New customer acquisitions can be expensive and timely, and there’s truly no way around the investments that must be made to build a brand from the ground up. The best approach to do so is an omnichannel approach, with the strongest marketing teams utilizing various resources and platforms to gain new customers and create brand recognition. One of the most affordable, impactful, and often overlooked channels is partnership marketing, which allows companies to mutually benefit from the other’s resources. Every partnership is different, with different companies and brands bringing different assets and needs to the table, but a properly aligned and executed partnership can be one of the strongest tools in a company’s marketing arsenal.
Before planning the outreach phase, it’s key for companies to choose the right partners. It’s important not just to look at what a partner can bring to the table, but also to note if a brand aligns and compliments their own. A company should choose a partner that has the same demographic but is not a direct competitor. In short, the companies should complement each other without cannibalizing the other’s profits. The right partnership and initiative can create valuable media interest and press exposure, tap into another company’s loyal customer base without the usual acquisition cost, and can help strengthen the credibility of a brand.
It’s also important that the partnership offers benefits to its target market. Content must always be engaging and authentic, and this extends to partnerships as well. If a partnership offers no value to the consumers, it will not only be a waste of time and resources, but it will not resonate with customers. The outcome of the partnership should be more enticing than the individual existing offerings of the companies. If the partnership is an obvious ploy to tap into another’s consumer list with no brand narrative or relevancy it will ultimately fail. The partnership can be a massive initiative offering new product launches, but it can also be something as simple as a guest article in an email to the consumer that offers relevant and helpful expert advice. So long as the information is new and interesting to the consumer, it’s a benefit.
Partnership activations can vary from event based initiatives to paid advertisements and a broad range of other examples, and every partnership approach will vary based on industry, offerings, and target markets. But these simple rules apply across industries and can ensure that a marketing partnership is one that benefits all parties involved, from the companies to the consumer.
Contact Site Impact to hear how we can cultivate exciting and impactful strategic partnerships for your brand.