Are you looking for ways to expand your audience, increase brand awareness or raise money for a charitable cause? If so, a marketing partnership could be the perfect solution.
How Partnership Marketing Works
This is when two or more businesses come together to create a mutually beneficial marketing campaign. The best partnerships involve brands that have an overlap in their target audience.
A partnership could also be formed in a “cause marketing” effort, which aims to increase awareness or raise money for a specific cause.
Benefits of Partnership Marketing
1. Be more efficient and cost-effective. For example, two businesses can pool their resources, effectively doubling their budget and manpower when collaborating on a joint campaign.
2. Cross-promotion becomes a viable option. Audiences are more receptive to joint offerings, such as free gifts and discounts, when they’re endorsed by a trusted brand. For example: If your hair stylist offers you a free hour at a neighboring tanning salon, you’re more likely to try the service than if you saw the offer on a public bulletin board.
3. You can increase social credibility if you partner up with a reputable business or nonprofit that has community ties. On the flip side, partnering with a brand that has a poor reputation or one that has recently been involved in controversy could have the opposite effect.
Choosing the Right Partner
Not every partnership is a good fit. Take the partnership between Susan G. Komen and Kentucky Fried Chicken, for example. Fried foods are linked to obesity, which is known to increase the risk of breast cancer. This was a clear conflict of interest for a company that works toward breast cancer awareness and prevention.
A marketing partnership should be a win-win collaboration. The ideal partner will not only complement your products and services but also your core values and existing partnerships and initiatives.
Do you still have questions about your marketing strategy? Please get in touch.