we can build, implement and execute your OEM Partner build here