You're developing a Business Relationship Management strategy. What are the key factors to consider?

1 Define your purpose

Your BRM strategy should have a clear and compelling purpose that articulates why you exist, what you do, and how you do it. Your purpose should align with your organization's vision, mission, and values, and inspire your stakeholders to engage with you. Your purpose should also guide your decisions, actions, and behaviors, and help you measure your performance and impact.

2 Understand your stakeholders

Your BRM strategy should be based on a deep understanding of your stakeholders, their needs, expectations, and challenges. You should identify who are your key business partners, what are their goals and priorities, and how can you help them achieve them. You should also map out your stakeholder network, analyze their influence and interest, and segment them according to their level of engagement and value.

3 Develop your capabilities

Your BRM strategy should include a plan to develop your capabilities, both as individuals and as a team. You should assess your current skills, competencies, and maturity, and identify your gaps and opportunities for improvement. You should also define your learning objectives, methods, and resources, and create a roadmap to achieve them. Your capabilities should enable you to deliver value, build relationships, and drive innovation.

4 Establish your governance

Your BRM strategy should have a clear and effective governance structure that defines your roles, responsibilities, and accountabilities. Your governance should also specify your processes, policies, and standards, and how you will monitor, control, and report on your activities. Your governance should ensure that you comply with your organization's rules and regulations, and that you manage your risks and issues.

5 Communicate your value

Your BRM strategy should have a consistent and compelling value proposition that communicates what you offer, how you deliver it, and what benefits you bring. Your value proposition should be tailored to your different stakeholder segments, and highlight your unique selling points and differentiators. Your value proposition should also be supported by evidence, such as metrics, testimonials, and case studies.

6 Nurture your culture

Your BRM strategy should foster a positive and collaborative culture that reflects your purpose, values, and behaviors. Your culture should encourage trust, respect, and openness among your stakeholders, and promote feedback, learning, and innovation. Your culture should also celebrate your achievements, recognize your contributions, and reward your performance.

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?