Stakeholder Collaborations Is Key To A Durable Future, Say Experts

The need for collaboration between internal and external stakeholders has never been more crucial in the world of marketing. In an era defined by rapid change and uncertainty, the role of marketers extends far beyond traditional boundaries. Today, more than ever, it's essential for marketers to collaborate closely with both external and internal stakeholders to ensure their strategies are not only navigating the present scenario but also preparing for the future.

Balancing Collaboration With Brand Integrity
While working together is essential, the idea of collaboration sounds ideal in theory but also comes with its own set of challenges. Talking about balancing collaboration while keeping brand integrity, Sana Macha Lairellakpam, Marketing Head at Bausch & Lomb remarks, “Marketing isn’t a solo endeavour; it involves a team and a network of internal and external stakeholders. It’s crucial to have a clear strategic vision for the brand and communicate it effectively to all parties involved. For instance, agencies play a key role in creating campaigns, and their work is the result of detailed briefs and collaboration. Internally, it’s important to align stakeholders with the brand’s objectives and secure their support for campaign decisions.”

Anika Agarwal, Chief Marketing and Customer Experience Officer at Orient Electric echoes the sentiment stating, “Consumer behaviour has shifted significantly with shorter attention spans and an overflow of content. In this environment, collaboration remains crucial. Agencies have long been key partners, but the principles of collaboration are evolving. First, you can’t outsource brand thinking; while agencies can create great campaigns, long-term brand positioning must be managed internally. Second, internal alignment is essential; the brand's message extends beyond advertising to internal clarity about its identity and future goals. Collaboration is now a necessity, not a choice. Effective brand reputation involves multiple stakeholders - investors, employees, consumers, and influencers. Clear strategy and internal coherence lead to stronger, more effective external collaborations.”

Talking about the obstacles, Agarwal shares, “A key challenge is ensuring clarity on the long-term strategy and plan. Without this, aligning goals and branding efforts internally becomes difficult. For effective brand positioning, it’s crucial to have a well-defined employee value proposition (EVP), stakeholder promise, and investor promise. This clarity, often driven by marketing teams, helps maintain consistent messaging across all internal and external stakeholders.”

Navigating External Partnerships
Lairellakpam's approach to collaborating with external stakeholders across different industries communicates goals with agencies and aligns interests with external partners to create mutually beneficial collaborations.

"First, when working with agencies, clarity is key. As a brand team, you need to clearly communicate your campaign goals, timeline, and target audience. This helps the agency build valuable content based on a well-defined brand USP. Second, when collaborating with external partners, like distributors or key accounts, address both common and conflicting interests. For instance, if a key account has a competing private label, work out a joint business proposal that outlines shared and separate responsibilities. The goal is to create a win-win situation with clear agreements on each party’s contributions”, he explains.

Agarwal adds her perspective on approaching collaborations saying, “Collaboration has several layers. First, with suppliers, you should never outsource your core USP. For example, if you make an IoT-enabled fan, you might outsource app development but keep the core product concept in-house. Second, when building an ecosystem of services, ensure all parties share common goals to avoid conflicts and ensure successful outcomes. Third, consider collaborations that enhance your customer value proposition and speed up market entry. Collaborating with technology providers or other brands can help you scale faster and improve your product's value, especially when entering new markets or reaching new customer segments.”

Managing Risks
Talking about managing risks associated with new technologies or markets, Lairellakpam responds, “Entering new markets or adopting new technologies always involves some level of risk. To manage this, start by clearly defining your objectives. For example, if considering a new range of contact lenses, determine if it aligns with your target audience and company goals. Assess the known risks, such as higher

costs or competitive pressures, and decide if you can accept them. If not, reconsider the project. Effective risk management involves understanding these risks and making informed decisions based on their potential impact.”

Agarwal notes, “Time horizon is crucial. Miscalculating how long it will take to see returns can lead to failure. If a project is expected to deliver results in five years, but you aim for three, it’s a major misstep. Correct time horizon planning is key to successful outcomes.”

Authenticity And Brand Messaging
On maintaining authenticity with influencers Agarwal remarks, “Marketers, including myself, often start by dictating strict brand guidelines which can hurt engagement. Over time, we learn that allowing influencers creative freedom is crucial for authenticity and better engagement. Influencers, whether micro or macro, are increasingly selective about brand collaborations and how much control brands have over their content. It’s a gradual process of adapting and learning to balance brand needs with influencer creativity.”

Moreover, Lairellakpam asserts, “Choosing between a big celebrity or multiple micro-influencers is a key decision, as it impacts your budget and brand representation. For authenticity and effective engagement, it's crucial to balance your brand's core message with the

feedback from internal and external stakeholders. Feedback is now immediate. You get responses within minutes, making traditional biannual brand tracking obsolete. Instead, real-time feedback from sources like e-commerce reviews and direct customer interactions is crucial. Teams are now required to review this feedback themselves, rather than waiting for a summary. Real-time consumer feedback, along with insights from stakeholders and employees, helps in making quick adjustments. Additionally, involving senior management or founders in direct customer interactions can provide valuable insights.”

The panel discussion took place at the second edition of the BW Festival of Marketing in New Delhi.

Arya Rakshita

BW Reporters Trainee Correspondent