What are some creative ways to renew a strategic partnership?

Give your partnership a shot in the arm by mixing classic with cutting edge. Consider tailor made loyalty perks or special offers to underline your commitment for the long haul. Plus, stay tuned to industry trends, you never know when exciting collabs might pop up that fit both your goals

Goals are a dream with a deadline, did this partnership come close to achieving both your goals and that of the partner? Renewing a partnership should be done before the termination date is near, at least 30 days and even better 60-90 days, scheduled as a review from the beginning. Taking your goals and their results into account is important; now what you want to do is improve these. If the partnership goals are not reached, do you even want to renew - is there room for improvement? Assess the responsiveness and activity of your partners, and be accountable for your own efforts. Did this get off track - if so, how can you fix that makes it worthwhile? Or if the goals are achieved, what is a reasonable extension of those results?

Strategic partnerships stand out within the channel-partner ecosystem. Goals at this level typically extend beyond mere revenue and market share, aiming to set higher benchmarks for both parties, including brand equity and industry leadership. If these aligned goals persist for both partners, renewal occurs naturally.

Ensure that you understand your partner's goals. One of the easiest ways to get off track with a partnership is making assumptions about your partner's goals for the relationship rather than doing to work to make sure that you understand your partner's objectives.

You can do this by: Reviewing the business goals and making sure the partnership is still aligned for both parties. Reviewing the previous campaigns and seeing if the results were achieved. Offering rewards and go above and beyond to make partnerships feel valued.

Continuous communication with all channel-partner ecosystem participants is mandatory, nurturing relationships and optimizing any initiative, be it through marketing, sales, or customer service. The extent of communication or the preferred channels can vary widely, influenced by business culture, industry best practices, and other factors. The key to successful communication with channel-partners is consistency.

Celebrating your achievements during the renewal of strategic partnerships is like sprinkling a bit of joy in the business mix. It's not just a pat on the back but a way to showcase the wins you've had together. It builds positive vibes, strengthens relationships, and sets the tone for continued success.

Celebrating each other's achievements is just positive energy in the relationship. I would add here that there are two lanes to be even more effective. One way to celebrate your strategic partner's achievements is through formal and company established communication channels, marketing included. Following up with a thoughtful and personal message to the people within the strategic partner's organization that you regularly engage with, celebrating their brand's achievements is also a good reflection of your personal investment in the relationship.

To rejuvenate a partnership organically, consider leveraging both LinkedIn and email marketing. Start by collaborating on compelling LinkedIn content, like articles that showcase your combined expertise. This not only engages your existing followers but also attracts new ones. Alongside this, initiate reciprocal email blasts. Feature each other's best content or offers in your newsletters. It's a savvy way to cross-promote to your respective email lists, broadening your reach while reinforcing the value of your partnership. This strategy creates a dynamic presence on LinkedIn and in inboxes, offering fresh, engaging content to both audiences.

Partnerships can get stale so exploring new opportunities as a basis of renewal is key. What can you both add to the mix, developed from experience and learnings from the initial partnership? What's changed in the market, both in terms of your customers and also general trends. Is there a way to incorporate new promotional efforts, or plan ahead for one big promotion, in addition to the ongoing tasks? Being creative means delivering a selection of opportunities so there is a choice, I prefer 3 with 1 being business as usual, 2 being a good shift with new opportunities, and 3 being the aggressive and more impactful one that might scare partners away at first. Then make #3 the 2nd choice in the next renewal phase.

A healthy relationship needs challenges and opportunities for improvement. Therefore, exploring new markets, business models, and even new product developments can be of great benefit to the strategic partnership, provided that the initial goals were met in the first place.

While at Badger Sports Properties/University of Wisconsin Athletics, I realized that partnerships should only approach their final year of renewal with incentives for extension. By fostering an environment of continuous collaboration, organizations can ensure the longevity of valuable partnerships. Innovative approaches include: -Implementing a lower escalator. -Introducing new assets aligned with mutual goals. - Accommodating desired inventory additions within the partnership renewal framework. These incentives motivate partners to extend their commitment and contribute to a dynamic and evolving collaboration that adapts to changing needs. I often never had renewals go into their last year if we had the right incentivization.

Creative ways to renew strategic partnerships include adding value without incremental cost or effort. For eg, building the brand equity of the partner via webinars, social campaigns & KOL testimonials. Having said that, renewals force both parties to review strategic alignment. In international business, creativity can help renew partnership once or twice. Eventually, strategic fit & power equation will take precedence over the decision. The belief that both parties need each other equally in a partnership, is a myth. Creativity will be applied by a party greater in power but which failed to perform in the fiscal year. Or the one lower in power and a mediocre product as well. High performing partners on both sides naturally stay together.

Consider leveraging joint digital platforms to showcase combined strengths and achievements. Host interactive webinars or online events highlighting joint successes, innovations, or case studies. Additionally, explore creating co-branded content or collaborative products, blending each partner's unique expertise. This approach not only enhances visibility and brand association but also opens new avenues for innovation and market reach. These efforts should be supplemented with regular, transparent communication to reinforce the partnership's value and alignment with evolving business goals. Such strategies not only renew the partnership but also set a dynamic, forward-thinking tone for future collaborations.