Partnership Marketing: How to Make it Work for Your Business
Seek out local partnerships and grow your business.
By Abigail Thorpe
Often when starting a business it’s easy to feel like a one man band going it alone. But that doesn’t have to be the case—in fact, it shouldn’t be. Alongside your business partners, investors, family, friends and employees, there’s another essential support you can tap into: local partnerships.
Partnership marketing is when two or more businesses come together to collaborate with the aim of creating mutually beneficial marketing campaigns. It can be something as simple and small as placing your business cards at each other’s locations—or something as large as launching a product together.
The essential thing is to choose a business that compliments your own to partner with—not a direct competitor. This way you will be reaping the benefits of tapping into a pre-existing customer base that is already within your target audience (like if a cake baker and wedding planner partner), and you’ll be sharing the cost of marketing, without pulling clients away from each other.
Besides being cost effective and helping to grow your customer base, partnership marketing brings another’s knowledge and expertise into your bag of tools—so it’s important you choose a partner that is marketing savvy and comes with some fresh ideas.
Don’t run into a partnership blind—be careful who you choose to align your business with, particularly if it’s going to be a longer-term relationship. Do you have similar values, goals and expectations? Set clear terms to the agreement, so no one feels like they get the short end of the stick, and make sure you can go your separate ways if the partnership doesn’t work out.
Partnership marketing has the potential to highly impact your brand awareness and customer base, at a fraction of the cost. From advertising to merchandising, product bundles, content creation, sponsorships and events, there are so many ways to partner with a complimentary company, so you can start small and grow your partnership as it works. Need help setting a plan, messaging your brand, or finding potential partners to market with? Rocket Fish Digital has got your back. Reach out to us today and get started on the path to marketing success.