By: Michelle Voznyuk, Senior Marketing Consultant at Heinz Marketing
You probably know the saying “work smarter, not harder”. It might sound silly, or even come off as lazy, however, the saying is really focused on the concept of efficiency. By optimizing the way we work, we can actually cut down the effort required to achieve the same (or better) results.
This idea can be applied to many different scenarios in the business. One effective way to work smarter and not harder is by investing in marketing partnerships.
If you aren’t super familiar with this concept, I’ll break it down below.
What is Partner Marketing?
Partner marketing refers to a strategic collaboration amongst two or more groups. This partnership is mutually beneficial and aims to achieve the goals and objectives of both parties.
Why is it beneficial?
With a wide variety of channels and methods available to organizations everywhere, standing out has become harder than ever. The B2B landscape is changing at a rapid rate, and buyers are also changing the way they buy. This means it often takes more effort (and money) to break through the noise and capture the attention of your audience. So why not team up with other businesses that have a similar target market and goals?
Partner marketing can broaden your reach, unlock new leads, generate new customers, and save costs so you can redistribute your resources elsewhere.
What are some examples?
Here are some examples of partner marketing in the B2C space that you might be familiar with:
- Verizon & Hulu/Disney+/ESPN+
- Get free access to three streaming services when you sign up for a Verizon phone plan
- Nike & Apple
- Continued partnership that uses Nike branding on Apple products
- Starbucks & Spotify
- Get access to a free Spotify premium subscription as a Starbucks member
- Taco Bell & Doritos
- Long-standing partnership that incorporates Doritos into various Taco Bell recipes
- GoPro & Red Bull
- Teamed up for content production and cross-promotion of products
That being said, partner marketing programs can be an effective tool for B2B organizations as well.
Where should I start?
If you want to invest in marketing partnerships, but don’t know how, here are some examples to get you started:
- Develop a relationship with an affiliate
- Reach out to an industry thought leader, blogger, or influencer.
- Create joint content
- Partner with another organization to produce industry research, blog posts, webinars, podcasts, and more.
- Cross-promote different resources and events
- Have a new high-value piece of content you want to promote to your audience? Or another event that you’re driving registration for? Team up with another organization to get the word out.
- Co-host or sponsor an event
- Host a conference, trade show, networking event, or webinar with another organization or help provide the monetary resources to put on an event through a sponsorship.
- Bundle your product with another brand’s product
- Offer discounts for related products/services or consider incorporating a direct mail piece for promotion.
- Integrate your tools with another brand’s system
- Increase exposure through offering integrations with other products and services where it makes sense.
To summarize, partner marketing can be an effective tool to increase exposure to your brand and make resources go farther. I hope you found these tips helpful as you continue your current marketing efforts and start thinking about your future strategy. If you have questions or are interested in a potential partnership, reach out to our team!