—– And so many more benefits for businesses small and large. Why reinvent the wheel? If this phrase is not already one of your mantras- it should be. This is a question you should always be asking yourself.
The reality is it can take a good deal of time to build the trajectory for 10s or 100s of thousands of fans, followers, product evangelists. And many will never reach over a few hundred fans/likes/ followers without benefit of strategic marketing partnerships. In particular cause marketing partnerships are trending. Brands’ selective associations with nonprofits, nongovernmental causes and social entrepreneurships – when these make sense, are sincere and credible with real positive benefit- provide definite positive rub-off from association, can build brand loyalty, garner social prominence, impact consumer choice and enhance brand image.
Additionally even with physical events done on a budget there are always alternative uses for any dollars saved to be allocated elsewhere. Look at your strategic plan. Surely there are milestones for building product distribution and brand awareness. Now say aloud “let’s not reinvent the wheel.”
Most definitely build organization and product plans from you core beliefs, strategies, advantages and resources. I am just saying don’t short change partnership marketing synergies and strategies as a part of your plans.
The right partnerships offer cost savings, access to new audiences via your partners’. Partnerships offer the advantage of integrating your initiative with partners’ social platforms as well as traditional and digital promotion, email, marketing materials and more. The combined impact is greater than the sum of yours and theirs taken individually. The gains are exponential. Also with partnerships you can gain avenues for new product introduction, sampling and exposure while providing a thank-you, customer appreciation and or exclusive VIP experience for both your targets your partners’ constituencies. This is a big plus for you both.
Be creative. Partnership offerings can include a purchase discount, free consultation, triggering a donation to a cause, percent of sales to a nonprofit, a purchase that triggers an in-kind donation to a disadvantaged segment, exclusive gift with purchase, promo merchandise for give away, trackable special offer code, shared costs and reduced expense due to provision of in-kind goods and services required for special events, screenings, product release programs.
And whatever ends up as a menu of offerings you put on the table in the partnership proposal you can likewise ask for from your potential partner in-kind. You might consider sharing out of pocket costs on related co-branded materials. Remember partnership leverage and synergies work in both the digital and real world.
If a survey is a possible integrated element offer sharing results as well as sharing personal contact info collected, associated with promotions and initiatives, with partners at a predesignated level. If parties are offering subscription based services/products explore a special offer of 1-time-only dual enrollment to both entities. Draft joint press releases as a benefit to your partner and also a means of controlling messaging as well as how your company/product are represented. Create opportunities for both your organization and the partner to have special experience for VIPs and influencers. Create reciprocal website links.
Great partnerships depend on determining beneficial offerings and finding the appropriate partner. Success hinges on finding the intersection between two or more organizations where each is able to achieve a marketing goal more effectively and efficiently through the partnership, than they could on their own, by leveraging synergistic complementary resources from the partners.
The key in selecting and approaching a potential partner as well strategic development of your partnership proposal is doing your homework.
Make no mistake –this is not to be approach from what you, your organization or product need/want. To jump start the process jot down a short list of those that immediately come to mind. Then your homework is a quick assessment of each; their industry, the legislative and regulatory environment, industry phase as in growing, mature or static. Check into potential partners’ target audience profiles, price points, media releases, existing partnerships, most used marketing channels, social and market impact goals. Be aware of organization mission, vision, industry challenges as well as organization culture and what’s in development. Now layer on that social listening within the streams of potential partner’s social channels and any on and offline press.
Armed with your marketing objects, project goals and partner research you are well on your way to building long term partnership marketing programs that deliver many tangible and meaningful benefits.