I’m sure you enjoy using services on your smartphone that combine two services in one. How about, requesting a car for example? Uber, who has collaborated with Google, is now offering ride estimates in addition to directions, all in one application. This is a great example of how partner marketing works. Partner marketing isn’t something you’re going to see many people talking about, which means that you have the opportunity to begin working on something powerful for your business, before it becomes another marketing fad.
How Does Partner Marketing Work?
The first thing you have to remember at all times is that you want to create a service for other people. In order to create a service that is superior to that of your competition while using partner marketing, you should strive to do three things:
- Gain Trust and Credibility: Using partner marketing, you are gaining the backing of your partner brand. If you gain the trust and credibility of your audience using your partner brand, this can help you grow, especially if you’re just beginning. This can also give potential investors an idea about the validity of your product and the strength of your future growth.
- Save each other time and money: When you use partner marketing you often negotiate terms to share the costs of all programs. Everything should be split fairly between both partners so that each one benefits equally.
- Increase your marketable audience: Partner marketing is unique in that it has the ability to help you cross sell to target markets that were previously inaccessible to you. As you begin to network and explore more relationships, you can begin to understand the value of each potential partner. When looking for more partners, consider their own networking efforts in relationship to your own. Do they put in as much time and effort as you do? Are they truly followed by an audience you can target? How can your audience benefit their business?
How Can I Try Partner Marketing?
If you want to begin partner marketing, create a list of some companies that will provide a service or product that ‘goes’ with what you offer. No matter what niche your business is in, someone creates a product that can complement yours. Anyone who you don’t directly compete with is a potential consideration for partner marketing.
Other ways to get creative input is to have a chat with your own sales personnel. When your team has discussions, what other sales teams are mentioned the most? It’s possible that your interests and your target audiences are overlapping. Consider partnering to corner the market with complementary solutions.
Now that you have a list, contact each one of your potential partners to discuss the value of joining together. Describe why your ides are going to profit both of you and list each solution that you will provide in return for an exchange or collaborating services.
If you can identify joint customers, you’ll be well on your way to finding addition, co-marketing opportunities – strengthen each other’s message at events, speak at each other’s fundraisers, host guest’s blogs; really, there isn’t a limit on what you can create together. Consider investing in your future by investing in partner marketing today!