Why do B2B partnerships work?

Collaboration between brands enables a plethora of benefits, as long as there is a clear idea of what each brand hopes to achieve. New markets can be reached, brand image can be consolidated and competitor advantage can be offered.

Strategic partnerships, for instance between two established names, can put a stamp of approval on each brand. This technique is valuable, and definitely one that is worth implementing.

How to ensure your partnership enables effective marketing

As I said earlier, it is essential that a clear strategy is put in place before embarking on a relationship with another brand. No plan can result in a partnership that, instead of working in your favour, does the opposite and results in poor outcomes not aligning with your ideology. 

Considering your long-term future should be something you think about. Although a partnership may be temporary, if it ends up working well for both parties, there may be room to grow and progress together. This means that dialogue surrounding long-term plans and goals would be hugely beneficial.

Working with a brand that has similar aims is obviously important. Conversations outlining exactly what both brands expect to achieve are essential.

It is also a good idea to ensure your partnership activity is visible throughout all channels. Your brand may have a large online presence, so by all means, implement your partner marketing here. However, consider that a chunk of your customers may engage with your products and services in other ways. Consistency across channels is key.

Don’t be afraid to turn down partnership offers that you are wary of. Not having any partnerships running is much more preferable than a partnership that isn’t effective.

How far can partnerships go?

Forming an alliance with a brand within your industry seems the most obvious way to go about co-branding, but taking it a step further can be just as effective.

An example of a partnership between brands from different industries is that of Uber and Spotify. The taxi company and music streaming service launched the ‘Soundtrack for Your Ride’ campaign with the simple objective of increasing their number of users. The campaign works by prompting users to connect with Spoify to ‘become the DJ’ of their trip whilst they’re waiting for their Uber.

The partnership between Amazon and Amex involved the two companies creating an innovative credit card. The card aids users in buying goods and services, whilst simultaneously providing data on their purchasing habits. This enables them to improve their services and increase revenue whilst gaining customers from the others clientele.

Co-branding/brand partnerships can be highly effective marketing methods, as long as they’re done correctly. Planning is essential, as an unsuccessful partnership could do more damage than good. But done well, it could be the secret to unlocking a whole new audience for your brand.