How do you choose the right BRM strategies?

1 Assess your current state

Before you can select the best BRM strategies, you need to understand your current situation and challenges. This involves conducting a thorough analysis of your internal and external environment, such as your vision, mission, values, culture, processes, resources, capabilities, risks, opportunities, and performance indicators. You also need to evaluate your existing relationships with your key stakeholders, such as your customers, suppliers, vendors, regulators, and competitors. How satisfied are they with your services and products? How well do you communicate and collaborate with them? What are their pain points and expectations? How do you measure and improve your relationship value?

2 Define your desired outcomes

Once you have a clear picture of your current state, you can set your goals and priorities for your BRM efforts. What are the outcomes that you want to achieve through your relationships? How do they align with your organization's strategic objectives and value proposition? How will you measure and communicate your progress and success? Some examples of BRM outcomes are increased customer loyalty and retention, improved innovation and quality, reduced costs and risks, enhanced reputation and influence, and greater agility and responsiveness.

3 Identify your options

Based on your current state and desired outcomes, you can explore the different BRM strategies that are available and suitable for your context. BRM strategies are the approaches and methods that you use to plan, execute, and manage your relationships with your stakeholders. They can vary depending on the type, level, and maturity of your relationships, as well as the complexity and uncertainty of your environment. Some examples of BRM strategies are co-creation, partnership, service level management, stakeholder engagement, relationship marketing, and governance.

4 Evaluate and prioritize your options

After you have identified your options, you need to evaluate and prioritize them according to their feasibility, effectiveness, and impact. You can use various criteria and tools to compare and rank your options, such as cost-benefit analysis, SWOT analysis, risk assessment, return on investment, and stakeholder feedback. You should also consider the alignment, compatibility, and synergy of your options with your organization's culture, values, and capabilities. You want to choose the BRM strategies that will deliver the most value for your organization and your stakeholders, while minimizing the potential challenges and trade-offs.

6 Learn and improve continuously

Finally, you should always seek to learn and improve your BRM skills and strategies based on your experience and feedback. You should collect and analyze data and insights from your BRM activities and outcomes, as well as from best practices and benchmarks in your industry and domain. You should also solicit and incorporate suggestions and recommendations from your stakeholders and peers to enhance your relationship value and quality. Furthermore, you should invest in your professional development and education by acquiring new knowledge, skills, and competencies in BRM and related fields. By doing so, you can increase your BRM effectiveness and efficiency, as well as your career growth and opportunities.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?