Mutually beneficial relationships matter

By Tracy Judge, CMP
Director of Business Development, Cadence Meetings & Incentives

We couldn't agree more with TreeLine Interactive's branding: mutually beneficial relationships are where the magic happens.

We couldn't agree more with TreeLine Interactive's branding: mutually beneficial relationships are where the magic happens.

Dr. Peter Drucker once said, "Results are gained by exploiting opportunities, not by solving problems." In a world with limited resources, we must continue our evolution to drive results (and profits) by cultivating advantageous partnerships.

The logic accurately applies to meetings and events.  There is no denying we are an industry of skilled problem solvers.  It is a prerequisite of the job and the core of our success.  However, our industry, like anything else in life, will not evolve if we live in a reactive state.

At Cadence, relationship building is the heartbeat of our culture. We have seen great benefits and created strong partnerships by driving our actions through this philosophy. For instance, earlier this year we approached Treeline Interactive, a San Diego based technology company, to partner with us on an engagement app and registration platform.  Treeline’s Event Pass Pro platform has been successfully used for events like the Xgames to manage registration and engage participants before, during, and after events, but had yet to be used for meetings & incentives. With a vision of increasing motivation during the campaign/qualification stage of an incentive trip, we proposed adding a gamification component. We utilized the existing pre-event portal to allow engagement between participants and event owners in effort to drive excitement before the event. Since launching, we have continued to enhance the platform with meeting registration functionalities. Our end goal: one platform for participants to live in during the entirety of both the incentive campaign and the event (pre, during and post).

Our partnership with AV Concepts (they're the guys who made the Tupac hologram for Coachella) is another textbook example of a mutually beneficial relationship. During a scheduled educational tour of their San Diego Innovation Center, we were blown away by the facility. It was an absolutely ideal setting for events and exactly what a creative, edgy city like San Diego needs. Using a combination of technology and decor, the innovative space can be completely activated for any brand or theme. Inspired by this potential, we partnered with AV Concepts to launch the recently opened San Diego Creative Space. The robust network consists of Cadence meeting and event planners to manage the bookings and logistics, AV Concepts to maintain the facility and technology, as well as a few preferred parters. For example, Hyatt Regency La Jolla will offer their groups the opportunity to use the SDCS as an offsite venue and also provide their own catering.

Both of these examples show the value of resourcefulness by repurposing an existing product for another use. Inspired to do the same? Here's a four step guideline:

Network: Spend time with people from that offer services and products that differ from the ones you offer.  Learn as much as you can about their product and capabilities.

Brainstorm: Think about the pieces of their products and capabilities that can innovate your business. Consider the ways this could also be beneficial to them.

Collaborate: Pitch your ideas to that organization.  Drive conversations on ways to repurpose your current capabilities.  How can you exploit your collective resources to create something new?  How can you create a mutually beneficial relationship?

Act: Put your ideas into motion.  Don’t delay.  Dedicate resources to the project and work through the challenges.  This is where those problem solving skills come into play!

In the comments section below, feel free to tell us about a mutually beneficial relationship that drove business results on both ends.