3 Secrets to Successful Partnership Marketing

June 20, 2017 12:53 pm Published by Leave your thoughts

Partnership marketing involves creating additional marketing exposure by linking your brand with that of another business. While partnership marketing has been around for a long time, the techniques are still applied with great success in today’s marketing environment. These are three secrets to successful partnership marketing.

Secret 1: Choose the Right Partner

One of the first things to recognise is that partnership marketing may be just one component in an overall marketing strategy which includes internet marketing and brochure and flyer printing and distribution. While the latter are typically outsourced to experts for convenience, partnership marketing is a more hands-on strategy that requires more commitment and input from the business itself.

Define Your Market.

What’s your target market? If you’re in the luxury goods market, you’ll want to seek out partners who are targeting the same market or a similar demographic for best results.

Brand Values and Market

What are your respective brand values? Are they complementary or conflicting? You’ll benefit most from partnering with someone with the same brand values and market. A harmonious partner brand can boost trust and awareness, while a partner with different values can create confusion among customers.

Equal Benefit to Partners

Define each partner’s expectations. In a partnership marketing arrangement, partners should expect to receive equal or similar benefit. You should be growing your market share together rather than one partner obtaining all the benefit.

Relevance to Consumers

The partnership should be of practical relevance to consumers. This will depend on your product or service lines and how they relate to each other. Can each partner reasonably expect to grow leads and boost brand recognition from the partnership?

Secret 2: Partners Should Plan for Sustained Commitment

The more detailed your plan, the more commitment each partner should plan for sustained commitment. Oftentimes, the most effective partnership marketing strategies need to be fairly long-term projects to yield the best results. For this reason, it’s important to use a formal agreement and plan for sustained commitment.

Secret 3: Use a Formal Agreement and Plan

The success of a partnership marketing strategy is in the details. Have a formal agreement which defines the parties’ expectations and objectives.

Plan

The agreement itself should contain or refer to a clear plan for execution and generating leads. For example, a plan can be as simple as incoporating a partnership link on your websites, in which case a good business logo can be very beneficial. Professional services for graphic design in Sydney (and elsewhere) can assist with designing an effective logo for your sites.

Timeframe and Exit

Your plan may include a timeframe for review of the partnership. It may also contain provisions or terms for exiting the agreement.

Measurement

Ideally, your plan should cover ways of measuring the success of your strategy. Is there a way of measuring how the agreement is working and your return on investment? Defining and setting up tools for measuring the success of your partnership marketing strategy allows businesses to adjust the strategy and know how much value it’s creating for your business.

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This post was written by ws-outsource

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