On September 21st, we started our Fall season off right with a panel discussion about strategic partnerships: what they can bring to the table and what qualities to look for in a successful partnership. And to give us some insights, we asked Metrolinx’s Rick Radovski and Brad Keast from Osmington to join us for the September edition of the SMCC Breakfast Forum.
To kick off the morning, Francis Dumais, Partner at Elevent, started the discussion of strategic partnerships with the SMCC Market Watch. Here’s what we learned.
We are entering a world of stability in sponsorship. Almost everything has been sponsored before and as such, long-term deals are becoming the status quo. Instead of inking short-term sponsorship deals or frequently switching alignments, existing partnerships are looking for ways to build flexibility into a contract to make it stronger. Partnerships are also growing by way of segmentation, specifically with the increasing use of lifestyle. H&M took this theory to practice, for example, by tapping into the equestrian niche that represents only 0.2% of the U.S. population. The growing interest amongst young girls prompted the fashion brand to partner with riders for their latest campaign. Looking at sub-groups and creating alliances with brands tied to the same subgroups is where partnership success can be found. Look for synergies within your company, with other sponsors and with other properties.
Following the Market Watch, our panel got into the details about what makes their strategic partnerships work. Metrolinx’s Rick Radovski, Manager, Non-Fare Revenue, Strategic Business Planning & Development and Brad Keast, Vice President of Development of Osmington both highlighted the unique aspects their partnerships. Metrolinx, whose vision is to transform the way the region moves, and Osmington, currently working on the transformation of Union Station, both have partnerships that grew specifically because their objectives were so tightly aligned to each other to begin with. For example, Metrolinx’s partnership with the CNE both supported a local event and gave riders an incredibly convenient way to travel. Osmington’s project with Union Station unites in a mutual respect for Toronto’s history and an investment into the future of Union as a destination and a consumer experience. And what both these partnerships have in common is a unique element from each partner that promises to improve the overall experience of the consumer.
But being on the same page matters just as much on the good days as the bad. We asked our panel: In a state of change, how have your partnerships helped you? Rick Radvoski highlighted that in a state of change, a good partnership shows support demonstrating a level of flexibility. Brad Keast said that good partnerships have taught him to always be confident in your alternatives; if you have a plan b, believe in it.
We also asked the panel what attributes are most important when selecting strategic partnerships. Rick Radovski strongly answered with alignment of strategy, unity in brand goals and objectives and a mutual dedication to the success of the partnership. Brad Keast had three important words: communication, flexibility and innovation.
Thank you to our speakers Rick Radvoski and Brad Keast for walking us through their truly unique partnerships that we can both learn from and watch evolve. Thank you to Nielsen for being the presenting sponsor of the September breakfast forum and to Yoeri Geerits, Senior Vice-President of Nielsen Canada for being a part of the morning by representing Nielsen and providing an informative overview of Repucom’s rebranding and transition into Nielsen Canada. And finally, we’d like to thank Eric Nachman, Director of Global Partnerships, MLSE, for moderating the panel and to Real Sports for hosting.
We look forward to seeing you at the next breakfast forum in October; details to follow.