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Components of a Strong Strategic Partnership
As part of an overall marketing plan , strategic partnerships can expand your target audience , strengthen your company ’ s reputation , and scale your business . However , a poorly executed approach with the wrong partner could be devastating to your brand . Take a page from the Sterling-Jets partnership playbook to learn the core elements you should build into your plan and see how the major players in the partnership applied this approach .
SPONSORSHIP VS . PARTNERSHIP : WHAT ’ S THE DIFFERENCE ? Organizations often mistakenly use sponsorship and partnership interchangeably , but the two terms are quite different . Take a look : ÎÎA BUSINESS SPONSOR- SHIP EXISTS WHEN AN ORGANIZATION PROVIDES PAYMENT ( WHETHER FINANCIAL OR IN-KIND ) IN EXCHANGE FOR PROMO- TIONAL EXPOSURE . This relationship can be highly effective , but tends not to leverage the full power of two companies working together for mutual benefit .
Î Î STRATEGIC PARTNER- SHIPS ARE MUTUALLY BENEFICIAL BEYOND PAY-FOR-PLACEMENT ADVERTISING AND INVOLVE COMPANIES THAT COLLABORATE TO ACHIEVE COMPATIBLE OBJECTIVES .
Clarify Objectives Whether your goal is to enhance offerings , lower costs , or double your customer base , discussing objectives with a potential partner will greatly increase the likelihood for success . The exercise ensures everyone is aligned with welldefined expectations and makes it easier to meet benchmarks for success . “ A key objective of ours in partnering with the NY Jets was to differentiate ourselves from other financial institutions as the premier regional bank in the Greater New York metro area . Through this partnership , we are able to enhance our business relationships through exclusive game-day experiences and networking opportunities offered through the Jets Partner Alliance .”
— RAY GUANLAO , TEAM LEADER SENIOR MANAGING DIRECTOR , STERLING NATIONAL BANK
Establish Mutual Benefit Working together with your potential partner , define the mutual vision of success to ensure equal benefit . How can each party utilize the strengths of the other ? What does each organization bring to the partnership and what core competencies can be shared with the other ? “ Utilizing the strength of the NFL brand and the attractiveness of our stadium and our B2B platform , we offer unique , oncein-a-lifetime experiences to help Sterling with tangible means to effectuate business .”
— IAN LASHER , SVP CORPORATE PARTNERSHIPS , NEW YORK JETS
Examine Core Values Misaligned values may be the single most destructive element to a strategic partnership . Not to be mistaken with image or branding , which can produce some healthy and innovative alliances between vastly different companies , core values are those qualities that define the way your business approaches clients , vendors , finances , and strategy . It is the foundation on which all decisions are made and the glue that holds your organization together . “ Sterling ’ s five core values are High Achievement , Accountability , Initiative , Collaboration , and Integrity . There is no better example of an organization that shares the same values than the Jets Franchise .”
— DAVID BAGATELLE , EXECUTIVE VICE PRESIDENT & PRESIDENT-NEW YORK METRO MARKETS , STERLING NATIONAL BANK
Identify Common Audiences Your ideal strategic partner should have a similar target audience as yours — or one that you would like to capture . Make sure you are in sync with how you view your target audience and how you want them to see you . “ We look at all our partnerships to make sure there is an authenticity and respect for our fan base . That New York moxie has been a part of the Jets brand since the beginning . We love it when we can align that branding with partners like Sterling .”
— SETH RABINOWITZ , SENIOR VICE PRESIDENT , MARKETING & FAN ENGAGEMENT , NEW YORK JETS
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