Essential Business Tips: Partnership Marketing
Guest blog post by Innovate UK
It’s not easy to get eyes on your site. In fact, it’s hard work, time-consuming and very expensive. This is a problem that no startup wants to endure. Thankfully, there’s a simple way around this. Partnership Marketing could be the answer. With Innovate UK’s Essential Business Tips, your brand could get a head start on its journey to success.
Target Established Businesses
“Look outside your industry for examples of successful partnerships you could replicate.??? – Ryan Leighton (CEO, Leightons Group).
Partnership Marketing refers to the process of finding and working with complementary (but not competitive) brands that already serve your target audience. This is a mutually beneficial approach as both brands open doors to new customers.
There are plenty of examples of this already happening. Think about Uber allowing you to play songs from Spotify in their cars. Alternatively, GoPro and Red Bull recently teamed up in a very successful Partnership Marketing affiliation. These brands share the same values and attract the same audience. Win-win!
Research Your Target Market
“If you are operating on a limited budget, partnerships should be the first thing on your marketing to-do list??? – Xaver Matt (Managing Director, Netleadz & Angel Investor).
Be sure you’re actually partnering with the right brand. It’s easy to get carried away and divert your attention to places that won’t deliver a return. Ask yourself:
- Is the product/service relevant to your target audience?
- Does the brand’s values/ethics align with yours?
- What can this brand offer you?
Don’t just go for the most obvious brand out there. As with anything in business, it’s important to do full and thorough research. Consider the brand’s content, their products, services and most importantly their consumers.
Opening communications can be tricky too. Social media is a great place to start. We recommend following the brand on social media, liking their posts and engaging in relevant discussions. Find out who deals with the brand’s marketing and get in touch.
“Simple APIs are a great way to hook new partners and gain instant access to their audiences??? – Nick Lyons (CEO, Kaptur Software).
Before anything, give a social media campaign a try. This will require little investment in time and effort though will delivery measurable results. Try collaborating on a competition or series of blogs. Once the relationship proves fruitful, you can step it up a gear.
When dealing with another brand, be honest about what you want from the partnership. Once you understand what each other will get out of the partnership, the more helpful you can both be.
Analyse Data and Insights
“Partnering with Zoopla increased our audiences tenfold overnight, gaining us vital user data to refine our proposition??? – Barry Bridges (CEO, Propertydetective.com)
Data analysis is one of the biggest and most important tools you have to use in any partnership marketing affiliation. If you have the ability to study the performance of your collaboration, you can assess whether you’re getting a return on your investment.
If you’re not seeing the performance you were hoping for, now’s the time to look again at why this would be and how you can change this.
If you’re interested in finding more essential business tips like this, you can subscribe to Innovate UK’s YouTube channel here.
Looking for more advice on PR, social media, and marketing? Why not get in contact or submit a brief to inject a little ingeniousness into your brand.