When it comes to marketing, many businesses are quick to jump on the latest and most popular trend in hopes of seeing results. But whether your company needs more leads or you want to drive more traffic to your website, you don’t necessarily have to partner with another business in order to see an increase in traffic or sales revenue. Instead, by following these ten tips for making partnership marketing work for your business, you can turn some simple strategies into new customers without losing any of your hard-earned revenue along the way.
Define your goals before signing on
First, determine what your goals are for partnering with an organization. If you’re looking to expand your reach, then this is a good opportunity to get the word out about your business to new audiences. But if you’re looking to monetize your partnership and expect a return on investment, then make sure that the partner organization has a similar goal in mind. It’s important that you both have the same expectations when it comes to this process so there’s no confusion or disappointment later on.
Pick partners who add value
- Pick partners who add value to your brand by aligning with your values and target market. The key to successful partnerships is finding a company or individual that truly complements your business and will bring something unique to the table.
- Be selective in what you offer in exchange for the partnership. You don’t want to give away all of your goods or services just for the exposure, but you also don’t want to make it too difficult on your partner either.
There are three primary revenue share models that we see in the digital space: cost per click (CPC), cost per acquisition (CPA), and cost per action (CPA). CPC is a one-time payment, CPA is an agreement to pay a fixed amount or percentage of an agreed upon goal, and CPA is when you agree to pay a set amount or percentage of an agreed upon goal.
Involve other team members early
It’s important to involve your whole team in the process of finding and vetting potential partners. When you do so, you’re more likely to find partners that are a good fit for your brand. It also gives everyone on your team an opportunity to weigh in on the decision, which is important because they’ll be the ones executing any partnership agreements.
Create offers that add real value
- Offer to do a guest post on their blog, or offer up your website as the destination of a guest blog post by another business.
- Offer to give them an exclusive coupon code that only they can use at your online store.
- Offer to send them free products in exchange for feedback, testimonials and reviews from their audience.
- Offer to create how-to videos based off something you know about their industry
Give a great first impression
- Understand the company and what they do.
- Find out who’s in charge of partnerships and how to contact them.
- Send an email with a brief overview of your business, a link to your website, and an offer that would be mutually beneficial to both companies (this could be offering a discount on one of their products or services).
Follow up with consistent communication
It’s important to stay in contact with your partner. Plan to call them at least once a week, and send them a monthly recap of what you’ve been up to. They’ll be more likely to help you out if they feel like they’re in the loop.
One of the easiest ways to find a partnership is to make one. Look at the partnerships you’re already doing well in and see how they can be improved. For example, if you’ve been partnering with an organization that has a product that doesn’t match your target audience well, see if there’s another company you could partner with that would better suit your needs.
Don’t shy away from negotiating hard for what you want
When negotiating, don’t be afraid to ask for what you want. If your partner is not willing to give what you need, it may not be the right partner to work with in the first place. Don’t be timid when making requests or speaking up about what you want from a partnership – partners who are self-assured and confident are more likely to get the most out of their partnerships.
Brand yourself as an expert in your field.
Marketing is one of the most important aspects of a business, but it’s tough to do on your own. There are many options available to businesses that want to reach their target audience, and one of them is partnership marketing. When done correctly, partnership marketing can help your company get the right exposure and customers with little-to-no effort.