If your marketing strategy doesn’t include partnering with another brand, you’re missing out on one of the biggest opportunities for growth.
Partnership marketing is a strategy where you team up with a like-minded brand to promote each other’s products or services and expand your reach. It’s a chance to work with your competitors instead of against them!
Here are just some of the benefits you can expect when partnering with another brand:
With so many new brands entering the market and competing for customer attention and loyalty, staying on top of new alternative marketing strategies is absolutely essential. It’s the best way to stay relevant to your audience and stand out from the crowd.
Experimenting with new marketing avenues also means that if your more traditional methods (such as social ads, email marketing, and so on) begin to decline, you’ll have peace of mind knowing you’re covered. You could be preventing future growth if you rely solely on one or two strategies!
And as far as alternative marketing methods go, brand partnerships are only gaining popularity year after year.
Partnership marketing is a strategy that has yet to be fully embraced by many brands, meaning there’s still time for you to beat your competitors to this lower-risk marketing strategy and reap the rewards sooner. Get the same pride from knowing you were a fan of an indie band before they went mainstream.
In comparison to other strategies, partnership marketing is currently one of the most cost-effective methods out there.
Influencer marketing, for example, is only continuing to get more expensive as its popularity increases, and some social media algorithms can even suppress branded content. Paid social ads also aren’t performing as well as they used to, with Facebook reporting its first ever decline in advertising revenue last year.
What makes partnerships so great is that some collaborations can be absolutely free, like promoting each other’s brands on social media or via email, making it the perfect option for smaller brands with a tighter budget.
And for collaborations that do cost money, you’ll be splitting the cost 50/50. It opens up the opportunity to afford things that you might not have been able to do alone, since you’re pooling your resources together.
The stats don’t lie!
- 54% of companies state that brand partnerships drive over 20% of their total revenue
- 68% of consumers make buying decisions after viewing partnership campaigns
- 74% of organizations reveal that brand partnerships and affiliate marketing are the top-most priorities
- 34% of marketers say that co-marketing or brand partnerships are the most effective ways to increase an email subscriber list
You’re also far more likely to see results happening faster than if you were working alone, since you’ll have twice the number of team members and twice the amount of expertise. A campaign put together with another brand over 3 months might have taken you 6 to do alone!
Convinced yet? Click ‘Get Started’ to sign up and collaborate with the most epic brands in DTC right now, completely free!