The next instalment of impact.com’s People in Partnerships webinar series will focus on the what, why and how of brand-to-brand partnerships, and we have an incredible lineup of panellists Xiaolu Zhang from HelloFresh and Jo Newell from ProCook to help you get going in this exciting, fruitful sector of performance marketing. So, let’s get started by giving you an idea of what we’ll be covering on 22nd March. Remember, you can register for the webinar this minute, right here.
Why the partnership economy is right for your business
The partnership economy is on a rolling boil as an ever broader range of marketers appreciate the significant advantages partnerships offer, and the brand-to-brand space contains some of the freshest opportunities. There are a host of key benefits in partnering with another brand to promote your products and services – including the opportunity to diversify your customer base, acquire new audiences, enhance brand visibility and even share resources with your new partner. And your partnership can add value for existing consumers, creating a better user experience by introducing them to a compatible brand with overlapping appeal.
How to get started with brand-to-brand partnerships
There’s never been a better or easier time to get started with brand-to-brand partnerships, but it is still vital to do it right. It is critical to consider audience synergy, resources, objectives and value when you decide which brands to partner with. You also need to think about your goals for the partnership. For example, are you promoting generally, or are you tying the cross-promotion to a particular campaign or single product? These differences can greatly alter the suitability of any potential partner. Whatever the criteria, a shared ethos and alignment between partnering companies is very important.
When it comes to reaching out to your potential target partner about the possibility of a collaboration, finding the right contact to discuss the process will progress talks efficiently. Using a partnership management platform like impact.com, Silverbeans own B2B open network, and influencer platform Activate will quickly and efficiently introduce you to a wealth of potential collaborators, according to your particular budget and goals. These services will also help you to track your campaigns via in-depth metrics, ensuring you hit your KPIs while providing value for money.
The nuts and bolts of it: how to implement a brand-to-brand partnership
So, you’ve found your new partner – congratulations. But what are the mechanics of getting that relationship firing? Firstly, you need to take a few key steps to define the scope of the work you will do together, put KPIs against reach and audience acquisition. Everyone needs to be on the same page. As well as deciding on what success looks like, agreeing a cost structure and carrying out risk assessment are also very important.
Assuming your first campaign has been a success, progressing a brand-to-brand partnership will rely on a number of factors, but long-term partnerships usually bear more fruit. Always start small, with the end in mind to quantify if customer engagement with the partnership is there, and to check the anticipated synergy is present and correct.
If all goes according to plan, analyse campaign results then progressively increase the size of the relationship to cover multiple touchpoints over several campaigns. Soon you’ll be acquiring new audiences, brand growth and adding value for your customers.
Brand-to-brand partnership best practises
Getting buy-in from stakeholders within your business regarding your partnership plans is the first thing to do. A road map with KPIs, a cost structure and risk control will give your proposal credibility, but once you’ve achieved internal approval there are a few more considerations.
Make sure the timing is right for the partnership and for your business goals, and don’t rush into anything without being properly primed and prepared. Ensure your partner can offer reciprocity and equality. It’s called a ‘partnership’ for a reason, so ensure they have the resources to keep up their end of the bargain in terms of producing and maintaining your campaigns. Finally, ensure you are completely aligned with your partner on the shared goals and aims, in order to avoid a conflicted message.
Sign up now
We hope you have enjoyed this brief insight into some of the many topics we’ll be discussing regarding brand-to-brand partnerships. We’d love to see you at the event, and you can sign up below if you’d like to join us. And a quick reminder that People in Partnerships is a series of webinars from impact.com that discuss the partnership economy. You can find more information about the series here, including notification of forthcoming events.