A partnership marketing campaign builds brand awareness for both partners by offering products or providing benefits to consumers in exchange for a share of the market. One example of this is Wi-Fi sponsored by Google at Starbucks. Partnering with customers/business partners ranked 7th on Hinge’s 2021 High Growth Study, surpassing more common marketing techniques like blogging, event sponsorships, and email campaigns. Partnering with just anyone is not an option. You need a strategy marketing agency. To establish a new partnership with another company, some important things need to be taken into consideration.
Partners to Choose
You need to ensure the partner does not compete with you and that they serve the same audience as you when onboarding a new strategic marketing partnership.
As obvious as it may sound…you need to make sure that you are not directly competing with the firm with which you are partnering. There is an increasing likelihood of partners crossing into your lane, as companies diversify their service offerings. Review the website of the company, talk to one or two of their team members, and possibly speak with one of their clients beforehand to do your research. You want to avoid confusing your customers about your company’s services in any marketing partnership. Partnerships with firms offering similar services to yours aren’t possible.
It is also necessary that your partner serves at least some of the same audiences like you. Our strategy marketing agency is built with other firms that serve the professional services market or are seeking to do so. As a company like ours, you can’t waste time or resources on outside marketing partnerships that don’t bring you closer to your ideal clients.
Developing a relationship
Once you have identified potential partners, reach out to them. You should keep your email short and succinct if you’re using email as your initial communication method. Include a clear statement of the partnership’s value. Demonstrate that you’ve researched the partnership. As interest increases and responses come in, concentrating on building relationships is essential. All parties should take their time when forming a partnership. At the beginning of the conversation, it is important to get to know one another and determine a mutual fit. A phone conversation or a video conference call may be more suitable than an email chain if the circumstances allow it. As a result of these interactions, you’ll know how it would be to work together.
Not every strategy marketing agency you speak with is a good fit for you. No worries. It is at least a starting point for future collaboration, so you may benefit from it down the road.
Marketing partnerships: why they matter
- Having two marketing partnerships at hand means more ideas and more opportunities to boost sales because each partner has access to additional creative minds. A marketing partnership can be a powerful tool for building brands and increasing revenues if the relationship is managed correctly.
- Getting new customers at low costs. Partnership marketing can be an effective method of getting new customers. Rather than relying on traditional marketing approaches like advertising or seeking earned media, business-to-business marketing partnerships can be an efficient and cost-effective way to gain customers.
- Increases the potential market for participants. Smart partnership marketing offers new opportunities to expand the market. To reach out to a specific audience, a company may look for ways to partner with another company in a different sector. These companies already have access to the audience that a company in its sector lacks.