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Benefits of Partnership Marketing

Benefits of Partnership Marketing

Benefits of Partnership Marketing

McDonalds with Coca Cola, Coles with Mastercard, Tourism Australia with Virgin Australia…the list goes on. These are well known examples of partnership marketing.

According to Wikipedia, “Partnership Marketing is about finding people or businesses who have influence because they already have a relationship with a community, group or marketplace, and getting them to introduce your business to their network.”

Partnership Marketing is an often overlooked tool by small business as they often assume it’s for larger companies and brands only. It’s actually perfectly suited to small business as it allows them to penetrate new markets faster and more efficiently. Essentially it’s a faster way to open new doors!

There are different types of marketing partnerships:

  • Revenue partners – this could be a reseller or a key sales channel

 

  • Product partners – this could be a key product that you distribute exclusively

 

  • Alliances – allows partners to collaborate and exchange value.  Like a group of retailers that build a shopping promotion together.

 

  • Promotional and PR partnerships – remember: cash is not the only currency. These enable you to leverage additional value by tailoring your marketing activities to fit with those from another business.

 

Partnership Marketing can contribute to increase brand awareness, product distribution, customer acquisition and program funding. You need to find partners that have relationships with the target market you want and be sure to find out what will motivate your partner to work with you.

Choose who you decide to partner with carefully as it directly impacts your sphere of influence and your reputation. If you’re looking for a quick fix to increase sales or a one way referral system then partnership marketing is not for you and your business.

If you take a closer look at your favourite brands, you will see for many of them that partnership marketing is at the core of their strategy. So get out there and see who you can join forces with to create a successful marketing partnership!



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