In the partnership marketing world, choosing the right business partner already means that half of the mission is done. If you team up with a brand of your reach, which can bring you marketing assets that you do not already own, then you will know for sure that this kind of partnership is a good one for the success of your business.
Now it also depends on what each brand wants from its partner. Some partners are looking for long-term partnerships, while others are looking for one-off short-term collaborations. Success isn’t dependent on the length of the partnership.
Sometimes quick partnerships can be the most effective. So, it is important to know exactly what you are looking for, to understand what your potential business partners seek out of a brand partnership, and to see if you are on the same page objective-wise.
Choosing the right business partner: how many types are there?
Each business has the right to partner up with another, no matter the size of the company. Whether they choose to team up with other brands that are their size or are smaller/bigger is part of the business decision. Keep in mind that each potential partner comes with its strengths, regardless of their size.
On one hand, larger brands have greater resources from which a business partner can benefit: from marketing assets to mass appeal and wider network and reach. A larger brand already has an established brand reputation and quite a large range of customer segments experience.
On the other hand, smaller brands have more freedom and are flexible as they can be proactive to quickly organize a partnership marketing campaign if needed. If you choose a smaller business partner, you have a better chance at receiving an ally with an undamaged past brand reputation.
How to analyze your business partner’s brand reputation
The success of your brand partnership is co-dependent on your business partner’s brand reputation. A powerful image will deliver emotional associations and customers will feel loyal to the brand you team up with and therefore will create a bond with your brand as well. So, let’s see from what perspective you need to analyze your business partner’s brand reputation to determine if it is right for you and your business objectives.
#1 Do your customers know who your business partner is?
For starters, brand reputation and recognisability help a brand be top-of-mind for its audience. If people know your business partner, they can become familiar and comfortable with it and your brand if you choose to partner up. And, when faced with a decision to buy from you or your business partner, they are more likely to do the action.
#2 Will customers are drawn to your business partner and what he has to offer?
When teaming up with a business partner, you should keep in mind that both of you have to engage and convince customers to come to you. Together you should generate a pulling power to your audiences.
#3 Is the brand strong enough to improve your brand reputation?
PR enhancement will make it likely that new potential customers will find their way to your door. So, if you team up with a business partner that is invested in PR techniques, you will naturally give your customers more options to connect with both of you.
#4 Does the business partner have similar ethics that’ll resonate with your audience?
Trust and values are touchpoints to consider when embarking on a partnership marketing initiative. Being in sync with your business partner is a positive step toward achieving a successful brand reputation. So, both of you must have similar goals, ambitions, and values before moving towards the partnership.
Partnership business examples
Red Bull and GoPro Partnership
We’ve already discussed the magnitude of this partnership brought out. But let’s take a look at it from the brand reputation perspective. The stunt produced fantastic exposure for Red Bull and illustrated the GoPro in its finest light.
The reason it worked so well is that the two big brand names came together, both with strong brand recognition relating to adventure. And it shows the power of such a partnership marketing initiative and the importance of tying in your brand with the right business partner for maximum effect.
TripAdvisor add value with Deliveroo and Opentable
Besides brand reputation, relevance to the target audience is vital. Take it from TripAdvisor who teamed up with both Deliveroo and Opentable to add value to its customers. Deliveroo and Opentable were integrated into TripAdvisor content, so customers could easily order food or book a table at their favorite restaurants without ever leaving TripAdvisor’s platform!
What to keep in mind when choosing your business partner
- Don’t be afraid of your partner’s business size, present your proposition and the benefits of what you have to offer
- Show them how will you help them achieve their goals
- Present your goals and objective in a manner that expresses alignment with their needs
Are you up to find your business partner? Register for free now and start your partnership marketing strategy today!