Why Your Business Needs a Marketing Partnership Strategy – And How to Get One
If you’re looking to further develop your audience, a partnership marketing strategy could be your route to success. Here’s how they work: By teaming up with a brand or business that has a similar audience, you cross-promote to build your audience, utilizing each others’ email lists and social media presence while establishing credibility – all in a mutually beneficial way.
How Does This Strategy Create Demand?
By working with other brands or businesses, you use each others’ strengths to promote one another. The key is to make sure your partners have a similar audience as yours. This ensures that people who may not have come into contact with your brand, but are interested in similar products, can be converted, creating new demand for your products or services, and more revenue for your business.
Partnership marketing can be a free or less expensive way to expand the audience and reach for your business.
How to Find a Marketing Partner
Finding a partner, or several of them, and engaging in a partnership marketing strategy does not have to be complicated or even that time-consuming. Start by searching for a brand that is not a direct or indirect competitor; rather a business that offers products or services that complement yours – ones that your audience would be interested in learning about and making purchases from, and vice versa. Think of a local winery and a local restaurant partnering up to host a dinner event with their respective wine and food. Make sure this business also has an email list and an audience on social media that is a similar in size to yours, or larger.
Simply connect with the business you have in mind – through phone, email or even in-person. Being open and honest with the business is key to make sure that you start on the same page from day one.
How Do You Build a Partnership Marketing Strategy?
If you’re ready to start building a partnership marketing strategy, here’s what it requires from both/all organizations:
- Open Communication: Open and honest communications from your partner(s) starting day one is key to having an ideal and mutually beneficial (and enjoyable!) partnership.
- Mutually Beneficial Goals: Always remember you’re building this partnership and strategy together. Consider what goals your partner is trying to achieve and make sure they match with yours. If they don’t match, make sure you’re both aware of each other’s goals so you can work together to achieve maximum results.
- A Reporting System: Another way to continue the open and honest communication between you and your partner is building a reporting system that shows the actual results in the form of statistics coming from the strategy you built together. Sit down and talk through which items you would like to report on a regular basis (for example, Likes, CTR, comments, shares, conversions).
- Co-Host Events Together: By collaborating and hosting events together you can further promote your partnership and save money along the way. Instead of paying for a full event on your own, you and your partner(s) are able to split the costs evenly.
- Build Content With Each Other in Mind: Develop content together! Create blogs on each others’ pages, do takeovers on social media, co-star in webinars, and cross-promote products. This helps expand the reach of the messaging, builds credibility, and creates strong brand association and recognition that benefits your business.
How to Avoid Any Bumps Along the Way
Even though these partnerships seem ideal, bumps can come up along the way that can impact your partnership. By being proactive and having constant open communication you can avoid or iron out any ethical dilemmas or disagreements along the way.
By truly taking the time to evaluate your partnership at the beginning and fully planning out what your partnership should look like moving forward, you can eliminate all gaps and create all expectations out of the gate.
Trust PointA for Partnership Marketing Strategy Services
If you’re ready to dive-in to partnership marketing strategy or are in need of marketing services, PointA is ready to help. Our team provides vital strategy consulting and marketing services from website design and development to SEO to help your marketing partnerships thrive and your business grow. Give us a call at (231) 882-1100 or fill out our online contact form to get started.
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