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Partnership Marketing Strategy – Benefits You Can Create With Partners
When you’re looking for new ways to get your business in front of customers, there’s an option you may not have considered. It’s a great partnership marketing strategy.
Partnership marketing is a collaboration between two or more businesses with the aim of creating a mutually beneficial marketing campaign which helps all involved meet their business objectives.
It is not uncommon for small businesses to struggle with their marketing efforts, as they simply don’t have the time, money or resources to dedicate to the marketing they need to grow. Rather than being a ‘one man show’, by working alongside another business or group of businesses on a specific marketing strategy or campaign, partnership marketing can be a cost-effective way for small businesses to increase brand awareness, customer acquisition and ultimately grow.
Rather than competing with one another, partnership marketing helps develop and maintain positive long-term relationships between brands, which can help each other out.
For example, if a cake-making business is wanting to give away a new type of healthy cake, a local sports club might allow the cake-makers to set up a stand and offer freebies to spectators during a game that’s being played at the sports club.
Ideally, the business you partner to market with should not be a direct competitor. The most effective marketing partnerships are made with businesses that complement one another, for example, a florist partnering with a wedding planner or a copywriter partnering with a website designer.
By partnering with a business that has similar interests and audiences as you do, will ensure your marketing efforts reach the right target market for your own business.
Partnering with a business that is marketing savvy will also help you get more from your partnership marketing efforts. For example, small businesses who partner with a business which has an understanding of how to optimize social media marketing operations will prove more cost-effective and efficient than partnering with a business with little or no social media marketing acumen.