Innovate UK’s Essential Tips for Partnership Marketing
Building an audience for your startup can be a tough process. It can be time consuming, expensive and difficult but often ineffective. Thankfully, there are a few strategies that can open the flood gates to thousands of potential customers. Partnership marketing is one of these strategies. By teaming up with a complimentary brand, you can reach a larger pool of target consumers in a far shorter period of time. Here are a few essential tips from Innovate UK to ensure your partnership marketing campaign is successful.
Target Established Businesses
To be successful in partnership marketing, you need to find a brand that already has contact with your target audience. You should never approach a competitor. Instead, consider a company that offers a complimentary service. For example, if your company sells music accessories, a partnership with a brand that sells gig tickets would be ideal.
So why go to the trouble of partnering with another brand? What benefits will it bring to your company?
• It’ll allow both brands to reach a wider audience
• It adds value to your customers
• It boosts brand perception
Research Your Target Market
You need to pair up with the right brand, but where do you start? A great place to begin your hunt is to look at your target customers. What are their buying habits? You may be surprised by this – some of the best collaborations aren’t the most obvious.
When you think you’ve found the right brand, ask yourself a few key questions:
• Are their products/services relevant to your target audience?
• Are their values aligned with your own?
• What can you offer their brand?
• What can they offer your brand?
Social media is an ideal way to begin any collaboration. There’s no point spending loads of money or being too ambitious with your ideas when you’re still unsure about what kind of return you’ll see. Try a Twitter competition, Facebook campaign or content exchange to test the water. Once you’ve built up a solid relationship, you can begin planning the more exciting strategies.
Analyse the Data
One of the most important parts of any campaign is the data. The more you understand about how your marketing strategy is performing the more likely it is to be successful. If you’re not seeing the return you’d like, you can use the data to ask why.
Before you get to this stage, you must first consider which metrics are most important to you. Do you care the most about traffic, referrals, social media engagement or conversions? Once you’ve agreed this, you can begin to compare your partnership marketing performance with similar solo campaigns.
If things don’t go to plan, use the analysis to ask why. A frank discussion about where the plan fell down will allow you to put things right next time around. With the right brand, approach and of course analysis, your partnership marketing will boost your business’ reach exponentially.
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