Partnership Marketing
The old saying “two heads are better than one” holds very true in business with partnership marketing as a key tool to increase profits. Partnership marketing is a collaboration between businesses to create a mutually beneficial marketing campaign. A study found that 54 % of companies said that partnerships resulted in 20% of the total company’s revenue. So, whether you’re a small business or large company, utilizing partnership marketing is critical in growing your business.
Let’s Get Started
Sounds great- work with a partner, increase sales and brand awareness! But, if you’re new to partnership marketing you may be asking yourself how do you start? Working with a partner isn’t as easy as starting something on your own so we have a few tips in where to start.
Find the Right Partner-
The number one reason why partnership marketing fails is not because the promotion didn’t work, it’s because the partners had different viewpoints. Find a partner that shares the same vision, wants the same outcome and adds value to your audience (and visa versa).
Where to Find a Partner-
This entails some cold calling, networking and attending industry events. Social media and utilizing emails lists are another way to find partners you’d like to work with.
Reaching out to a partner-
A concise and introductory email is the best to reach out. Connecting and reaching out on social media is another great tool. Some companies have partnership marketing (affiliate marketing) links on their website which allows you to contact them directly.
Types of Partnership Marking-
There are quite a few different types of ways to implement partnership marketing. If you’re new to partnership marketing, we recommend starting with any of these 3 types that will get your brand noticed and boost sales.
Content Marketing-
Each partner showcases the other business to their audience- thereby increasing visibility for each business. This can be via social media, guest blog or even a joint lead magnet. For example, if you own a children’s clothing store you can connect with a successful family blogger or local toy store and guest blog for them. This not only expands your customer reach but also showcases your expertise.
Cross Promotion Marketing-
Joining forces with a company that synergistic to your brand to create a product, limited offering, or joint experience will allow you both to increase sales and visibility. For example, at Swivel Works (a company dedicated to small business success) we teamed up with Next Gen Counsel for an Instagram Live event to offer the same audience of small business owners useful information from each company’s niche.
Affiliate Marketing-
This is when a larger brand promotes your product and receives a commission for products / services sold. This allows your brand in front of a new audience instantaneously. Let’s say you’re a chef and you just opened your first restaurant. You can reach out to your favorite pots and pans manufacture to discuss an affiliate marketing program. You share links of the pots and pans on your website’s blog and each time a customer clicks on the link and makes a purchase you get a percentage of the sale.
