Partnership marketing refers to a collaborative marketing effort involving two or more businesses. You must recognize and inform each other about your strengths to use them in the campaigns. Partners should bring something to the table. However, you need to know precisely how to approach this partnership. If you want to double your reach for your brands next event without stretching your budget, you might be interested in pursuing a partnership marketing agreement with a complementary brand! 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The partnership will have no use if both the brands belong to the same cluster. Cross-promotion is kind of like word of mouth marketing. Valuing strategic collaborations above all else, you can consider partnership marketing as a form of brand partnership that gives your business a competitive edge when attempting to reach a new group of audience. Pay heed to the types of partnerships or marketing projects your competitors engage in as well as the types of partners they collaborate with. Branding And Stereotypes: Using Starbucks To Catch White Girls. Through fruitful collaborations, the marketing strategy also helps expose your brand or business to other companies in the industry. Here are some of these benefits: One of the main benefits of partnership marketing is its potential to gain new customers and drive leads. Hosting a partnership marketing event can open up exciting opportunities for your company and your partners brand. So, you need to research properly to find a brand you can form a link with for the campaign. Copyright 2012-2022 Empire Advertising & Design, LLC. Clarify your individual roles in the planning process and verify which tasks youll each be responsible for. However, map out the goals first to approach the collective data in a way that gets you the most desirable outcome. With customer acquisition cost rising, especially in traditional channels (such as advertisements), brands should explore ventures that have the potential to be successful. How to Create a Marketing Strategy that Works for your Business, How to Maximize Your Trade Show Marketing Strategy, Why Prioritizing Social Responsibility is Beneficial for Brands, Marketing to the Impatient: How to Capture and Keep Their Attention, How to Monitor and Protect Your Brands Online Reputation, Partnership marketing can affect the actual product or service, increasing the overall value and providing stronger benefits to consumers, Partnership marketing adds value to the overall price element by delivering a higher level of perceived value and providing consumers more reasons to purchase, Partnership marketing impacts the location and distribution element, as it can open up new places to offer services or sell product and gain shelf space. Try to delegate responsibilities based on your individual strengths! Heres an example of how the partnership marketing manager used to reach out to others: Hey, I happened to come across you guys recently. Hosting a web conference is a great way to foster direct connections with new leads! Download now: The Partnership Marketing Playbook. Here, we have curated a list of common partnership marketing types that you might be interested in. "Join over25 millionother readers that have been educated and inspired totransform their life and business". Learning what worked for them can help you decide which analytics to measure and what kind of results you should aim for. You can use advanced digital marketing tools to achieve the desired outcomes of this partnership, as they will allow you to target your audience accurately. For a strategic partnership to work. A Working Definition, How To Use Storytelling In Ecommerce Branding, How to Go Viral On Social Media: 4 Scientific Influences, eCommerce: How To Market And Sell Wooden Products Online. In the subsequent interactions, look to steer the conversation to highlight what your company can do for them in return. While many businesses might believe they are self-sufficient, partnership marketing can help you collaborate with others to reach a broader audience. Remember that the purpose of your partnership is to bring more value to your audience something that they would be interested in. When you collaborate with another brand, your collective data can indicate who the targeted audience is. 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If you cannot recover from the situation and plan to sell your business, you should study the best time to sell it.

You can start crafting your message with this example template: Im a big fan of [partners companys name], and Im really inspired by [new product/service from partner company, upcoming event, etc.]. While these brands should have a different audience, you also need to ensure that they arent too distant. Browse thousands of integrations and plugins. From a tiny dream in a small room, the Atmoph team is slowly reaching more people and sharing more views, generating word-of-mouth through a compelling product and a successful referral program. Wanting to do away with printing its product catalogues and save costs in the process, Tupperware APAC engaged marketing agency Construct Digital to spearhead a marketing campaign to increase its visibility via smartphone technology. By clicking Accept, you agree to the use of cookies to enhance your browsing experience and to analyze the site traffic.

Creating strong, relevant and effective brand partnerships can be a cornerstone of every companys marketing plan.

Broadens the reach of a companys target audience, Broadens the scope and purpose of marketing strategy, allowing a company to market in a variety of new ways, Help in gaining new customers in new market segments, There must be equal value for both brands in the relationship, The strategy must be easily understood by the consumer. For example, one of the top-ranked articles about referral marketing is a collaboration between Oberlo and ReferralCandy. There are many questions to mull over: Who are my target audiences? The 6 Habits of Highly Effective ecommerce Site Owners, Word Of Mouth: 8 Reasons Why Red Bull Is Freaking Awesome, Marketing Strategies: How Converse Positions Itself Boldly.

As the name suggests, businesses can consider partnering up with marketing agencies to boost sales and create greater leads. Leave your information to schedule a demo with a product expert. Back in 2004, Volvo partnered with LEGOLAND theme park in California to become the official car of the theme park (which saw 1.3 million annual visitors then). Start Here, How To Go Viral On LinkedIn: 22 Tips From The LinkedInPros, How To Choose The Best Ecommerce Platform For Your Online Shop [Updated 2021], 10 Crucial Ecommerce Metrics For Serious Entrepreneurs Only, The Greatest Memes Of The Decade [Infographic], How To Get Word-of-Mouth: 40+ Successful Examples, 5 Tips To Maximize Customer Acquisition Via Growth Hacking, 55 Top Marketing Blogs You MUST Follow (According To Marketers), Wharton And Goethe German Banks Study: Referral Programs, Referral Programs: Who Should You Reward? Sitemap. (2013 Edition). What's The Difference Between Marketing And Sales? Create a plan that outlines which tasks need to be completed before the event and then divvy up the workload. Its a mutually beneficial approach and if things are done right, businesses can scale and you may even end up having better and healthier relationships with your partners. By bringing two or more brands together, the strategy combines the collaborating businesses brand equity and their equity strengths. Done right, a partner marketing event can lead to lucrative results. Which eCommerce platform is the best to build your store, your brand and your online business empire? Think of what you can do for that person!. In this article, well go over what is partnership marketing, what types of partnership marketing are there, the benefits it has, how you can reach out to companies for digital marketing partnerships, as well as how to facilitate a marketing partnership. Host compelling webinars with rich engagement features. All rights reserved. Coordinating timelines can be tough, but with a cooperative partner, you can set deadlines that align with both of your schedules. In Singapore, ecommerce giant Shopee has launched a popular affiliate marketing program, where selected affiliates (often those with strong social media following) are given monetary rewards every time a user uses the affiliates referral link to purchase goods. You will find many opportunities for cross-promotion in social media marketing. We are operating in the same industry and targeting the same audience. If two companies are working in the same industry and are not offering competing products, there will always be a natural fit for collaboration.. no: 200903073C). If youre interested, Id love to discuss it in more detail. 2022 All rights reserved.ReferralCandy is a product of Anafore Pte. By collaborating with another entity, you expose your brand to a new group of people, driving leads and conversions in the process. Make a final decision about your quantitative goals to ensure collective buy-in so that both partners will be equally engaged in the process. An ideal brand would share similar target audiences to your brand and would be looking for an opportunity to make its way into new markets. Doubling your exposure and leads can bring in new customers and more revenue. If youve just begun building your business, youre striving to build brand authority within your industry. Once youve outlined a general objective, consider which brands could help you achieve your goal. Your audience can overlap with your potential partners, but youll want to collaborate with a company that can expose you to new leads, too. That way, you will be able to bring innovation to your work and help you in driving more suitable solutions for clients. Ecommerce Interview with Joe Pulizzi from Content Marketing Institute, Fashion Referral Program Examples: True&Co. Moreover, they should be equally enthusiastic about the collaboration to get the desired outcome. Create a better experience for your So, for your marketing partnership to survive, its crucial to bring the partners on the same page and align their goals. Otherwise, the collaboration wont make sense to the audience. Raul, however, emphasises how the first touchpoint should drive interest, be casual, and be as open-ended as possible. The goal is to cross-market each others products by tapping into their respective consumer bases. When To Change Your Company's Logo Does It Really Matter? Instead of relying on your customers to share their love for your brand to their social circles, you collaborate with a partner, have them give you a shoutout of the latest collaboration, and in return, you do the same for your partner too. You and your partner have put together a general roadmap for your partnership marketing initiative, and now, its time to make everything official. All rights reserved. Copyright 2012-2020 Empire Advertising & Design, LLC. Copyright 2012-2022 Empire Advertising & Design, LLC. For many business owners, hatching an apt marketing strategy can be challenging. If done right, an expansive and strategic partnership marketing tactic could also improve margins too. For starters, you should look out for brands or companies that offer complementary product offerings. There are a ton of great partnership marketing examples out there. If you do a side-by-side feature comparison, So, leverage this technique to unlock and expose your brand to a new audience. What kind of resources can you afford to invest in right now? Get a summary of everything Livestorm has to offer. Ideally, you want to work with a partner whose products or services complement what you offer. In todays competitive world of brand marketing, using the power of partnership brand marketing to gain marketing exposure and utilize new distribution channels is not only smart but also an essential marketing tool for businesses that want to remain competitive in todays constantly changing marketplace. How to Write an Event Partnership Agreement? Program overlays can include cross-company functions, including corporate/general management, human resources and special events. Partnerships only work when the goals of both parties involved have similar objectives. Doing so allows these companies to increase their marketing potential and tap into one anothers customer base. ", A Webinar Solution used by the best US companies for their Remember, virtual events arent the only opportunities for partner marketing you could host a giveaway promotion with another brand, offer discounts to your customers, or share sponsored content from your partner on your social media channels.

If you are reaching out to companies on social media, avoid using your personal social media accounts. Conducting successful partnership marketing campaigns can even take you out of a crisis. Through campaigns of their own, the reseller holds the potential to create even more value for their customers to purchase your products.

For example, this could help boost the conversion rates for both businesses. So, you can arrange events like a podcast or educational webinar that addresses their questions or explains a solution. How can I drive sales and leads for my business? In the weeks leading up to your event, you and your partner can launch a promotional campaign. You can drop the company an email or simply slide into its social media inbox via direct messaging. The goal is simple: your partner promotes you to their audience. But when you partner up with a popular brand that already has a loyal customer base, youll gain exposure to an audience that is already interested in what you offer, and your connection to their favorite brand will inform their opinion of your company. Partnership marketing, for the most part, is under-rated. Before devoting her work full time to technical writing, she managed among other intriguing things to serve as a lead programmer at an Inc. 5,000 experiential branding organization whose clients include Samsung, Time Warner, Netflix, and Sony. Explore help documents and videos, or chat with support. You should also think about your ideal timeline. When youre working with the right partner, partnership marketing can be highly beneficial for both businesses. For instance, if you plan to host a web conference, write down a few subjects that would be relevant and interesting for your customers and your partners audience. Become an expert in partnership marketing. Choose a partner that makes sense to your business and to the consumer. Discover tips and advice about building engaging events. Receive updates on the latest improvements or new features. Lets explore how partnership marketing can factor into your event strategy. Finally, establish a timeline that works for both of you. However, if your goals and vision arent aligned, the campaign will likely be unfruitful. This is one of the simplest examples of partnership marketing. League City, Texas 77573, Houston Office 908 Joyce St. Houston, Texas 77009 (Appointment only), Katy Office Katy, Texas 77450 (Appointment only). Instead, use your companys social media account to do so. While facilitating a marketing project, remember that good communication can forge strong partnerships.

Put your webinars on autopilot with on-demand webinars. He is the owner of jeffbullas.com. Increasing Conversion Rates: What Influences Buying Choices? Ltd(Reg. When your company partners up with another brand for a marketing event, you can effectively double your marketing budget for the duration of the project. Copyright 2012-2020 Empire Advertising & Design, LLC. The success metric for a successful collaboration is extensive and somewhat ambiguous. It would help if you had a dedicated team on the project to keep finding opportunities to run a cross-promotional campaign between the two brands. Check out examples of partnership marketing initiatives from your competitors to get ideas. Join a live product demo and chat with our in-house experts. The purpose of this campaign is to enhance the branding of each business. The mobile application saw 100,000 mobile installations and Tupperware APACs latest product lines can now reach out to even more resellers in a matter of minutes. Learn what exactly customer lifecycle email marketing is with lots of real-life examples and apply it to your ecommerce brand! Reaching out to companies for digital marketing partnership is a straightforward affair. Partnership brand marketing brings two companies and brands togethereach with its own brand equity and its own distribution strength. All rights reserved. Are you planning a partnership marketing campaign for the first time? Discover browser-based, powerful meeting software. players. When you host a marketing event or run a promotional campaign on your own, you hope that your outreach will go beyond your typical audience. If youre selling a marketing tool, having marketing agencies recommend your product to their customer base can help you generate new clients. By leveraging possible program overlays, companies can deliver special incentives andemployee benefitswith the partner company and create special product-launch events. According to Google, their average ad click share rose by 70%.

Of course, the collaboration must be mutually beneficial to all parties and help them reach their business goals as well. It must present equal importance of the two businesses in partnership to add new meaning to using a service or a product. Otherwise known as channel sales, reseller partnerships often involve a third party hired to sell your products or services on your behalf. If you carry out this campaign online, you can monitor the website to check its performance and make changes to the resulting date where necessary. That way, you can target both the customers of snacks and the restaurant to come in one place to enjoy their favorite thing to eat.

[Insert your own anecdote about the partner company here]. over-engineered. It can run the gamut from the revenue earned from a project or even webinar leads and sign-ups. Scale your internal and external virtual events with ease. Then, you can consider scheduling a call or a meet-up. I think it would be good for us to get in touch and explore some collaboration options!. Wondering where to begin? Customer Retention vs Customer Acquisition, The Importance of Good Definitions (Or: How To Think Clearly). An Analysis: Why Are People So Annoying On Social Media? Get in touch and let us know how we can help. Leave your information to schedule a demo with a product expert. Sitemap, Main Office 1145 Butler Rd. Get the latest word-of-mouth marketing tips and resources in your inbox. So, the marketing plan should include cross-promotional strategies with shared thought management. Published on April 7, 2021 Updated on June 6, 2022 About 6 min. First, its important to determine what you hope to accomplish by hosting this event. But you need to ensure that most of the individuals on that list are potential customers. If one of them downplays their role, it will be a sign that there was a lack of communication along the way. We will run you through the features and answer your True partnership brand marketing programs are more than just promotions. Sometimes overlooked, partnership marketing strives for fruitful collaborations between businesses.