Partnership marketing isn’t just an empty catchphrase. Successful companies throughout the world join forces rather than go it alone. Company size or corporate culture does not prevent people from sharing customer ship, friends in marketing or even profits. New customers receive no more welcome than old ones with this approach based on growth.
But what kinds of partnership marketing fit your business? Below, we provide examples of the most effective types and actionable advice on how to do them.
What Is Partnership Marketing？
Partnership marketing is a business strategy used by two or more businesses in concert to achieve a common objective. Whether that goal is subsumed within increasing brand awareness, moving product or selling goods into more countries it doesn’t really matter. Pooling resources and know-how, organizations deliver value which is impossible to generate individually.
From co-branded campaigns to content sharing, partnership marketing takes many forms and is adaptable to various industries or target audiences. In the sections that follow we outline the most common types and give examples of how they can be effectively used. Learn More.
Partnership Marketing Models That You Should Consider
Co-Branding Partnerships
At the point when two or more brands collaborate to produce a joint product or service which represents their individual characteristics, this is co-branding collaboration. The goal is to produce something customers cannot get elsewhere, and to use their combined research and resources.
2 Co-Branding Examples
- Nike worked with Apple to launch the product line of Northwest entrepreneurs who live bluetooth in shoe gadgets, Nike+. It tracks fitness data as you go about your day and downloads it into iTunes.
- Starbucks and Spotify partnered so that Starbucks manufactured the RBGT they all could drink on their way to work, becoming a jukebox for their in-store talk-fests.
How to Make Co-Branding Work
As co founder Ashlei McFadden puts it, “You want to ensure that the audience of your partner is aligned with yours. Success in co-branding can also be obtained by combining a well-defined campaign goal, and combination partnership (with competition but not really),” there are other three factors related to this trip. Those must all be agreed upon among the parties involved.
Affiliate Marketing Partnerships
Affiliate marketing works by engaging in partnerships with outside individuals or groups (affiliates) to help advertise products for an agreed-upon percentage of sales. It’s an inexpensive model; you only pay when results such as sales and leads come through.
Examples of Affiliate Marketing
- Amazon Associates is one of the biggest affiliate programs where affiliates earn a commission for redirecting traffic and customers to Amazon’s site.
- Fashion brands often use influencer affiliate programs in the hope that members will promote the clothing line. Influencers are given a special discount code they but reinvent to their followers.
How It Works
Affiliate marketing ensures that your marketing budget is spent only on strategies that produce ROI. It’s also a strategy that can be scaled; the more affiliates you have, the larger reach your brand enjoys.
Content Marketing Partnerships
Two brands come together and create or share content to pool their audience bases. This could be done through a blog collaboration, webinar service, videos etc.
Examples of Content Collaboration
- HubSpot and Canva made a share e-book on design and marketing, reflecting Canva’s strength in graphic arts with HubSpot’s marketing smarts.57′. Influencers often team up with brands to produce Instagram Reels and TikTok clips of products from the latter.
Pro Tip
Content partnerships work best when all involved have unique expertise and share the load of getting the content out to their audiences equally.
Distribution Partnerships
Distribution partnerships entail teaming up with another business venture to pass your product or service through their channels, or vice versa. This sort of collaboration is very effective for entering new geographical markets and demographics where it scarcely worked before.
Examples of Distribution
- Spotify Premium for Students joined up with Hulu to offer a joint subscription. Both services were able to benefit from the other’s user base.
- Coca-Cola distributes its beverages in restaurants and fast food chains such as McDonald’s, ensuring the brand is visible in what is effectively every country in world.
Key to Success
In the process of forming distribution-based partnerships, the specific roles and percentages of profits should be laid out in the contract. Transparency ensures that both sides feel satisfaction with the cooperation and that it goes on for a long time.
Influencer Partnerships
Influencer partnerships are one of the most popular–and effective–options in today’s social media marketing landscape. These advocates spread the word about your product or service to highly engaged audiences, increasing your product’s credibility and driving sales.
Examples of Influencer Partnerships
- Skincare companies often link up with beauty influencers to promote their new products through real user reviews and other authentic content.
- Fitness brands such as Gymshark have athletes and fitness enthusiasts as their influencers. These people will use social media to produce purchases for the company.
How to Choose the Right Influencers
Pick influencers
- who share similar values with your brand;
- who have an engaged, relevant audience (not just a large following);
- who produce content of the quality and style desired by your brand.
Event Marketing Partnerships
Hosting or sponsoring events in conjunction with another brand can be a wonderful way of promoting.
Examples of Event Partnerships
- Tech firms such as Microsoft team up with industry conferences to show off their latest products and developments.
- Many charity foundations get together with corporate brands to put on fund-raising events for good causes, thereby increasing visibility for both parties.
Why It Works
Events are a form of advertising. A successful event partnership can align the credibility of both brands, leaving a lasting impression on attendees.
Loyalty And Referral Partnerships
A common method of carrying out this approach is to combine efforts with another brand and then both businesses present their followers with a benefit. This can be anything from a free-delivery program, which offers the same rates that you get for buying direct, to points-for-purchase incentives or discounts exclusively available at one’s own business.
Examples of Loyalty And Referral Programs
- Marriott Bonvoy™ teamed up with airlines such as United Airlines, so that guests can earn both hotel points and airline miles on bookings.
- Passing Forward Subscription services like HelloFresh, for example, offer free meals to anyone who refers a friend who then becomes a customer
Building An Effective Referral Programmed
It takes rewards that -are enticing and relevant enough to motivate your target list to take action, double down on this principle. Show the value both referrers and referees stand to gain by joining in.
How To Choose The Right Partnership Marketing Strategy
Choosing the right partnership strategy depends on your goals, budget, and target audience. Here are key questions to guide you in selecting:
- Who is your audience?
- What are the objectives you want to achieve (brand awareness, sales, etc.)?
- Is the possible partner one whose brand values and image fit with yours?
- What resources (time, money, skills) are required to carry out this partnership?
Drive Growth Through Meaningful Partnerships
Partnership marketing isn’t simply about creating collaborations; it also involves building win-win relationships that bring value for all stakeholders involved–including your intended market. Whether you’re looking to generate leads, increase your share of the market or enhance credibility, there’s a model of partnership suitable for each
Go through the different types of partnership marketing listed in this blog and put one of them into practice. Once you have found a type (or combination), you will have opened up a whole new world of potential.
