(Excerpts from the book, “The New Frontiers of Marketing”)
Marketing efforts are doubled in partner marketing if an associated trusted ally grows with you, understands you and shares your business goals.
Penetrating the new market with an addition of 100 clients is bliss for any new start-up! After all, which Company might not want to be ready to open the doors of opportunities by finding a partner that has strong relationships with clients? Successful partnerships define a common brand position and a consistent brand reputation that can dramatically leverage new brand opportunities by applying the right marketing tactics & approaches. The professional benefits are often integrated with wider exposure, more sales and more competencies to stand out in the competition.
But beware! Not all joint ventures can stand successful equally in the competition. Pairing up your business with poorly selected partner can do quick damage than good to your business reputation. Hence, careful selection of partners with rightly employed marketing tactics and approaches can not only benefit partner relationship marketing but also connect to a wider client base; you might have failed to reach otherwise.
Here are a few partner marketing approaches that marketers can adopt to reach the niche audiences of partner brands.
When two like-minded companies promote each other’s products and services by aligning their marketing efforts, it is called co-marketing. Here, the marketing product is not a hybrid product but belongs to either of the brands available through cross promotion. Brands can leverage their relationships via co-marketing campaigns along with other brands.
When two different brands join hands to create new products or integrated products, then this is called co-branding. This calls for using multiple brand names or multiple logos for the same product or service. It is highly profitable to target specific markets via advertising by co-brands.
The next is Co-marketing. To learn more, why don’t you stay-up-to-date with the insights from partner marketing strategies and tips from “The New Frontiers of Marketing”?
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