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Uses symbolic interaction concepts to explain norm‐regulated behaviour in industrial marketing relationships. Lends support to the notion that partners’ subjective interpretations of their relationship must be congruent for relational norms and, hence, collaboration to emerge. By examining 46 of a manufacturer’s established trading relationships, investigates which factors distinguish relationships that are collaborative from other forms of trading relationships. Suggests that when partners exhibit a consensus to collaboration, they share strategic complementarity and the investments made by one side are valued by the other. Interestingly, each also believes the other faces high exit costs even though both sides maintain access to alternative partners. In addition to a discriminant analysis depicting different forms of trading relationships, develops a post hoc analysis of the profile of collaborative trading partners. Discusses the managerial and academic implications.