When looking for ways to gain exposure and increase sales to a business, many companies are partnering with companies with known brands. This is an excellent way to benefit both parties, especially if both companies have known and popular brands. The keys to making this magic partnership happen are collaboration and strategic thinking.
Even if your company is not on a national level, partnerships on a state or even local level can benefit growing companies. Here are eight tips on building brand partnerships.
Create Common Goals
Look for a partner that has similar goals. Before entering into a partnership, ensure that the chosen partner’s goals align with the company’s goals. For better or for worse, if the chosen partner’s customers are not happy with them, then the business will lose customers.
Promote the New Partner
Even if it doesn’t benefit the business, look for ways to help the partner succeed and grow. Share connections and referrals with the new partner because their success is now directly related to the business.
Check for Engagement
Try to look at how the potential partner’s online interaction engages their customers. Online forums, review platforms, and even social media are excellent ways to understand the brand’s principles, core beliefs, and values. Much can be gained by looking at a brand as an outsider.
Bringing New Value to Customers
A good partnership should be built around bringing the customer what they need in two adjacent markets. Selecting a partner, most importantly, should always bring true value to the customer rather than just setting up a simple cross-promotion.
Focus on Problem Solving
Good marketing, customer segmentation, and persona building are key items to look for when deciding on a complementary product. Think niche satisfaction and problem solving for the customer when deciding to partner with another provider.
Brand Description Comparison
Research and ask potential customers who would benefit from the partnership for their needs to describe the business’s brand. Then do the same for the partnership you are considering. A good pairing would have striking similar descriptions.
Personal Data Digging
When thinking about meaningful partnerships, seek out information into customer data for both sides that identifies the differences and commonalities. This vital information is critical in developing joint marketing and profitable alignments.
Create an Agreed Path to Goal Achievement
Sharing a goal and target audience are unfortunately not enough to cement a successful partnership. A clear path to a meaningful partnership will create mutual success for both companies.
Items that are easier when going solo, such as ways to provide, administer, and maintain customer service and support, become more complex when split between two different companies. Agree on this path before entering into any partnership.