The Secret to Partnership Marketing | Startup Manufactory Blog
Getting started as a business is pretty tough. Actually getting the ball rolling can be a long and arduous process. Not only this but boosting your audience size can also be pretty costly too. Thankfully, partnership marketing could hold the key to your brand’s success. Innovate UK have put together a few essential tips to help boost your chances of nailing this. Here’s how it’s done.
Target Established Businesses
Partnership marketing is the act of finding and working with a complementary but not competitive brand for marketing purposes. This is usually done by brands with the same target audience leading to a mutually beneficial result.
The main reason for partnerships is to reach a bigger and broader audience. Having said this, partnerships also add value to a brand’s proposition and even help to tap into another company’s values.
A great example of a successful partnership is Red Bull and GoPro. Both brands appeal to the extreme sports market though they offer entirely different products. Their affiliation was met with widespread respect in the world or marketing.
Research Your Target
Research. One of the most commonly used words in business. You need to put the time in to find the right partnership. If you’ve found a brand but you’re not sure whether they’re a good fit, ask yourself the following questions:
• Are the products/services relevant to your audience?
• Are the brand’s ethics/ideals similar to your own?
• Can you offer anything to their company?
Don’t just jump for the first potential collaboration that comes along. The most successful partnerships are often not immediately obvious.
Once you know who to approach, do it in the right way. You’ll only get one chance for this. Focus on some realistic preliminary ideas about what your two companies could do together. Then, when you’re ready, court the brand on social media. Like and share their posts. When you’re ready send a DM or email. If an agency deals with their marketing, find out who this is and get in touch.
Start Off Simple
Don’t dive head first into a big budget marketing ploy. Start with baby steps to see how well suited your brands are together. Social media is the best place to start. Joining forces for a competition, blog series or other online promotional activities are great ways to establish a strong relationship.
We highly recommend being honest about what you look to get out of the partnership. This way a brand can focus their attention in a specific area. There’s no shame in admitting that you want to associate your company with a younger audience or edgier reputation. Once you understand what you’re both looking for, you can work together to achieve it.
Analyse the Data
Analysing the performance of a partnership is an absolute must! The more you understand about how a partnership is affecting your stats, the more effective future marketing can be. Discuss which metrics you’ll use to measure success. Traffic, click-throughs, subscriptions and conversions are all worthy metrics.
If you find the partnership isn’t delivering how you had hoped, analytics will allow you to question why. You can use this information to move forward and alter your approach. Alternatively, the data could prove that the partnership itself isn’t worth the investment you’re making.
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