MEC Access 10 Principles of Partnership
MEC Access recently released a study entitled ‘Game Change: A New Agenda for Partnerships." As patterns in consumer media consumption change, marketers of all sizes are tapping into the power of partnerships, a $40 B industry worldwide according to the new study. At the same time they say, the current economic environment dictates that properties are offering more versatile and effective assets to make partnerships work harder to achieve sponsor ROI. And the final highlight, the explosive growth of digital media, multi-tasking and the ability to share content has only served to grow the power of experiential partnerships:
"Being 'in the moment' is crucial to consumers enjoying almost all forms of entertainment. As technology enables us to share these experiences digitally, this will only continue to grow in importance."
MEC Access' 10 Principles of Partnership:
1. Understand the brand and business challenges
A partnership should be selected based on a thorough understanding of the brand’s current status and strategy. This acts as a base on which to build the business case for any partnership as part of the marketing mix.
2. Involve the business
For a partnership to be optimised, all business stakeholders should be engaged early on and throughout the process.
3. Research is the foundation of powerful insights
Research and insight should be deployed across the partnership lifecycle.
4. Think three-dimensionally
Don’t just consider an off-the-shelf product from rights holders. Think about different types of content and how they can be leveraged across multiple channels.
5. Invest wellSelect your property based on solid data and insights. Ensure a realistic budget is available to bring the partnership to life.
6. Negotiate and plan together
You need to know what you want and how you are going to use it when you go into negotiation.
7. Contractual balance
Planning ensures there is the right balance between the brand and rights holder.
Develop activation that creates stand-out and an “ownable” space for the brand.
9. Integrate, integrate, integrate
Real value from partnership assets will only truly be realised if they are fully integrated through corporate work streams and channels.
10. Look for a winning return
A partnership is only a winning one if it delivers a tangible return on your investment. Set clear and measurable performance indicators against the communications and business objectives.
photo credit via flickr: dreadfuldan