Ever thought about a collaboration with other organisations to develop a strategy for corporate growth? This is what partnership marketing is.
The idea of partnership marketing is certainly prevalent with online celebrities and YouTubers, but is it something that is overlooked in favour of ‘more conventional’ strategies like digital marketing or social media marketing?
Digging down a little more, partnership marketing can be further segmented to include affiliate schemes, sponsorships, endorsements, joint products, or licensing.
Whether you sell a product or a service then it’s worth considering whether partnership marketing can help you. Here are three easy steps to incorporating partnership marketing:
These three pointers tend to work with many marketing strategies because they consider practical elements from the Marketing Mix. If you haven’t yet read our article on the Marketing Mix, then click the link.
The key to being able to realise your sales objectives and targets is to fully understand your product. I remember speaking with someone at an event within the last year about how they changed their approach to selling. They offered a product as an ‘upsell’ and realised that figures were low and needed improvement. They took steps to better understand their product (which was provided by another supplier) and asked all the questions they needed to the provider so that they could answer anything that the customer asked. They also changed the approach they took to selling so that the client didn’t feel that they were being sold to. This confidence in the product help change the strategy and approach to selling.
What is it you want to achieve? Do you have a specific sales value needed to return a profit (ROI), number of products you have in stock, or would you like to achieve a specific audience reach? These factors will help you to understand what sort of partnership marketing will work well for you. Remember that you’ll be working with someone on this. You might be relying on their platform or they might be wanting to utilise yours. Consider this too.
Sounds like a throwaway comment, right? It’s important though. There is little or no point in promoting a product to an audience that won’t be interested. Your marketing strategy should define your intended audience and the marketing method (partnership method) should be targeted to this specific audience. If you own the platform that someone else would like to market on, then they would like to promote to your audience. What effect will this have on your brand and strategy?
Some examples of partnership marketing include:
This should give you the need to know on partnership marketing. Now all you need to do is incorporate this into your strategic planning. Please comment, like and share.
We set up The Business Ninja to create a hub where people from different backgrounds and businesses could share their ideas and expertise.
Hopefully, there are some articles on the site that you find useful, and will help you flourish in your area of business.
Of course, if you have some words of wisdom you want to share, please get in touch and we can add you to our growing list of contributors.