Strategic Partnerships SOP

This SOP outlines the steps for managing inbound partnerships at Soundspace, ensuring effective communication, opportunity assessment, proposal creation, closing deals, and updating records.

Introduction

Purpose

To establish a streamlined process for managing inbound partnerships, ensuring effective communication, opportunity assessment, proposal creation, closing deals, and updating organizational records.

Scope

This SOP is applicable to all inbound partnership queries and involves the Partnerships Team, Leadership Team, and other relevant stakeholders.

Definitions

• Inbound Partnerships: Partnership opportunities that initiate contact with the organization.

• Partnerships Team: Responsible for handling partnerships, assessing opportunities, and managing agreements.

• Partner-Spacemaker: A designated employee responsible for managing and nurturing the relationship with a particular partner.

Responsibilities

• Partnerships Team: Handle inbound inquiries, assess opportunities, draft proposals, and manage Partner-Spacemakers.

• Partner-Spacemaker: Coordinate with new partners, identify opportunities, and maintain the relationship.

• Leadership Team: Review and approve partnership proposals and shape-up ideas.

Procedure

Handling Inbound Partner Inquiries

1. Receive and acknowledge the inbound partner query.

2. Extract key information about the partner and document it.

3. Assign a Partner-Spacemaker who will be accountable for this partnership.

Introduction and Meeting Setup

1. The Partner-Spacemaker sends an introduction email to the partner, outlining the organization’s interest in exploring opportunities.

2. Coordinate with the partner to schedule an initial meeting.

Opportunity Assessment

1. During the meeting, discuss and identify potential collaboration opportunities.

2. Document the opportunities and perform an initial assessment.

Creating and Presenting Proposals

1. Based on the assessment, create a proposal outlining the partnership details.

2. Present the proposal to the partner and solicit feedback.

Closing Deals

1. Upon mutual agreement, close immediately actionable proposals like co-referrals.

2. Set tracking parameters for the partnership.

Updating Records and Leadership

1. Update the list of active partners and communicate the new partnership to leadership.

2. Update HubSpot with all relevant partnership information.

Shape-Up Ideas and Approval

1. The Partner-Spacemaker creates shape-up ideas for maximizing the partnership.

2. Present these ideas to leadership through specialized betting processes for approval.

Monitoring and Reporting

1. Regularly monitor the progress of the partnership and track KPIs.

2. Provide periodic reports to leadership regarding the partnership’s performance and any new opportunities.

Documentation and Compliance

1. Ensure all communication, proposals, and agreements are documented.

2. Comply with organizational policies and legal regulations regarding partnerships.