In the high-stakes arena of B2B marketing, closing deals, and brokering partnerships isn't just about the final handshake; it's a meticulous blend of understanding, trust, and innovative strategy. This journey is reminiscent of a pressure-cooker scenario in a sports event, where sending in the closer in the final innings can make all the difference between a win or a loss.
Creative Strategies for a Home Run
Drawing from a diverse toolkit of strategies can significantly up the ante in sealing favorable deals and fostering lucrative partnerships.
Top 10 Strategies to Close Deals and Broker B2B Partnerships
Creative Deal Structures: Tailoring deals to cater to each party's unique needs and capabilities.
Multi-Year Escalators: Establishing agreements that ramp up in value or benefits over several years.
Discounts for Promotional Commitment: Offering discounts in exchange for promotional commitments.
Co-op with Vendor, Supplier, or Sibling Brand: Pooling resources or benefits with other stakeholders to enhance the deal's appeal.
Shared Fees with Multiple Departments Internally: Distributing costs among departments like Marketing and HR.
Referral Rebates: Providing rebates for referrals to new business.
Pass-Through Rights: Allowing partners to pass through certain benefits.
Performance-Based Agreements: Crafting agreements with benefits tied to performance metrics.
Cash-Trade Deals (for a team vendor): Engaging in deals that involve a mix of cash and trade of services or products.
Cash-In/Cash-Out Committed Spending: Structuring deals where committed spending is stipulated.
Navigating Challenges: A Page from the NHL Playbook
The road to closing deals and brokering partnerships has its fair share of hurdles. Budget constraints and timelines, especially during sports season, can often throw a spanner in the works. However, with a dash of creativity and a proactive approach, these challenges are but stepping stones.
A prime example is the scenario during the 2012 NHL Lockout. A significant sponsor of mine, the very first sponsor I signed to the Red Wings, was a local sports bar. Their business thrived because locals frequented during the 82-game NHL season.
They wanted to terminate their sponsorship during the work stoppage since they were set to face a loss due to the unplayed Red Wings games. The original deal involved advertising during these games, a promise of exposure during the deal was getting tougher to fulfill as the lockout dragged on.
So, instead of the radio ads during games, I developed and pitched them with a brand new promotion to replace the lost marketing value... I worked with our Alumni and Marketing teams to host official team events at the bar featuring Red Wing legend Darren McCarty, who emceed watch parties of his classic games at the sports bar.
This initiative was a HIT that salvaged the deal and likely saved my job after only 5 months into the dream! We ended up driving impressive traffic to the bar during the work stoppage, showcasing a win-win scenario born out of adversity.
Measuring Success: Beyond the Scoreboard
The value derived from closed deals and brokered partnerships goes beyond the immediate monetary gain. Evaluating the ROI (Return on Investment) and ROO (Return on Objectives) provides a holistic picture of the value generated. Ensuring that the outcomes align with the broader business objectives is essential, paving the way for long-term relationships and sustained growth.
Conclusion
Closing B2B deals and brokering partnerships is an art that requires a blend of strategic innovation, an understanding of the stakeholders involved, and the ability to navigate through challenges with a forward-thinking approach. Like sending in the closer during a pivotal moment in a game, mastering these aspects can significantly enhance your chances of clinching that game-changing deal or partnership.