Making the Most of Partnership Marketing

By Jennifer Taggart & Johnny Duncan

Luring and capturing customers is no longer a skill, but an art. It takes innovation and creative awareness of the current business climate in order to not only become a success, but sometimes just to stay afloat. Business owners today are using multiple means of marketing to grow and drive their businesses, and the smart players will seek, find, and take advantage of all marketing opportunities that will ensure victory.

Partnership Marketing is one of those opportunities that should be incorporated into a business marketing plan. Partnership Marketing is a business strategy which aims to build stronger relationships with customers and make marketing propositions more appealing. In a nutshell, products, services and marketing strategies are enhanced by providing targeted, added-value benefits to customers, sourced and negotiated with third parties or partners.

Partnership Marketing is about successfully delivering commercial alliances between two or more brands to establish a joint return that would be greater than if the brands merely operated alone. The partnerships help create synergy through identifying and negotiating complementary brands and by collaborating marketing activities where everyone wins.

Another way to look at Partnership Marketing is as a collaborative marketing activity between brands, comprising an exchange of two or more companies' values or assets in order to acquire or retain customers.

Partnership Marketing, or collaborative marketing, increases brand perception, enhances retention and customer loyalty, and creates cost-effective opportunities for business growth and expansion of distribution channels. In addition, Partnership Marketing allows you to learn from your partners other marketing and business strategies.

Finding a partner or partners to align your products and services with is not as difficult as you may think. You can find potential partners in your customer list, within your current or potential suppliers, or with companies currently providing service for your customers.

The supply is vast, but you must use caution in selecting partners. Identifying the right partners is essential for making Partnership Marketing work for you. This involves a five-stage process that includes:
1.) Identify the opportunities, complementary brand partnerships, and strategic alliances
2.) Negotiate with the right partner(s) a proposition that is beneficial for all involved
3.) Determine and develop customer-driven communication strategies and targeted creative joint messaging
4.) Implement and deliver the integrated message to the costumer; and finally, 5.) Evaluate your campaigns, the partnership relationship, and return on investment.

Another key factor to consider is how well you know your potential marketing partner. Do you have similar business philosophies and values? What resources can you offer each other? And, what are the goals of the partnership?

Partnerships are not necessarily limited to just two companies. Partnering with more than two offers more exposure for your business creating more brand awareness for all involved. Taking advantage of the size and experience of other businesses helps speed up the maturity factor of all of the businesses within the partnership. It is like playing golf with players with various degrees of talent. You learn from others how to drive farther and they learn from you how to sink a 20-foot putt.

Moreover, Partnership Marketing is about forming alliances that may last a very long time. If a partner gets positive media coverage, chances are great that the publicity will serve well for all of the partners. Since the partners are not necessarily providing the same products and services, the fear of giving away business is simply not there. Partners are free to offer assistance to one another and provide support by way of advertising, referrals, and sometimes, even selling.

Partnership Marketing is about adding value, strengthening relationships, and building brand loyalty with customers for one another.