We’re Better Together – The Value of Marketing Partners
While partnerships may not be a new marketing phenomenon, they are gaining more management airtime due to their strategic importance and potentially impressive ROI. In a nutshell, they involve collaboration between two businesses with aligned interests to create a synergy. The shared goals may not be immediately obvious, but with a bit of creativity companies from Disney and YouTube, to Starbucks and Yahoo have benefitted from joining forces in their marketing campaigns.
There are numerous benefits to working in partnership with an organization. Here are my top three:
Strengthen your brand image
Consumers are skeptical when it comes to organizations that they haven’t worked with before. It is essential to find ways to communicate your legitimacy to new audiences. You can add credibility to your brand by partnering with respected organizations. Your partners won’t risk damaging their brand’s reputation by working with someone that is unreliable, thus endorsing your company.
Engage with new audiences
In today’s digital landscape, audiences are fragmented. They congregate in a variety of locations across the web to find content, discussions and answers to their questions. By understanding more about your audience’s motives, interests, and hobbies, you may discover previously untapped audience. Extend your network and the reach of your messaging by identifying the gatekeepers and creating valuable partnerships with them.
Reduce marketing costs
Content is king, but costly in terms of resources to create. A way to minimize the costs associated with content is to create a white paper, video, or blog post with a marketing partner. Having ensured their messaging fits with your own, you can create a more compelling narrative by sharing ideas, splitting the cost, and extending your reach through co-promotion.
By accurately identifying your strengths and those of your potential partner, you can create quality partnerships that help achieve your respective marketing objectives. I recently presented a webinar on this topic, Better Together: The True Value of Marketing Partnerships. In this webinar I included examples of my favorite co-marketing agreements and the steps you need to take to set up partnerships that last.
You can watch the recording here.