We now head into the final month of our quarterly theme (Creating Consistent Cashflow) and today’s strategy is the fastest way to grow your business – Partnership Marketing.
Partnership Marketing is the broad term given when two businesses get together to help grow each other’s business.
There are three ways this can be done:
- Partnership Marketing which involves less commitment.
- Strategic Alliance which involves a reasonable level of commitment; and
- Joint Venture which involves considerably more commitment
A good example, which you may have seen, of this type of collaboration from several years ago is Starbucks & Spotify.
Starbucks scaled up a premium coffee shop experience into a massive global brand, using music to create an ambience around its coffee. Spotify, a music streaming platform, has powered almost 25 billion hours of listening around the world. Starbucks and Spotify forged an innovative co-branding partnership to build a “music ecosystem”, offering artists greater access to Starbucks consumers and giving Starbuck access to Spotify’s expansive discography.
Through the partnership marketing, Starbucks employees get a Spotify premium subscription, with which they can curate playlists (that patrons can access through the Starbucks Mobile App) to play throughout the day in the shop. This music ecosystem is designed to expand the coffeehouse environment that Starbucks is known for while giving artists greater exposure to Starbucks customers.
The “musical-ecosystem” partnership is mutually beneficial, an opportunity for the companies to reach the other’s audience without sacrificing their brand.
Another example of partnership marketing that you will most certainly have seen if you have kids is McDonald’s & Universal Studios, particularly when Shrek was first released. The lovable green ogre was everywhere at Maccas.
Partnership Marketing has the following advantages over you going it alone with your marketing:
- It’s faster
- It’s cheaper
- It’s more effective
- It helps your customers and Its good for your brand
These strategies involve matching your ideal avatar with those of another non-competing business and then allowing that business to market your products to their customers.
To get started on how to find the right partners, consider the following questions to ask:
- Who already has your customer?
- Who has your customer before you?
- Who has you customer after you?
- If you are like your Avatar, where are YOU spending your money?
- What magazines does your Avatar read? Who is advertising in them?
- Which businesses can benefit from telling their customers about you?
There is so much more to do then to get this strategy working just right and when it does, what your lead generation and business explode!
If you would like to know more about Partnership Marketing contact Shannae Hewett on 55612643 to make a time to have a chat.
Have a great day!
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