With the rising competitive nature of brand marketing, it can be challenging to break into new audiences and grow your customer base. With the many customizable types of partnership marketing, your business can benefit from strategic partnerships whether you’re a big corporation or a small startup. However, the true magic of partnership marketing is meaningful collaborations that result in a high reward. Still curious about how this marketing strategy can impact your brand’s growth? Here’s a guide to the many benefits of partnership marketing to help you visualize your company’s future.
It’s more cost-effective than traditional marketing channels.
The industry is moving away from pay-per-ad and impression models, and it is moving towards a pay-per-performance model. Especially in the case of influencer marketing, brands are moving towards paying for individual posts as opposed to relying on social media vanity metrics (likes, shares, comments, etc…) to dictate payment, since it can be hard to measure ROI using those metrics. Swaps can also be integrated into your strategy as they can save costs and be beneficial to both partners.
The audience you build is one that’s interested and has proven brand loyalty.
The magic of partnership marketing is that it is designed to acquire an audience that is interested in your brand. This eliminates building an audience from scratch, which often involves wading through an enormous pool of possible customers (some of which are only there for the free swag). A meaningful partnership means partnering with a brand that has an audience that you would like to acquire. Your partner has a product that is in the same genre as yours and has an audience that fits both of your brands. Voila!
You’re delivering added value to your existing audience.
Added value, you say? By partnering with relevant brands, it’s easy to conjure up creative ways to deliver new content and value to your customer base. Whether it’s introducing them to new brands or giving them new content (possibly in the form of sponsored content or a content swap), enriching your brand with new avenues of interest adds value to your customers, making them more likely to make a purchase. This benefit is also applied to their audience when they share your content or introduce their audience to your brand.
Partnerships help build brand identity.
Partnerships can help position your brand by association. For example, if your smaller brand manages to partner with a larger, well-recognized brand, this can build your brand’s recognition, value, and caché. Don’t fret, this can work both ways. For larger brands, partnering with a smaller, more niche brand can help the larger brand tap into a more specific audience that they otherwise wouldn’t be able to tap into alone. Additionally, with a strong partner comes a strong audience. Welcome them with open arms.
Cross-promotions allow you to target customers at just the right time.
We’ve all seen it before. You just booked a flight and… well, would you look at that! A hotel discount! This. Could. Be. You. The benefit of partnering with a brand that compliments yours is that when customers make a purchase from your partner, they’re most likely going to be interested in making a purchase from your brand and vice versa. In most cases, the convenience of a cross-promotion makes the customer’s life easier and feels like an added bonus to their purchase.
There you have it. Too good to be true? We say, “Reach for the stars!”