Choosing the right marketing partnership

In the corporate world, it is common to receive partnership proposals for different properties, and with these 5 Key Partnership Rules, managers can determine which ones are most likely to be successful. There is a broad range of property options such as events, non-profit organizations, or community projects, all with different causes. These rules will help the corporate management team determine whether to continue the relationship with these property owners with creative partnerships or perhaps re-evaluate the proposal at another appropriate time, whichever is more convenient for both parties.

Most corporations already have a budget for partnerships, and it is highly recommended that those alliances are targeted according to business philosophy and commitment to the community. However, a percentage of the total budget goes to proposals received throughout the year. For those proposals, here are the following Key Partnership Rules:

1. The Proposal is Complete

By complete, I mean that the following information is included:

• Full name of the event

• Date and place on which the project will be held

• Owner and presenter of the property

• Summary of the property

• Expected results and economic impact in the community

• Summary of the promotion plan, including target market

• Customized partnership option

• Expected investment from the partnership, whether as a sponsor, donor, or business partner.

• All other sources of income

• Complete contact information of the person

On those occasions when the information received is limited, potential partners have the option to communicate with the applicant so that they can provide it within a certain time. However, if the relationship does not have the probability of being nurtured, I would recommend making a determination with the information already provided.

2. The Proposal is Received with Time in Advance:

Building a long-term business relationship takes planning in order to increase its success. The appropriate period for establishing a partnership will depend on the impact of the project. This rule works as an indicator that a thorough project is carried out properly. It means that it will give time to both parties to customize the partnership, budget it, develop an experience for their publics, and smoothly implement the efforts.

3. The Concept of the Property Matches the Brand:

The identity of the brand is regularly associated with different social causes such as sports, arts, gastronomy, economic development, medical conditions, among others. For example, the Dove brand is associated with the self-esteem of women; therefore, their advertising campaigns and the philanthropic causes they promote are focused on that audience. An event with its well-defined concept facilitates the integration of the strategic partners and, more importantly, can create added value for both parties’ markets.

4. Property’s Market Mirrors Corporation’s Stakeholders:

Nowadays, corporations have the opportunity to create experiences so their publics can easily identify with them. Partnering with key property-holders complements other integrated marketing efforts, which altogether will result in great customer relations and loyalty. However, narrowing potential proposals is easy when the corporation has an accurate psychographic, behavioral, and lifestyle profile of their market, to complement the demographic profile.

5. Ponder the Value of the Partnership:

Partnership proposals are regularly received with predetermined investment options, commonly called sponsorship categories. The value of each of the categories will vary from property to property, even from year to year (if it is a recurrent project), and must include the description of the benefits. It will come in handy for the corporate management team to have different analyzing tools like a return on investment (ROI) projection with details of the cash investment, activation costs, and/or in-kind agreements. On the other hand, the management team should know how this sponsorship would support the achievement of the marketing-communications goals. The expected results could vary from associating the brand with a cause to increasing the sales of a product.

Putting into practice these Key Partnership Rules will help maintain the corporate management team’s focus on developing great business relations with the community without negatively affecting the revenues of the company. In addition, it will generate time savings within the corporation and will help serve as a filter for property owners who have options aligned with the corporation’s identity. The result of a thorough choice of properties will always complement the rest of the marketing-communications efforts.

About the author: Cristina Martínez is experienced in corporate social responsibility management, who specializes in partnership negotiations and communications strategies. To contact Cristina write to theprvenue@gmail.com

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