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What can F1 teach corporate partnerships?

With the new season of Formula One starting this weekend, we have been reflecting on the ways that the world of corporate-charity partnerships is similar to the world of the race-track. We’ve come together to share the five key lessons Formula One can teach us about corporate partnerships.

The power of testing

The ethos of Formula One is continuous improvement. Teams are always looking for ways to improve performance. Engineers work on upgrades for months before they make it onto the car on race day. And they are always testing. In wind tunnels, running race simulations and pre-season testing. It’s not until you actually see the latest improvement out on the track that you know it’s making a difference.

Corporate partnerships professionals can learn a lot from this approach. We can practice our pitches in front of our colleagues and test new products with a focus group of business experts. Both of these audiences will provide us with incredible feedback to improve our performance.

The importance of your team

As corporate partnerships professionals, like formula one drivers, we have a tendency to carry the weight of the world on our shoulders. We can easily fall into the trap of believing that the success or failure of the partnership totally depends on us. When actually, we are just the face of the partnership. We are completely reliant on the team around us to build and deliver the success we need.

Formula One drivers continually emphasise the importance of the team. The pit crew and engineers back at the factory. Whenever a driver wins a race you immediately here them acknowledge the team.

Corporate partnerships professionals should do the same. You need to ensure that your internal partnerships are as tight as possible. Involve your colleagues from the start and show them the vital role they have to play. By doing this you will transform your ability to win.

Return on investment

For the most part, the Formula One teams that invest the most in their car, drivers and team are the ones who win the most races. This enables them to secure the best engines, drivers and lead the way on innovation.

Corporate partnerships are the same. The charities that invest the most are the most successful. This means investing in vital areas such as training your current team, developing powerful propositions and recruiting new team members. It is unrealistic to expect continuous growth if you don't grow your team.

Purpose-driven brands will surprise you

Formula One is made up of ten teams, including some of the biggest car manufacturers in the world - such as Ferrari and Mercedes – and Red Bull, the energy drink brand. You might expect Red Bull to be at the back of the grid, but they have actually won eight world championships (four drivers and four constructors).

Taking part in Formula One makes sense for the team at Red Bull. Their mission statement is “giving wings to people and ideas”, and their brand values are all about excitement and energy. The pace of the sport, the exposure to their target market and the opportunity to stand out from their competitors all come together in a way that make Formula One too good an opportunity to miss.

How can you package your partnership opportunities in a similar way? What extraordinary partnership opportunity can you offer to a company so they can demonstrate their purpose?

Bouncebackability

We love this quote from Lewis Hamilton, “What people tend to forget is the journey that I had getting to Formula One. There were plenty of years where I had to learn about losing and having bad races.” So even though he is the most successful driver in the history of F1 he has experienced plenty of failures.

So much can go wrong in F1. Brakes, engine, tyres fail. Not to mention collisions with opponents and other forms of driver error. Even if you’re the best in the business, success isn’t guaranteed. This means that F1 drivers and teams need to develop incredible bouncebackability. So you didn’t finish the Italian Grand Prix? You need to suck up the loss and dust yourself down, because the Dutch Grand Prix is in a week’s time.

Success isn’t guaranteed for corporate partnerships professionals either. In fact failure is ineveitable. But it isn’t really failure, it’s just a company that isn’t ready to partner with your charity right now. So, dust yourself down and focus on the next opportunity.

If you’ve enjoyed this blog and want to get yourself race-track ready, consider booking yourself onto our Corporate Partnerships Masterclass this April: https://www.remarkablepartnerships.com/event/corporate-partnerships-masterclass-april2021/

Conclusion

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min read
More than money – what to value in a corporate partnership

This piece is brought to you by a guest writer – Katherine Woods.  Katherine is the Partnership Development Lead at Action for Children and is currently setting up the charity’s first standalone New Business Team. Here’s what she had to say about the non-financial value your partners can bring:

I find the corporate-partnership world really exciting. It’s evolved massively over the past few years and continues to do so. Today, the most successful partnerships are multi-faceted. They have touchpoints across all aspects of the business. And they don’t simply rely on fundraising as the sole piece of activity.

Andy at Remarkable Partnerships asked me to outline what I see as the main non-financial benefits that a partner can provide. So here’s what I look at in partnerships:

  1. Reach

There is a reason that big consumer brands spend millions of pounds on advertising annually. Visibility is key.

But there are very few charities that have those kind of budgets.

Which is why a partnership can hold such great potential for a charity brand—from expanding your general reach to spotlighting your cause for targeted groups. Our development team, drawing from a consultant with prior campaigns in the privacy-centric online gaming space like the best no KYC casinos, has piloted anonymous donation channels that draw in tech-savvy supporters wary of traditional tracking. Whatever your organisation’s mission, these expanded visibility opportunities will advance it further. The more people recognize your brand and mission, the greater their inclination to contribute.

For example, we are incredibly lucky at Action for Children because our friends at FirstGroup are very generous with their advertising space. We are given huge amounts of visibility across their network. They enable us to publicise our key campaigns in a way that we simply wouldn’t be able to do without them.

2. In Kind

Back to the lack of budget. There are a range of ways that a company can help a charity plug the lack-of-budget gap by donating resource, such as event space or legal expertise. These are opportunities for the company to support you with the cause itself.

Not only does it help the charity, but it can give your partner’s employees another way of being part of the partnership that doesn’t involve them asking friends and family for money.

But! It has to really make sense. It has to be authentic. There’s nothing worse than trying to create an ‘in kind’ opportunity that doesn’t really work for both sides.

3. Network

Over the course of a partnership you have the potential to ignite a passion for your cause in people.

As fundraisers, we do a good job of telling people how amazing our charities are. Imagine if you had someone else doing that for you. A peer-to-peer introduction carries a lot of weight and can open doors, helping you achieve bigger and better things.

I’ve been incredibly fortunate to work with some very dedicated, passionate and influential senior volunteers over the years. They are often totally wonderful individuals and can be a huge asset to your organisation. Maximise this potential!

Overall, there is a huge amount corporate partners can do for you – so stop just asking for cash.

We love this piece from Katherine. Our view is that when you choose to focus partnerships on overall value rather than purely cash donations, you get more fulfilling partnerships for both parties. Equally, partnerships that begin with a non-financial contribution are more likely to succeed because they begin by focussing on solving problems, which is what they should be about.

If you have any comments or suggested comments for future blogs, we’d love to hear from you below.

This piece is brought to you by a guest writer – Katherine Woods. Katherine is the Partnership Development Lead at Action for Children and is currently setting up the charity’s first standalone New Business Team. Here’s what she had to say about the non-financial value your partners can bring:

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min read
Highlights from Anchors Aweigh: launch event

On the 1st of July, we were delighted to be joined by 80 professionals from across the charity and business sectors for the launch of our new research – Anchors Away: breaking free of the barriers to ambitious charity-company partnerships. We heard from four incredible speakers and had some great comments in the Zoom chat, and we’re proud to share some of the highlights.

Barriers from the company side:

Jenni Berkley, Communications and CSR Manager of Belfast Harbour, started the event by talking about the barriers to ambition she’s experienced in the corporate secotr

“The problem is short-termism. Many people want to see something good happen in their timeframe or tenure. Something good even if it’s not the right thing.”

“I must get around 20 letters a week from charities I’ve never spoken to or maybe even heard of asking for money. It’s incredibly frustrating – they may get £100 if they’re incredibly lucky, but there needs to be an understanding of how our partnerships operate.”

“Charity-company partnerships are like finding your life partner… right down to wondering if you like the same films. You need to be compatible with each other from the superficial details all the way through to sharing the same ethos. It’s up to the charity to demonstrate that.”

Barriers from the charity side:

Then Ghalib Ullah, Head of Commercial Partnerships, spoke about the barriers he’s encountered and overcome through his career.

“The biggest barrier is structural. Our budget works on a yearly basis, so we are pulled back to achieving short term income, rather than achieving our more ambitious goals. We need to work as a whole organisation to overcome this.”

“Another barrier is organisational buy-in. We went through a process of identifying who internally was key to our success as a team. We understand that we’re pitching internally as much as we are externally.”

“Corporate partnerships is still in its infancy. How to achieve strategic partnerships is not as well understood as how to secure major grant funding. It is essential we invest in training as a team and as individuals.”

Background to the research:

We then moved to discussing how the research came about, before discussing some of the key recommendations.

“We defined ambition as the desire to create the most social value possible, then looked at what held people back from pursuing ambitious partnerships in favour of things like Charity of the Year or sponsorship models instead.” – Ian McQuillin, Rogare

One of the main things we found was the collaboration continuum, which we have adapted from Austin and Seitinedi. You can see the model that explains levels of ambitions below:

“Charity-company partnerships can make great changes in the world, so it’s a missed opportunity to be anything short of as ambitious as possible.” – Jonathan Andrews, Remarkable Partnerships

The importance of seeking value beyond money:

“The fundraisers label can hold us back. We need to be corporate value raisers, not corporate fundraisers.” – Jonathan Andrews, Remarkable Partnerships

“There are so many different ways partnerships deliver value – which are easy to overlook if money is the only or main measure of success.” – Crispin Manners, Onva Consulting

“I would recommend starting to report on added value, where it exists, as well as income. Don’t wait to be asked to report on it, just send out the results and examples you have as part of your normal reporting so that it starts to become embedded and better understood.” – Sophie Powell-White, Great Ormond Street Hospital

The importance of having a partnership north star:

“It is important that your projects excite not only your corporate team but your partners – they need to visualise the potential impact they could have on the world.” – Ghalib Ullah, Parkinson’s UK

“All the team have in their heads. That when we go into a conversation with a company what we are looking for is that ambition at the top of our partnership model. Which is an ambition that only us and that company can achieve… If you’ve got that ambition then all the levers for change will naturally fall out of it because it is so strategic to both sides…. In three years’ time what would the Sun newspaper headline say [the partnership] has achieved?” – charity interviewee in the research.

To get your copy of the full report, download it here

On the 1st of July, we were delighted to be joined by 80 professionals from across the charity and business sectors for the launch of our new research – Anchors Away: breaking free of the barriers to ambitious charity-company partnerships. We heard from four incredible speakers and had some great comments in the Zoom chat, and we’re proud to share some of the highlights.

Stay Informed. Stay Remarkable.