Like growth marketing, but distinctive enough, partnership marketing gives your brand the chance to promote itself on a broader range – from diverse Social Media channels, email marketing, blogs, packaging and so many more.
Partnership marketing ensures business growth and new ways of advertising your product or service with each partnership sealed. Before starting a growth partnership, make sure that you team up with a brand partner that has a growth potential.
Searching for the potential business partner isn’t quite easy if you’re new to partnership marketing. But once you’ve sealed some deals with different brands, you’ll get on the right path and will be doing the most out of the partnership marketing strategy. We’ve already covered a guide on finding the best business partners based on different criteria, but it’s time to see whether the partner you choose will generate your business growth.
How to find the best business partners based on growth potential
Typically associated with the ability of a business partner to drive traffic, be of value and generate profit for your business, finding the right fit based on the growth potential is not that difficult at all.
The growth partnership can increase revenues for your business, and it can play a significant role in making your business top of mind for your consumer if you choose the right partner. The potential business partner must have the ability to help you achieve business growth.
Before choosing a potential business partner you’ll need to ask yourself these questions first
Is your potential business partner growing?
If you’re on the verge of sealing a growth partnership with another brand, start with this question. If your potential business partner isn’t in their growth mode and is more of a “cut back”, it is likely that the partnership will fail. Get you a potential business partner that is on the same page with you to ensure the business growth.
Does your potential business partner face a lot of competition or is he a market leader?
Your potential business partner does not necessarily have to be a leader to be a top choice for a growth partnership. However, you need to know your partner’s industry status before starting a growth partnership, to set your goals correctly and know what to expect.
Where does your potential business partner fit in, industry-wise?
Each partnership is an asset for your business growth. That’s why it is important to know before-hand where your potential business partner stands business-wise. Is he a trend setter or does he follow everybody else’s lead?
Here are the 3 checkpoints to keep in mind when before starting a growth partnership
Sealing partnerships is handy! Given our partnership marketing platform that makes it easy for you to find and filter the best partners to achieve business growth. Even if you are successful in negotiating a growth partnership for your brand, you will still find challenges in getting that value you are looking for. Before starting a growth partnership, you need to take into consideration 3 factors to make it valuable: customer retention, customer acquisition and profit increase
- Analyze the growth partnership from the customer retention rate perspective
Have you heard of WOM marketing? Word of mouth can be a powerful tool for your business growth. That is why customer retention should be one of your top priorities when starting a growth partnership.
Keeping your existing customers around will benefit your business growth because if they are happy there’s a better chance of them recommending you to others. Imagine the doubled effect a growth partnership can have on customer retention rate!
- Does the growth partnership help you reach new customers?
Each partnership should be able to help you acquire new customers and convince them to purchase from you. You need to clearly foresee the possible customer journey within the marketplace before sealing a growth partnership.
- Will the growth partnership increase profit?
Make sure you keep the right balance between retention and acquisition of customers. Only a well-balanced relationship will lead to a sustainable strategy that will be profitable. Also, keep the cost of customer acquisition on the minimum, because if it exceeds the lifetime value, the business model is doomed to fail. With the right approach, customer retention will exceed expectations and lead to increased profit.
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