What are the benefits and risks of co-creating value with your allies?

Being part of industry alliances results in a lot of added value. Here are two aspects I consider when it comes to collaborating on shared cross-industry vision and objectives: - Priorities. Identifying the most important synergies and scope of work allows to streamline aspects like advocacy efforts and market intelligence. This leads to improved visibility and overall effectiveness. - Adaptability and flexibility. Continuous communication and recognition of evolving business landscape is key for adjusting the objectives.

It's essential to outline what each partner brings to the business (what is unique) and where capabilities overlap. Developing a roadmap for milestones of achievement is also crucial to meeting expectations.

It is extremely important to understand your partner’s vision and long term strategy. This allows you to align on the bigger picture and strategy to enable growth and a strong alliance that will last, especially when there is an ever changing landscape. Ask questions and be intuitive when reviewing your partner’s overall objectives.

I built a global business development alliance of commercial insurance brokerages, eventually covering 60 countries, serving 100,000 multinational corporate clients, and insuring $5.4 billion medical premiums. What did I learn? To be successful, alliances need someone with dynamic relationship-building and interpersonal skills who cultivates a relationship ecosystem that prioritizes trust-building over instant exchanges, engagement strategies, diplomacy, grace, rapport-building, and honesty. Occasional handholding too. A tall order? Yes! But some of the best work. You get to contribute to the dynamic power of collaboration, often sparking competitive pivots and transformational outcomes not possible inside our organizations alone.

In my experience of managing client relationships for the past 11+ years, it is always important to build trust with your partner. This is the ultimate foundation to fostering a powerful alliance that will enable a transparent and open dialogue in which your partner can rely on. Stick to your commitments and make sure you’re helping to solve problems which will allow your partner to think of you as a dependable partner which in turn which build more trust.

I work in the EV charging space since 2017, and as of 2024 it is still a maturing market. A lot of different businesses operate in the sector but their roles in the ecosystem can often overlap. My company is part of a dozen industry bodies (market-, standardisation-, and sustainability-oriented) and there are a lot of direct competitors in these industry-wide alliances. Building trust in this context can be challenging. However, the success of businesses in the EV charging space is often interdependent. Collaboration becomes a strategic necessity to unlock new business models. Collaboration also means a unified industry voice when engaging with policymakers, advocating for regulations that foster the growth of the entire sector.

Building trust is an extremely important part of a successful strategic alliance - Without trust, it’s very difficult to grow the partnership beyond the basics.

Strategic alliances among industry peers create a forum for innovation while also facilitating advances in areas like standardisation and overall market expansion.

A risk assessment should be held on a monthly basis, via all parties involved in the Alliance. This will bring up any red flags and help mitigate any issues.

One thing I've found helpful is to encourage collaboration not only at the leadership level but also among teams and individuals across functions. Cross-functional collaboration, and more generally open and transparent communication, facilitates a diverse exchange of ideas and perspectives, contributing to a more comprehensive understanding of challenges and potential innovative solutions.

I enjoyed the innovation and collaboration - finding ways to make things happen differently. New services, products, offerings and routes to market.

By acknowledging and appreciating each other's efforts and accomplishments, alliances can build trust and strengthen relationships, which are essential for long-term success. Additionally, celebrating milestones provides an opportunity for reflection and learning, allowing partners to identify what worked well and areas for improvement. However, it's important not to become complacent and rest on past achievements. Continuous innovation and adaptation are necessary to address new challenges and seize emerging opportunities, ensuring that the alliance remains relevant and impactful in the ever-changing business landscape.

Recognising your partner’s contribution to your success is not only the right thing to do, but it’s essential for tour alliance to want to grow with you. Set regular business reviews, allow your partner to contribute openly and provide feedback, and celebrate your partnership. This will crest value and loyalty and set your alliance above the others your partner may have with other companies.

Benefits of Co-Creation (1+1=3): Co-creating value with alliances allows partners to leverage combined strengths, optimize resources, expand markets, and drive innovation. By sharing expertise and costs, both parties can achieve more than they could individually, accelerating growth and reducing risk. Risks of Co-Creation: However, despite NDAs, sensitive information may be exposed, and execution issues can arise if a partner underperforms. Misaligned priorities, unequal value distribution, or diluted brand identity can also hinder success.