This is a call to action for executives, companies, trade associations, and industries, it’s time to reimagine industry growth. The economy by technical definition is in recession having experienced two consecutive quarters of negative GDP growth. The 6.3 % August Consumer Price Index core inflation is three times the Fed’s target. In addition, the Board of Governors will also note the 6.2% increase in shelter, which represents close to 40% of the total increase in year over year core inflation. It’s likely that the Federal reserve’s aggressive actions will lead to a much deeper recession in 2023. In a global economy driven by chronic uncertainty, the door is wide open for strategic partnerships within industries through trade associations. Given the severe nature of today’s challenges, which may seem too hard, or executives would rather go it alone. Or it’s something else. Or it’s a mixture of all of the above. Regardless, the opportunity is there for the asking.
Forward-leaning trade associations have launched strategic partnerships with the industries they represent. For those who have, they provide some spectacular examples of what is possible when customer care and business prowess are combined with a relational mindset. In the chaos of turbulent times, a solid partnership is an effective anchor, and in many cases a safe harbor. This kind of relationship is the reason that trade associations exist in the first place. Better still, partnership is one of the elements of our business planning that we can proactively choose and maintain a degree of control over.
Industry and Trade Association Strategic Partnerships are functional relationships that align in a pre-competitive space (legislative and regulatory issues that shape the external environment). Industry leaders collaborate with Trade Associations to brainstorm go-forward strategies, build and activate ecosystems to shape the external environment, overcome Industry challenges, and in several cases help the Industry achieve long term durability and position for growth.
Executives in five industries answered a call to action, built strategic partnerships with their Industry Trade Associations, and are viewed as market movers:
- Recreational Boating Industry and National Marine Manufacturers Association – The recreational boating industry captures the allegiance of a growing list of consumers. A review of the industry reveals how an all-for-one focus throughout the supply chain extends the recreational boating industry’s reach to the entire outdoor recreation ecosystem, not to mention impressive boat sales.
- Baking Industry and American Bakers Association – This is an industry built on a firm foundation of relationships. Through their trade association, the baking industry has propagated relationships that extend throughout a food and beverage ecosystem. The expanded relational foundation helps the industry manage its costs, innovate, and delight its consumers.
- Unmanned Systems Community and Association of Uncrewed Vehicles – The dominant trade association is working hard to achieve widespread public acceptance of autonomous vehicles by building a web of relationships across a vast community of natural market evangelists.
- Asphalt Pavement Industry and National Asphalt Pavement Association – From sustainability to safety to highway design, their trade association is where and how new research and development takes place. It is also a destination location where the industry connects, learns from one another, and seeks ways to continuously improve our quality of life through local, regional, and national road and highway systems that traverse and connect America.
- Frozen Food Industry and the American Frozen Food Institute – The frozen foods industry is growing into a significant provider of food for the United States. Offering a wide array of healthy choices and consumer tastes, the industry is focused on becoming the number-one food packaging and delivery choice for food service businesses and consumers alike through this strategic partnership.
It is time to embrace change. It is time to bring to bear all our best tools for navigating new and sometimes frightening realities. It is time to learn lessons from the great models of cooperation among Industries and their Trade Associations. It is time to discover and utilize the roadmap for building and maintaining powerful coalitions and alliances. It’s time for executives, companies, trade associations, and industries to build strategic partnerships and Reimagine Industry Growth.
Book Dan Varroney as a speaker for your meeting, conference or group and learn how to tap into the potential of strategic partnerships with industry associations from the author of the groundbreaking new book Reimagining Industry Growth.
