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Strategic Partnerships and Alliances

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Nicholas Dean explains how strategic partnerships and alliances can make all the difference.

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Strategic Partnerships and Alliances

  1. 1. corporaterewards.co.uk Strategic Partnerships and Alliances (SPA) Nicholas Dean, Director of Strategic Partnerships and Alliances, Corporate Rewards
  2. 2. • Nicholas Dean, Director of SPA at award-winning incentive recognition and reward, motivation and events agency Corporate Rewards, presents how strategic partnerships and alliances can make all the difference. Strategic Partnerships and Alliances (SPA)
  3. 3. • Clients are increasingly demanding. • Agencies are expected to provide everything: Setting the Scene Marketing Events management Online platforms Employee Engagement programmes Rewards and recognition Customised rewards fulfillment Comms
  4. 4. • Strategic Partnerships and Alliances (SPA) can make all the difference. • Identify like-minded agencies that differ from, yet complement your own. • Build a partnership that intertwines your services and extends your portfolios - giving you multi-channel expertise. • Take advantage of the pool of industry knowledge already out there. • Creating new service divisions can be costly, time-consuming and, if done badly, ineffective. • Partnerships add value to clients by providing a total solution in a single package. • RFPs including a reward and recognition element demonstrate this benefit, as many agencies could not respond independently. Why Partnerships?
  5. 5. • Collaboration is the name of the game. • Both parties need to: – have the same end in sight – be willing to compromise – work towards mutual rewards, rather than thinking of their own individual business only • Working with a partner can: – significantly broaden your service offering – provide scope to work with a wider range of clients – give your existing clients an improved and more varied service – provide your business with an additional revenue stream Collaboration
  6. 6. • A strategic partnership or alliance can give your business a mighty step up. • But it must be done well! • Following a few simple, golden rules can help to ensure that your first steps down this road are in the right direction… Five Top Tips
  7. 7. • Partnering with another business gives them access to your clients, and you access to theirs. • This is a real leap of faith and trust is implicit in the arrangement. • The two-way set-up helps to reassure both parties. • Like-mindedness is vital. 1) Trust
  8. 8. • Choose a partner who shares your core values and work ethic. • Check that processes and policies tie in, such as ISO9001. Easy to overlook, but potentially tricky down the line. • The personality fit has to be right, not just for day to day interaction, but for clients too. • Clients buy in to agency personality as much as service; this needs to match for a happy ending! 2) Chemistry
  9. 9. • Any partnership or alliance must be a two-way deal. • No one party should provide the lion’s share. • A disproportionate partnership is destined for resentment and a breakdown of the relationship. • This is particularly true of financial arrangements. • A balanced framework builds trust, and confidence in referring your partner directly to clients. 3) Equitability
  10. 10. • Managing expectations is incredibly important. • Both parties need to know exactly where they stand, how much they need to put in, and exactly what they are set to gain. • Teamwork requires transparency, with realistic expectations agreed from the beginning. • This makes the end goal more achievable and more satisfying, as both parties know their roles and requirements to get there together. 4) Clear Expectations
  11. 11. • This is another area that requires aligned attitudes and a balanced share. • Frequent contact between partners is vital, without going overboard. • Neither party should micromanage the other, but both should expect to be kept up to date. • Regular updates keep things moving and provide information to filter through to clients. • Putting discussions into practise facilitates synchronicity and proves that the partnership is working. 5) Two-way Communication
  12. 12. • Considered and carefully set up Strategic Partnerships and Alliances will improve services to your end-users and benefit your business. • For you the perks include: – additional revenue streams – improved service offerings without financial investment – increased pitch-winning opportunities – stronger client relationships • For your clients: – deployment is quick – delivery times are shortened – more services and expertise are provided by a single source – management time is simplified and reduced. • It’s a positive experience all round. Take your business to the SPA
  13. 13. www.corporaterewards.co.uk/blog @CorpRewards Connect with corporate-rewards-uk Call us 0370 405 2020 Let’s start the conversation Find out more
  14. 14. Call us 0370 405 2020 8 The Courtyard, Timothy’s Bridge Road, Stratford-upon-Avon, Warwickshire. CV37 9NP email us enquiries@corporaterewards.co.uk corporaterewards.co.uk

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