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How can you use your strategic relationships to gain industry insights?

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In today's competitive and dynamic business environment, having access to reliable and relevant industry insights can give you an edge over your competitors and help you make better decisions for your career or business. But how can you get those insights without spending a fortune on research, subscriptions, or consultants? One of the most effective and affordable ways is to leverage your strategic relationships with people who have insider knowledge, experience, or influence in your industry or niche. In this article, we'll show you how to use your strategic relationships to gain industry insights and how to build and maintain those relationships for mutual benefit.

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Naveen Balan BEng (Hons.) M.I.B

International Business Development & Partnerships | Technology | Aviation & Aerospace | Advanced Mobility Enthusiast |…
Jason Colbey

Here to be “the” People Person | Chief Excitement Officer at Tapi | Master of Ceremonies | Event Host | Passionate…

1 What are strategic relationships?

Strategic relationships are connections with people who can help you achieve your professional goals, such as mentors, peers, clients, suppliers, partners, investors, or industry experts. They are different from casual or social contacts, as they involve a deeper level of trust, communication, and collaboration. Strategic relationships can provide you with valuable information, feedback, advice, referrals, opportunities, or support that can enhance your performance, reputation, or growth in your industry.

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Naveen Balan BEng (Hons.) M.I.B

International Business Development & Partnerships | Technology | Aviation & Aerospace | Advanced Mobility Enthusiast | Indo- French Friendship
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Well all these are relatively newly coined terms. In my personal view , you can have strategic partnerships, strategic alliances but not strategic relationships! If relationships become strategic then it can no longer be considered relationship, it transcends to something else ! When / If your ‘strategic relationship’ becomes real genuine relationship , like the old school one with mutual love, respect, trust, care and friendship etc .. then not only just Industrial insights , you will get all your relevant insights for your personal growth and professional growth even without seeking for it !

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2 How to identify your strategic relationships?

In order to recognize your strategic relationships, it is essential to have a clear understanding of your own goals, strengths, weaknesses, and needs within your industry. Then, you can search for individuals who can enhance, challenge, or motivate you in those areas. To begin, map out your existing network and categorize your contacts based on their relevance, influence, and accessibility. For example, you can use a matrix to evaluate your contacts from highest to lowest on these criteria: relevance (how closely related they are to your industry, niche, or target market), influence (how much influence they have on your industry, niche, or target market), and accessibility (how easy it is to reach out to them and maintain contact with them). Those who receive high scores on all three criteria are potentially your strategic relationships. Additionally, you can locate new contacts that meet these criteria by attending industry events, joining online communities, requesting introductions, or following thought leaders.

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3 How to use your strategic relationships to gain industry insights?

Once you have identified your strategic relationships, you can use them to gain industry insights in various ways. Questions can be asked to gain opinions, experiences, challenges, and trends in your industry. Feedback can be sought on ideas, projects, products, and services. Information can be shared that is relevant, useful, or interesting for them. Opportunities can be explored that can benefit both parties. Asking questions, seeking feedback, sharing information, and exploring opportunities can help you improve quality, innovation, differentiation, credibility, value, authority, synergy, leverage, and growth in your industry.

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Jason Colbey

Here to be “the” People Person | Chief Excitement Officer at Tapi | Master of Ceremonies | Event Host | Passionate about helping others succeed
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You can’t know everything and that’s OK! Your strategic partnerships are there to make you look good and visa versa. You are the expert in your field and they are theirs. This is what brings the most value to the relationship. Think of these partnerships as an information Rolodex to make you all look amazing! Sharing insights, providing feedback and offering support is what these relationships are all about! Just remember though, to do this, you have to be OK with those conversation where you and others are asking questions and looking for advice. Ask, listen, absorb and grow! Thats what strategic partnerships are all about!

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4 How to build and maintain your strategic relationships?

To build and maintain your strategic relationships, you need to be genuine, generous, and consistent in your interactions. Be authentic, respectful, and trustworthy, not someone you're not. Offer your time, expertise, resources, or connections to them without expecting anything in return. Be proactive, responsive, and appreciative. Set clear expectations, follow up on your commitments, and keep in touch with them. Don't be stingy, selfish, or demanding; instead be regular, reliable, and consistent in your interactions. Intentionally be deliberate and strategic in your interactions to establish strong relationships.

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Kak Varley

OPEN TO NETWORK
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There’s no better way than face-to-face networking. Look at conferences, events, chambers, associations, etc., that meet your same mission.

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Nirmitee Sanap

R&D Project Management@ ARL Bio Pharma | MBA, MSPM I
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Authenticity is the foundation for building long lasting strategic relationships. Pairing it with commitment for consistent communication and to providing constant value is the roadmap for meaningful growth in the industry.

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5 How to measure the value of your strategic relationships?

In order to measure the value of your strategic relationships, you need to track and evaluate the outcomes of your interactions. Quantitative metrics are measurable and objective indicators, like tracking the number of referrals, leads, sales, or profits generated from interactions. Qualitative metrics are subjective and intangible indicators, such as assessing the level of trust, satisfaction, or loyalty built from interactions. By measuring the value of your strategic relationships, you can determine which ones are most beneficial for you and your industry insights. Additionally, you can adjust your strategies, actions, or goals to optimize the value of your interactions.

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6 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?

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How can you use your strategic relationships to gain industry insights?

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1 What are strategic relationships?

2 How to identify your strategic relationships?

3 How to use your strategic relationships to gain industry insights?

4 How to build and maintain your strategic relationships?

5 How to measure the value of your strategic relationships?

6 Here’s what else to consider

Business Networking

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How can you use your strategic relationships to gain industry insights?

1

2

3

4

5

6

1 What are strategic relationships?

2 How to identify your strategic relationships?

3 How to use your strategic relationships to gain industry insights?

4 How to build and maintain your strategic relationships?

5 How to measure the value of your strategic relationships?

6 Here’s what else to consider

Business Networking

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