Partnership marketing is when a company forms an alliance with a person or business because they have a relationship with an area of a market that you’re interested in selling to. The main benefit of having a partnership marketing strategy is that it helps in introducing your brand to a new audience. Overall, it is a very lucrative channel for most brands.
Due to the rise of digital tech and social media, digital marketing agency partnerships are gaining momentum. This is because it focuses more on mutual gain and a longer-term outlook in the form of product integrations in comparison to affiliate marketing. The other benefits include getting attention, acquisition of new customers and improved basket size.
The benefits can’t overshadow the fact that the process of partnering extremely difficult and both the parties struggle to form a cordial relation. Following dos and don’ts will make the whole process a lot easier. They are:
- Understand the distinction between partnerships and partnership marketing
It is important to get clarity among related concepts. The partnership shouldn’t be mingled with partnership marketing. A partnership is a bigger term wherein concerned parties are connected for more than just marketing. On the other hand, partnership marketing is when two brands come together for different reasons. It could be for integrations, sponsorships, innovative attractions, marketing campaigns or for using another brand as a reward mechanism.
- Plan for long term
It is of paramount importance that before entering into partnership marketing, both the parties should plan for the long term. Usually, a partnership campaign takes a few weeks to be secured and launched but that’s just one campaign. Things should be planned for further ahead. It must be ensured that long-term commitment is made from both sides and both of them under the same pretense of time-frame and objectives. Other important factors like commission negotiations, technical discussions, etc. should be discussed in great detail.
- More than a one-man army
The companies that are getting involved in partnership marketing should involve all their teammates in the process. This ensures that both companies are keeping their strategy and priorities at the forefront. This also helps in smooth functioning and order-following. The partnerships must be backed by the board and bought into by the entire cross-functioning team.
- Honesty is the best policy
Being honest is the only way to have long term fruitful relationships. This rule applies to partnership marketing as well. No matter how tempting it seems to hide ulterior motives. But it isn’t right! The only solution is never cover-up. Be truthful about how many customers are being marketed; be clear about the T&Cs. Be 100% open about the size of your customer base when securing a partnership deal.
- Finding a partner isn’t easy
Finding a partner with the same ideas, strategies and thinking can be quite difficult. But in some situations, partners hire someone for the role. So it is preferred that such individuals are located via your C-suite or by messaging a counterpart on LinkedIn. These are two of the simplest approaches to get things done.
- Accepting the truth
Not every result is similar to the planned one. Even when every little detail is worked out, things don’t go in a similar way when they are run. It is a real struggle to forge any long-lasting relationships. Not everything goes as planned. So take the plunge and stop before the partnership marketing causes loss.
Partnership marketing is very beneficial for both parties. It isn’t just lucrative but also a challenge. Understand the problems beforehand and handling them would become much easier. Nothing is impossible and brands can overcome the difficulties to succeed with this ever-growing marketing channel.