Partnership marketing brings two different companies and brands together, each with their own specific strengths. It is a targeted way of marketing products or services by aligning one organization’s business with another or by linking brands to equally expose one another to similar customers. Companies can create partnerships to tap into areas where they would not normally compete by providing marketing exposure and ultimately leading to growth.
In today’s business world, marketers are utilizing the strengths of marketing partnerships to achieve their objectives and in turn generate their sales and grow as an organization. Partnership marketing can help your business by acquiring new customers and increasing value for existing customers in all channels of distribution in a cost-effective manner.
There are many different types or models of partnership marketing that exist, including:
- The difference between Distribution Marketing Partnerships and traditional Physical Distribution relationships is that in a Distribution Marketing Partnership the parties typically work together in a greater capacity and are more integrated in their efforts beyond the transaction.
- Gaining new distribution through a partnership can be extremely powerful by opening new and alternative channels for both companies involved and thus broadening your customer base.
Affinity Marketing Partnerships:
- Affinities are any characteristic (ethnicity, culture, background, passion, profession, etc.) that unites groups of individuals. Brands can approach affinity marketing from two perspectives. One is where the Brand introduces itself and seeks to build relationships with already established affinity groups. The other is when the brand seeks to merge different affinity groups together.
- Affinity Marketing Partnerships enable the partners that are offering the discounts with a highly targeted group of segmented individuals or businesses that have a high tendency to buy products in their respective categories because they are relevant to the other partner brand.
- Added Value partnerships are similar to Distribution Marketing Partnerships but with some distinct differences. The difference is that Added Value Marketing Partnerships are typically free to the end-customer.
- There is a component of distribution in developing the Added Value Partnership, but the end result is that the partner-brands are getting together to offer an added value offering at no extra charge to the person or business that is buying it. Distribution Marketing Partnerships do not provide the end-customer with a free added value offering from a given partner-brand.
- Co-marketing is the opportunity for two brands to work together on promotional efforts with a co-branded offer. In a co-marketing partnership, both companies promote their own piece of content or a product, and share results of that promotion with each other.
- With co-marketing, all your marketing efforts are doubled. By having two companies promoting your product or service, you are doubling your benefits. Through co-marketing, you’re able to reach a brand new audience, one you may not have been able to connect and engage with on your own.
- Sponsorship marketing is done financially or through the provision of products or services to support an event, activity, person, or organization where two or more parties benefit from the arrangement.
- Sponsorship marketing is mostly used for promotional purposes and to generate publicity. Sponsorship offers the possibility of achieving several goals at once such as enhancing image and customer attitudes, driving sales and creating positive publicity.
- Content marketing is any marketing format that involves the creation and sharing of media and publishing content in order to acquire customers. This information can be presented in a variety of formats, including news, video, case studies, how-to guides, question and answer articles, photos, etc.
- Content marketing’s purpose is to attract and retain customers by consistently creating relevant and valuable content with the intention of changing or enhancing consumer behavior.
When deciding on whether to enter into a marketing partnership, there are many factors your company must consider if it will be successful. You must take into consideration how much money as well as time you are willing to spend on this partnership marketing campaign. Also, there needs to be an agreement on which partner is responsible for what roles in the partnership. You must consider which type of partnership marketing strategy would benefit your organization to the highest degree and which platform should be used to execute the marketing plan (online or offline).
If you are looking to grow as an organization and are considering various options, partnership marketing can be a very powerful option if done right. With partnership marketing, everyone wins: customers are introduced to several brands, initiatives, new products, new features, and a host of other promotional activities that build loyalty and increase sales for the organization while providing value to the consumer.
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